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OVERVIEW

Stocktwits Crypto Data Dive - Week 48

Welcome to the Stocktwits Crypto Data Dive for Week 48 of 2024! 📊

In this issue, we'll dive into the data to keep you informed about the progress of the overall crypto market and shine a spotlight on emerging and established trends.

The Stocktwits Crypto Data Dive has three main objectives:

1. Tracking the weekly total market cap of the crypto market.

2. Highlighting the 25 best-performing cryptocurrencies of the week.

3. Monitoring the top 11 cryptocurrencies within various high-performing indices, including "Proof of Work," "Web 3," "Smart Contracts," and more!

So, without further delay, let's jump right into the data from week 48 and explore its intriguing insights! 🚀

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Crypto Market Cap Update

What is the broader trend within the crypto market? The simplest way to track this is by using three market cap charts. So let's see what we got. 🔭

*the price levels and performance values may be very different from what you read in your mailbox vs. what's happening in the live market. This is especially true when crypto faces a new bull or bear run. 

Total Market Cap

The Total Market Cap made a new all-time high of $3.34 trillion.

The cryptocurrency market is up +100.59% YTD and +139.97% YoY.

Altcoin Market Cap

From the highest all-time close, $1.627 trillion, the altcoin market is down -14.23%.

The altcoin market is up +74.17% YTD and +114.80% YoY.

Altcoin Market (excluding Ethereum) Cap

From the highest all-time close, $1.058 trillion, the altcoin market (ex. ETH) is down -9.45%.

The altcoin market (ex. ETH) is up +84.77% YTD and +136.27% YoY.

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Stocktwits Crypto Index RRG

Relative Rotation Graphs (RRG) help us visualize how a currency or sector performs compared to a benchmark - in this case, the U.S. Dollar Index (DXY). Think of the four colored sectors as stages in a race:

• Leading Quadrant (green) - You're a champ! 🏆 You're ahead of everyone else, and the crowd is cheering. But watch out; you might be overdoing it.

• Weakening Quadrant (yellow) - You're slowing down 😓 and losing your lead. Maybe you're a bit demoralized because your biggest fan didn't show up. You're now in the middle of the pack.

• Lagging Quadrant (red) - Disaster strikes! 😱 You're injured, exhausted, or just made a big mistake. You're now in last place, and it's a sad scene.

• Improving Quadrant (blue) - Time for a comeback! 💪 Your motivation returns, the music swells, and you're picking up speed. You're back in the middle, catching up with the leaders.

Analyzing the RRG Examples 

Example 1: Rapid Rotation
- If an instrument moves quickly through all four quadrants, it could indicate high volatility or erratic behavior. Traders may want to be cautious or use appropriate risk management strategies in such cases.

Example 2: Stuck in the Middle
- An instrument that remains close to the center of the RRG might be in a consolidation phase, lacking a clear trend or momentum. Traders might wait for a decisive move before entering a position.

Example 3: Consistent Leader
- If an instrument stays in the Leading Quadrant (top right) for an extended period, it could signify a strong, sustained uptrend. Traders might consider buying opportunities or riding the trend.

Example 4: Slow Recovery
- An instrument that gradually moves from the Lagging Quadrant (bottom left) to the Improving Quadrant (blue) and eventually to the Leading Quadrant (green) could indicate a slow but steady recovery. Traders might look for potential reversal or bottom-fishing opportunities.

The GIF below shows the past 21 days of movement on the RRG.

The GIF below shows the past 13 weeks of movement on the RRG.

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Stocktwits Crypto Index Performance

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HEATMAP
Total Crypto Market Heatmap 🌡️

Social Volume Heatmap 🗺️

Active Addresses Heatmap 📫️

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BTC ETF HODLINGS 🧲

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ETH ETF HODLINGS 🔐

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Author Disclosure: The author of this newsletter holds positions in ADA, LTC, IMX, LINK, WMT, COPI, MIN, AGIX, ALGO, DOGE, ZEC, AVAX, XLM, XTZ, and NEAR. 📋