Crypto Index Tracker – Metaverse performs worst in crypto sell-off

HodlX guest post Submit your contribution

Crypto markets have been relatively more resilient of late, with Bitcoin down just one percent over the past week. Surely, Monday’s announcement of Elon Musk’s $44 billion buyout of Twitter helped crypto.

But now it’s the turn of the big US tech companies (Google, Microsoft, Amazon, Apple, Facebook) to potentially influence crypto. They are reporting gains this week, and with crypto’s correlation high compared to the NASDAQ, any surprises will set the tone for crypto in the coming weeks.

As for the performance of our various indices, they are all negative (see charts one and two). Our Metaverse Index fell the most at 6 percent, followed by our Privacy Index at 5 percent. Our smart contract, DeFi, and Bitcoin indices are all down between one and two percent.

• Smart Contract Platform Index – Terra (LUNA) is the only one to have made profits – it’s up seven percent. Avalanche (AVAX) is down the most at six percent. Ethereum (ETH) is down two percent.
• DeFi Index – Terra (LUNA) is up the most at seven percent, and Uniswap (UNI) is down the most at seven percent.
• metaverse index – AAll components are in the red area. Phantasma (SOUL) is down the most at 13% and The Sandbox (SAND) is down the least at 1%.
• Privacy Index – Zcash (ZEC) is up the most, up six percent, and Dusk Network (DUSK) is down the most, down nine percent.
• Bitcoin index – That’s a minus of one percent.

What are the five indices?

Here are the indices in detail.

• Bitcoin – The OG of crypto markets deserves a category of its own and in many ways is the true benchmark for any other crypto market.
• Smart contract platforms – AAfter Bitcoin, the big innovation was having blockchains that were more programmable. These could host smart contracts or decentralized applications and have enabled the emergence of the metaverse and DeFi. Ethereum (ETH) is the most popular version of a smart contract platform. In addition to Ethereum, we also include some important competitors. The constituents of this index are Ethereum (ETH), Cardano (ADA), Avalanche (AVAX), Solana (SOL), Fantom (FTM), VeChain (VET), Terra (LUNA), EOS (EOS) and Chainlink (LINK). . We also include Polkadot (DOT), which enables interoperability between blockchains and the use of smart contracts via parachains.
• metaverse – COptions related to the creation of a virtual space/digital world on the internet using a combination of augmented reality, virtual reality and social networks. The constituents of this index are Axie Infinity (AXS), The Sandbox (SAND), Decentraland (MANA), Enjin Coin (ENJ), Aavegotchi (GHST), Terra Virtua Kolect (TVK), Ultra (UOS), Phantasma (SOUL). , RedFOX Labs (RFOX) and Gala (GALA).
• Decentralized Finance (DeFi) – FFinancial services built on blockchain networks without central intermediaries. This can be a broad category, so we’re narrowing it down to platforms focused on lending/borrowing, yield farming, automated market making, and decentralized exchange tokens. The components of this index are Aave (AAVE), Compound (COMP), Uniswap (UNI), Yearn.finance (YFI), Loopring (LRC), PancakeSwap (CAKE), Maker (MKR), 1inch (1INCH), Thorchain (RUNE ) and Terra (LUNA).
• Privacy Coins – COins that obfuscate transactions on the blockchain to protect the anonymity of their users and their activities. The components of this index are Monero (XMR), Zcash (SEC), Dash (DASH), Verge (XVG), Horizen (ZEN), Beam (BEAM), Secret (SCRT), Decred (DCR), Keep Network (KEEP ) and Dusk Network (DUSK).

Disclaimer

The comment contained in the above article does not constitute an offer, solicitation, or recommendation to make any investment or liquidate or to engage in any other transaction. It should not be used as the basis for investment or other decisions. Any investment decision should be based on appropriate professional advice specifically tailored to your needs.

Bilal Hafeez is the CEO and publisher of Macro Hive. He spent over twenty years in research at major banks – JPMorgan, Deutsche Bank and Nomura – where he held various “Global Head” positions, conducting forex, rates and cross-market research.

Check the latest headlines on HodlX

Follow us on Twitter Facebook Telegram

Check out the latest industry announcements

Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in Bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Tithi Luadthong

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers