The Past 30 Days Were Green For Both Bitcoin And Altcoins
According to the latest weekly report from , all indexes record positive returns in the 27-31% range during the past month. The “altcoin indexes” here refer to groups of alts divided based on their market caps. The benefit of creating indexes of cryptos is that it makes it easy to assess the performances of the different segments of the market against each other this way.
There are three main altcoin indexes: the “small caps,” the “mid caps,” and the “large caps.” As is already apparent from their names, each of these covers coins of different sizes.Looks like all these indexes have seen sharp rise in recent days | Source:As shown in the above graph, both the altcoins and Bitcoin observed very little price action in the final third of December, as their returns were close to 0%. This trend started to change around a couple of weeks ago, however, as some bullish price action finally returned to the market after what was a full year of mostly bearish movement in 2022.
In the period since then, the entire market has seen a significant uplift, as all the market segments are in some major profits now. The winner during the past 30 days has been the small caps, who are currently sitting at 31% in the green.
An interesting thing to notice is that the small caps suffered the most at the end of 2022 as they capped the year being noticeably more underwater than the other indexes (as can be seen in the chart). This makes them turning it around and outperforming the rest of the market all the more impressive. Investors of both the large caps and mid caps are in profits of 28% each right now, not too far from the small caps’ performance. Bitcoin has also seen very close positive returns of 27% over the past month, but clearly, the altcoins have managed to outdo the pioneer crypto during this period.The report notes that the main reason behind the outperformance by the alts is due to these indexes observing a deeper decline than Bitcoin during the period following the FTX debacle back in November of last year.
BTC Price
At the time of writing, Bitcoin is trading around $21,200, up 21% in the last week.The value of the crypto seems to have been consolidating in the last few days | Source: