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CoinDesk 20 Hits Record as SHIB and DOGE Soar: CoinDesk Indices Market Update
All 20 cryptos in the index appreciated last week, leading to a one-week gain of 24%.
Updated Mar 8, 2024, 10:40 p.m. Published Mar 5, 2024, 5:17 p.m.
CoinDesk Indices (CDI) presents its bi-weekly market update, highlighting the performance of leaders and laggards in the benchmark CoinDesk 20 Index (CD20) and the broad CoinDesk Market Index (CMI).
The CoinDesk 20 closed on Monday at an all-time-high of 2,538 after having traded above 2,600 overnight. This index is now higher by just shy of 50% year-to-date.
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Meme coins shiba inu and dogecoin continued to outperform among the 20 large-cap assets in the CoinDesk 20, gaining 237% and 102%, respectively. Bitcoin cash also saw an outsized gain of 65%.
Although all 20 assets in the index are trading higher than Monday’s close last week, Layer 1 Smart Contract Platform Internet Computer was a noticeable laggard with just a 2.1% advance.
The CoinDesk 20 tracks the world's largest and most-liquid cryptocurrencies in an investible index available on multiple platforms. The broader CoinDesk Market Index comprises approximately 180 tokens and seven crypto sectors: currency, smart contract platforms, DeFi, culture & entertainment, computing, and digitization.
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Bitcoin's bearish turn deepens as 75 out of top 100 coins trade below key averages; Nasdaq resilient
Crypto's bear grip squeezes tighter as 75 of top 100 coins trade below 50- and 200-day SMAs.
What to know:
- 75 of the top 100 coins trade below their 50-day and 200-day simple moving averages.
- Major cryptocurrencies like bitcoin, ether, and solana are underperforming the key averages, denting risk sentiment.
- Only eight of the top 100 coins are considered oversold, indicating that most coins may still have room to fall further.
