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Vulgar Crypto Index (Rhymes With 'Bitcoin') Hits All-Time High
A novel index of 50 low-capitalization cryptocurrencies made new all-time highs as it continues to outperform bitcoin.
By Zack Voell
Updated Mar 6, 2023, 3:27 p.m. Published Jul 13, 2020, 7:08 p.m.
An index of 50 low-capitalization cryptocurrencies, the so-called Shitcoin Index, is up 114% so far this year. Launched in 2019 by FTX, the index was trading at an all-time high of $1,065 Monday after making all-time highs for the past three consecutive trading days.
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- The novel futures product has outperformed bitcoin by 88 percentage points this year.
- Wednesday marked the first trading day the index closed above $1,000.
- September futures continue to trade in mild backwardation (at a discount) to perpetual futures.
- Daily trading volumes are low, staying below $10 million for the past month, but open interest, or the total value of contracts not yet settled, grew 43% over the past week, according to CoinGecko data.
- “Over the past month the ‘Robinhood Rally’ seems to have made its way into crypto, with popular and /or lower-cap coins running up while their respective market leaders stay quiet,” said Sam Bankman-Fried, CEO of FTX, the exchange that launched the index futures in August 2019.
- The index includes 50 low-cap cryptocurrencies including grin, theta, bitcoin gold, nano and ardor.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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