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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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- 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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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
Cosa sapere:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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