Fundstrat’s Newly Launched Weekly Report Ranks Major Cryptocurrencies Based on Technical Analysis Indicators

Independent financial research boutique Fundstrat Global Advisors has launched a new weekly report called "Benchmark Crypto Performance", which details the performance contribution of sector/size indices, including relative performance and correlations. The report, which comes out on Mondays, includes a very interesting section called "State of Tokens" that ranks 50 of the most popular cryptocurrencies using technical analysis indicators, such as weekly Relative Strength Index (RSI). 

The new report is compiled by Ken Xuan, one of Fundstrat's quantitative analysts, who announced the news on Tuesday via Twitter:

The purpose of this report is to provide a weekly performance analysis of benchmark cryptocurrency indices, but for the purpose of this article, the most interesting section is called "State of Tokens". Here, you find a weekly ranking of 50 of the most popular cryptocurrencies, including Ripple (XRP), EOS (EOS), Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), TRON (TRX), Litecoin (LTC), and Zcash (ZEC).

The overall ranking (the "Composite Technical Score") is based on the following technical analysis indicators:

  • 90 Day Win-Loss Ratio
  • 90 Day UpVolume (UV) - Down Volume (DV)
  • Relative Price to 21 Day Moving Average (DMA)
  • Relative Price to 50 Day Moving Average (DMA)
  • Weekly Relative Strength Index (RSI)
  • 5 Day Return
  • 10 Day Return
  • 30 Day Return
  • 21 vs. 50 Day Moving Day Average (DMA)

For the week ended on 11 June 2018, here are the rankings for the ten largest (according to CryptoCompare) cryptocurrencies:

  • Bitcoin (BTC): 10th place
  • Ethereum (ETH): 13th place
  • Ripple (XRP): 4th Place
  • Bitcoin Cash (BCH): 11th place
  • EOS (EOS): 7th place
  • Litecoin (LTC): 14th place
  • Cardano (ADA): 25th place
  • Stellar (XLM): 16th place
  • IOTA (MIOTA): 17th place
  • TRON (TRX): 42nd place

The top ranked token was Binance Coin (BNB) and the lowest ranked token was Stratis (STRAT).

Here is a chart courtsey of data provider CryptoCompare showing the three month performance of BNB (with respect to BTC):

hour_CryptoCompare_Index_BNB_BTC_337_11528832020678.jpg

Interestingly enough, on the same day that this report was released, the CEO of crypto exchange Binance, Changpeng Zhao ("CZ"), sent out the following two tweets to boast about the performance of the BNB token during the current bear market:

The whole report is highly informative and the information is beautifully presented; so highly recommended reading! Every monday, Fundstart's Ken Xuan will post a tweet (from his Twitter account) with the download link for the report.

 

Featured Image Credit: Photo by "Andre Francois" via Unsplash

Error in Time-Locked Bitcoin Contracts Allows for Miner 'Fee-Sniping'

Michael LaVere
  • Crypto researcher 0xb10c discovered an error in bitcoin "time-locked" transactions that could be used as an attack vector.
  • Miners can take advantage of the program to carry out "fee-sniping" and steal funds from one another. 

Users have discovered an error in bitcoin “timelocked” contracts that could potentially allow miners to steal BTC from one another. 

Anonymous crypto engineer 0xb10c reported discovering more than one million “time-locked” transactions made between September 2019 and March 2020. In a post, 0xb10c detailed how these special bitcoin transactions were not being accurately enforced by the network. 

As opposed to normal transactions, time-locked transactions prevent recipient bitcoin from being accessed after sending. Users must wait for a specific number of blocks to be added to the network in ten-minute intervals before gaining control of their bitcoin. 

0xb10c claimed the errant time-locked transactions provided an attack vector for miners to steal transaction fees  from one another via “fee-sniping.” According to the engineer, the backlog of time-locked transactions were being purposefully designed for a “potentially disruptive mining strategy” involving the theft of miner fees. 

In an interview with CoinDesk, 0xb10c said time-locked transactions represented a “low-priority” problem at present that could eventually balloon to involve the wider network. He explained that fee-sniping would become more lucrative in a few years as the majority of miner income shifts towards transaction fees. 

He continued, 

A fix for this has been released in early 2020. However, it will take a while before all instances of the currently deployed software are upgraded.

Featured Image Credit: Photo via Pixabay.com