Digital Assets Weekly: July 29th
Market Analysis
At the beginning of the week, BTC awoke from its slumber and ripped to a new 2020 high of $11,420 on Monday. BTC finished the 7-day period ending 7/27 at $10,990; up 20% week over week.
Even though Gold has been enjoying a significant run and breached new all-time highs, Bitcoin is still solidly outperforming Gold and all other major asset classes YTD.
The crypto majors all had significant gains this week, with Ethereum posting the greatest gain of 36%, largely driven by the continuation of positive DeFi momentum.
FS Crypto FX 10 had the strongest performance this week with a gain of 21%, slightly outperforming BTC and the micro-caps (FS Crypto FX 300 +19%) and significantly outperforming the mid-caps (FS Crypto FX 40 +6.4%).
The table below shows the returns of the largest assets and the FS Size Indexes over the year.
Fundamental Valuations
Due to the recent surge, Bitcoin’s P/CMR valuation increased 20.1% from 9.0x to 10.8x.
Bitcoin’s market cap to realized value (MV/RV) multiple also increased 19.5% from 1.6x to 1.9x.
The comp table for major crypto asset prices and fundamental valuations is shown below.
Valuation Methodology
The P/CMR ratio is a fundamental valuation method I invente...Reports you may have missed
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