The central theses
- Crypto Briefing’s CB10 index has doubled since it was created in January.
- Ethereum was the top winner in the index, posting a monthly return of 63% in April.
- Dogecoin and Solana entered the index, replacing Filecoin and Stellar.
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Crypto Briefing’s CB10 index of the top ten cryptocurrencies weighted by market capitalization continued to outperform Bitcoin in this bull run.
The monthly reconstitution of the index was carried out on May 3, 2021 at 10 a.m.
CB10 April performance
The return on CB10 for April was 11% at the time of reconstitution. The total annual return of CB10 is 100.7%, while the sum of the monthly individual winnings is 82%.
The index’s biggest winner in April was Ethereum’s native token. ETH has grown by 63% since the last compensation plan. At the same time, the price of Bitcoin is almost at the same level at around $ 55,000.
Filecoin was the biggest loser, down 15% from April 5th as the token failed to sustain the bullish moment after climbing 10x to a high of $ 237.
Steller also didn’t attract the buyer’s attention last month as DeFi wasn’t introduced on the platform.
Crypto market trends
Bitcoin’s dominance fell below 50% for the first time in three years. Ethereum and Dogecoin have made the most of Bitcoin’s share of the crypto market.
Dogecoin’s pump showed clear signs of retail hype. DOGE reached a new all-time high of 70 cents with a total market capitalization of 90 billion US dollars.
The flamboyant rise of the highly inflationary meme coin triggers the alarm bells of a bubble. However, the GameStop incident is still topical, which is a reminder to the market not to underestimate the power of a retail frenzy.
The pump in Dogecoin also caused a surge in cryptocurrencies traded on Robinhood. In addition to DOGE, the American online brokerage company has listed five tokens: Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ethereum Classic.
The strength of ETH, on the other hand, is due to constant demand.
As the price of ETH continued to rise, the network workers were finally able to lower the average price from a much higher range of 150 to 200 Gwei to 45 Gwei. The Berlin fork and the increased introduction of Layer-2 have improved the network’s apparent gas limit.
While an ETH transaction still costs around $ 30, users continue to use the network at maximum capacity. In addition, the supply of ETH in smart contracts is constant at around 22%.
Realignment of the statistics for May 2021
In the realignment on May 3, the Bitcoin allocation of CB10 decreased by 9.5%. Solana’s SOL tokens and Dogecoin replaced Filecoins FILE and Stellars XLM when rebalancing.
Uniswap, Litecoin, Bitcoin Cash and Chainlink saw positive increases in allocations as DOT’s allocation fell 0.4%.
The massive 1,000% pump in Dogecoin in April put the meme coin in fourth place on CoinGecko in terms of total market capitalization, outperforming Tether’s USDT and XRP.
DOGE was already trading with Robinhood, a top online broker in America. The listing of the token with Gemini has made the token easily available to US investorsThe third largest cryptocurrency in the CB10 index.
The exclusion of BNB from the index due to its unavailability on American exchanges has deprived CB10 of the opportunity to capture DeFi enthusiasm for Binance Smart Chain (BSC).
The price gains for tokens from other competing Layer 1 networks, Cardano and Polkadot, were comparatively lower than those of ETH and Binance Coin. The new inclusion of Solana in CB10 is intended to make up for the loss at BNB.
The method of performing the equalization was shared in the first schedule in February. Investors can book monthly profits or reinvest the proceeds for the compounding effect.
CB10’s hypothetical portfolio follows a compound interest strategy.
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