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- The SFOX Multi-Factor Market Index has moved from mildly bullish to neutral as of August 5th, 2019.
- The S&P 500 is currently negatively correlated with all leading cryptocurrencies.
- Bitcoin was the only major cryptoasset with positive month-over-month returns as of August 5th, 2019.
- Bitcoin dominance is currently at its highest level since April 2017.
- As the US-China trade war persists and more regulatory clarity is being achieved around Bitcoin, BTC appears to be emerging more and more as a global hedge.
- Watch for further trade war developments and futures expirations to potentially impact crypto volatility in the coming month.
In the July 2019 edition of our monthly volatility report, the SFOX research team has collected price, volume, and volatility data from eight major exchanges and liquidity providers to analyze the global performance of 6 leading cryptoassets – BTC, ETH, BCH, LTC, BSV, and ETC. The following is a report and analysis of their volatility, price correlations, and further development in the last month.
Current Crypto Market Outlook – Neutral
Based on our calculations and analyses, the SFOX Multi-Factor Market Index, which was set at mildly bullish as of July 9th, 2019, has been moved to neutral as of August 5th, 2019.
We determine the monthly value of this index by using proprietary, quantifiable indicators to analyze three market factors – price momentum, market sentiment, and continued advancement of the sector. It is calculated using a proprietary formula that combines quantified data on search traffic, blockchain transactions, and moving averages. The index ranges from highly bearish to highly bullish.
It’s possible that we may be seeing broader macroeconomic uncertainty affect the market’s outlook on the crypto sector at this juncture.