17 Jan 2022

Crypto indexes moving in tandem with bitcoin

Most indexes move in tandem so far in January, but Mid Caps are showing strength relative to the rest of the market.
Source: NYDIG Data, Bletchley Indexes
Halfway into January and Mid Caps (-2%) are outperforming the rest of the market caused by strength in UNI and MATIC. Together, these two coins account for more than 20% of the Mid Cap index.The other indexes' performance align with bitcoin's performance. NEAR, ADA and DOGE have contributed to leading the Large Caps (-8%) to outperform BTC (-10%), but overall the indexes are following bitcoin's performance.
Source: CoinMarketCap
The bitcoin dominance has taken a big hit over the last week and once again sits below 40%. ETH also sees declining dominance as smaller altcoins thrive in the current market environment.Among the larger altcoins, ADA has been an outlier in the last seven days, having seen its market dominance increase by 0.62%.
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