Crypto market moves ‘as one block’ despite broader rally: Cryptex co-founder
The crypto market has posted sharp gains across Bitcoin and several major altcoins, but Cryptex Finance data covering 36 assets and roughly 92% of the digital asset market shows that capital remains heavily concentrated in Bitcoin and Ethereum despite prices rising across the market. Cryptex Finance co-founder Joe Sticco told crypto.news that participation in the recent rally had spread across the market, but the allocation of capital had not followed at the same pace, leaving cryptocurrencies trading more like a single group than a market in which investors are selecting individual winners. Cryptexs market index stood at 1,199.69, almost 20% above the base level of 1,000 set on Feb. 20. The index tracks 36 assets across five sectors using Coinbase pricing, giving Sticco a larger sample than Bitcoin or a handful of major altcoins alone. Over the trailing seven days, however, the index had risen only 1.92%. Sticco said the figure matters because much of the rally that produced large percentage gains from recent lows took place within roughly 72 hours between Aug. 19 and Aug. 21, followed by several days of relatively flat trading. “Measure from the low, and you get a rally. Measure the trailing week, which is what most readers think
