South Korea Launches Its First Cryptocurrency Index
Upbit, Korea’s largest crypto exchange by trading volume, is launching the country’s first cryptocurrency index. The company hopes the index will aid investors’ understanding of overall market trends, with the goal of ultimately expanding to international markets. The UBCI (Upbit Crypto Index) is composed of long-term transactional data from four market indexes; Market, Sector, Bitcoin, and Strategy. Standard values will be calculated in confidence intervals.
The four indexes are intended to give a full picture of the Korean marketplace. The Market Index is the most comprehensive of the four – it is a market cap-weighted index factoring-in the market’s total liquidity ratio while providing an all-coin overview for investors. The Sector Index will take each coin’s characteristics into account and assign them to specific sectors. The Bitcoin Index will zero-in on bitcoin trading prices, while the Strategy Index will be a rule-based index indicating quantitative investors’ rules and tracking portfolio yields.
Upbit was launched in October 2017 by Dunamu, the fintech startup responsible for Korea’s popular stock trading app, Kakao Stock. Designed to be a comprehensive trading platform, it connects with other popular Kakao apps – Kakao Talk, a messaging app used by 93% of South Koreans, and Kakao Pay, an on-the-go payment platform boasting 13 million users. The connected approach has paid dividends as Upbit has become Korea’s top cryptocurrency exchange within six months, accounting for 52.9% of the country’s crypto trading market.
The UBCI is another example of the ongoing maturation of cryptocurrency markets, and Dunamu is prepared to bet big to ensure they will continue to lead future developments – the company recently announced they will invest $92.5 million in blockchain-related projects over the next three years.
CEO Song Chi-Hyung stated, “[This] is a pivotal opportunity for Korea to become the global mecca of blockchain-based technologies. Through this investment, we hope to become a foothold for youths who are interested in blockchain technologies to establish and run their own startups." Dunamu president Lee Seok-woo compared today’s digital currency trading to nascent stock and bond trading – evidence that as markets become more sophisticated, investors demand equally sophisticated tools to understand them. He anticipates the UBCI “will play an important role in this area in the future.” Upbit plans to launch their Market, Sector, and Bitcoin indexes this month, with the Strategy index to follow later this year.
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BTC.X in downward trend: price dove below 50-day moving average on May 07, 2023
BTC.X moved below its 50-day moving average on May 07, 2023 date and that indicates a change from an upward trend to a downward trend. In of 41 similar past instances, the stock price decreased further within the following month. The odds of a continued downward trend are .
Technical Analysis (Indicators)
Bearish Trend Analysis
The Stochastic Oscillator may be shifting from an upward trend to a downward trend. In of 89 cases where BTC.X's Stochastic Oscillator exited the overbought zone, the price fell further within the following month. The odds of a continued downward trend are .
The Momentum Indicator moved below the 0 level on June 07, 2023. You may want to consider selling the stock, shorting the stock, or exploring put options on BTC.X as a result. In of 128 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are .
The Moving Average Convergence Divergence Histogram (MACD) for BTC.X turned negative on June 07, 2023. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 60 similar instances when the indicator turned negative. In of the 60 cases the stock turned lower in the days that followed. This puts the odds of success at .
The 10-day moving average for BTC.X crossed bearishly below the 50-day moving average on May 10, 2023. This indicates that the trend has shifted lower and could be considered a sell signal. In of 21 past instances when the 10-day crossed below the 50-day, the stock continued to move higher over the following month. The odds of a continued downward trend are .
Following a 3-day decline, the stock is projected to fall further. Considering past instances where BTC.X declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
The Aroon Indicator for BTC.X entered a downward trend on May 19, 2023. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
Bullish Trend Analysis
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where BTC.X advanced for three days, in of 447 cases, the price rose further within the following month. The odds of a continued upward trend are .
BTC.X may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
Fundamental Analysis (Ratings)
Market Cap
High and low price notable news
Volume
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
| 1 Day | |||
|---|---|---|---|
| CRYPTO / NAME | Price $ | Chg $ | Chg % |
| ETH.X | 1832.396000 | -52.098877 | -2.76% |
| Ethereum cryptocurrency | |||
| NU.X | 0.073371 | -0.003244 | -4.23% |
| NuCypher cryptocurrency | |||
| AGIX.X | 0.254769 | -0.017011 | -6.26% |
| SingularityNET cryptocurrency | |||
| CTSI.X | 0.153235 | -0.011013 | -6.70% |
| Cartesi cryptocurrency | |||
| LOKA.X | 0.275859 | -0.037609 | -12.00% |
| League of Kingdoms Arena cryptocurrency | |||
BTC.X and
Correlation & Price change
A.I.dvisor indicates that over the last year, BTC.X has been closely correlated with BTCUP.X. These tickers have moved in lockstep 100% of the time. This A.I.-generated data suggests there is a high statistical probability that if BTC.X jumps, then BTCUP.X could also see price increases.
| Ticker / NAME | Correlation To BTC.X | 1D Price Change % | ||
|---|---|---|---|---|
| BTC.X | 100% | -3.28% | ||
| BTCUP.X - BTC.X | 100% Closely correlated | -5.61% | ||
| ETH.X - BTC.X | 90% Closely correlated | -2.76% | ||
| ETHUP.X - BTC.X | 89% Closely correlated | -5.59% | ||
| RUNE.X - BTC.X | 86% Closely correlated | -4.53% | ||
| GNO.X - BTC.X | 84% Closely correlated | -1.34% | ||
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