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Breaking News: New Pro-Crypto Plan Unveiled By SEC And CFTC: Could Traditional Markets Go 24/7?

Altcoin Indexes Make Sharp Recovery Against Bitcoin As Alts Enjoy Strong 2023 Start

Keshav Verma
by Keshav Verma
2 years ago
·
Posted in Altcoins
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Data shows the altcoin indexes have made a sharp recovery against Bitcoin recently as they have kicked 2023 off to a great start.

Large Cap And Small Cap Altcoins Saw Flat Returns In The Past Month

According to the latest weekly report from Arcane Research, several alts have seen large short squeezes in recent days. The “altcoin indexes” here refer to groups of coins clubbed together on the criteria of market cap. The benefit of these indexes is that the performance of the different market sectors can be easily tracked using them.

There are three main indexes: the “small caps,” the “mid caps,” and the “large caps.” As their names already suggest, each of these represents the three major sizes of altcoins.

Now, here is a chart that shows how these alt indexes have performed against each other, as well as vs. Bitcoin, during the last 30 days:

Bitcoin vs Altcoin Indexes

Looks like the alts were deep inside negative territory not too long ago | Source: Arcane Research's Ahead of the Curve - January 10

As displayed in the above graph, the past month was almost flat for Bitcoin as the crypto registered just 1% of profits in this period. BTC didn’t go down much during this time, as it mostly stayed around the 0% line. On the other hand, the altcoin indexes did deviate more significantly from a flat curve and were all down more than 5% in the middle of this period (which coincided with the end of 2022).

Related Reading: Bitcoin Spot Volume Slightly Up After Rally, But Still Very Below H2 2022 Levels

However, these coins have experienced a very strong 2023 so far and have recovered from these losses. The large caps and the mid-caps are right back with Bitcoin, as their returns over the past 30 days are now 0%.

The small caps had taken an especially brutal beating by the end of last year, so even the good performance in 2023 hasn’t been enough to erase their losses, as they sit 5% underwater for the month.

Related Reading: NFTs Make Comeback As Gas Dominance On Ethereum Rebounds To 22%

Still, there has been a marked recovery across all the altcoin indexes recently. “In essence, the sharp gains seen in various altcoins in the last week have predominantly been fueled by illiquid markets and a short structural squeeze,” explains the report.

The below chart shows the volume data for the daily short liquidations in the crypto derivatives market over the last couple of months.

Altcoin Short Squeeze

The value of the metric seems to have spiked in recent days | Source: Arcane Research's Ahead of the Curve - January 10

From the chart, it’s apparent that December didn’t see that high short liquidation volumes, but the past few days have observed consistently frequent squeezes.

BTC Price

At the time of writing, Bitcoin is trading around $17,300, up 3% in the last week.

Bitcoin Price Chart

The crypto has seen an overall uptrend in the last few days | Source: BTCUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Arcane Research
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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