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Vulgar Crypto Index (Rhymes With 'Bitcoin') Hits All-Time High
A novel index of 50 low-capitalization cryptocurrencies made new all-time highs as it continues to outperform bitcoin.
An index of 50 low-capitalization cryptocurrencies, the so-called Shitcoin Index, is up 114% so far this year. Launched in 2019 by FTX, the index was trading at an all-time high of $1,065 Monday after making all-time highs for the past three consecutive trading days.
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- The novel futures product has outperformed bitcoin by 88 percentage points this year.
- Wednesday marked the first trading day the index closed above $1,000.
- September futures continue to trade in mild backwardation (at a discount) to perpetual futures.
- Daily trading volumes are low, staying below $10 million for the past month, but open interest, or the total value of contracts not yet settled, grew 43% over the past week, according to CoinGecko data.
- “Over the past month the ‘Robinhood Rally’ seems to have made its way into crypto, with popular and /or lower-cap coins running up while their respective market leaders stay quiet,” said Sam Bankman-Fried, CEO of FTX, the exchange that launched the index futures in August 2019.
- The index includes 50 low-cap cryptocurrencies including grin, theta, bitcoin gold, nano and ardor.
Zack Voell
Zack Voell is a financial writer with extensive experience in cryptocurrency research and technical writing. He has previously worked with leading cryptocurrency data and technology firms, including Messari and Blockstream. His work (and tweets) has appeared in The New York Times, Financial Times, The Independent and more. He owns bitcoin.
