The central theses
- The March restoration of Crypto Briefing’s CB10 portfolio resulted in an increased allocation to Bitcoin and Cardanos ADA.
- Growing concerns about Ethereum’s rising fees appear to have created a strong tailwind for competition.
- Dogecoin entered the CB10 index, replacing AAVE.
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The experimental index CB10 from Crypto Briefing was able to cushion the recent downward trend at ETH. This protection was thanks to diversification and disciplined investment in the top ten cryptocurrencies, weighted by CoinGecko’s market capitalization for US investors.
Crypto Briefing CB10 Index Performance
The CB10 crypto index returned 44.4% in February.
The hypothetical $ 1,000 invested on January 5th rose to $ 1,080 (which is 8%) at the end of the month and rose another $ 491 in February.
Update of the CB10 portfolio on March 4th before equalization.
The cumulative return in CB10 since formation at the beginning of the year it was 57.7%. In comparison, BTC has increased by 59.5% and ETH by 27.5% since the start of the year. The performance of the index closely followed the price development of the alpha cryptocurrency.
CB10, Bitcoin and Ethereum performance in February.
Soaring gas fees for Ethereum showed cracks in ETH price as market liquidity flowed into alternative projects. Numerous DeFi projects in 1inch, Compound, The Graph and others expanded their reach beyond Ethereum.
Ethereum’s competition at Binance Smart Chain and Cardano caught the main market attention as BNB and ADA gained 360% and 175%, respectively, since Feb. 1.
Price comparison for BNB (blue), ADA (orange), DOT (light blue) and ETH (yellow) since February 1st. Source: Trading View
In February, another notable trend across all crypto markets was the return to native Layer 1 tokens versus DeFi governance tokens.
Rebalance CB10 for March
The reconstitution of the CB10 portfolio was successful on March 4 at 10:20 am EST. The updated distribution of the hypothetical $ 1,000 can be found here.
Ethereum was the biggest loser in realignment this month, down 3.43%, thanks to the increasing popularity of Ethereum’s competition. BTC and ADA were the month’s biggest winners, with allocations up 0.96% and 1.67%, respectively.
The exceptional spike in BNB, while sparking a general DeFi discussion, did not make it into the Crypto Briefing index as the portfolio is US based and neither Kraken, Gemini nor Coinbase Pro list the BNB.
CB10 March update. Source: Google Sheets
Instead, Dogecoin entered the index with an allocation of 0.52% during reconstitution, replacing AAVE at 0.44%. DOGE was eliminated last month due to the token’s extreme volatility. However, DOGE owners have shown tremendous resilience over the past few weeks.
DOGE replaced AAVE; Currently, UNI is the only DeFi governance token in the top ten crypto index.
The method of realignment was communicated in last month’s update. Investors can choose to post a profit for the current month or reinvest the proceeds.
Disclosure: The author held Bitcoin at press time.
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