08 October 2020

Monthly Sector Analysis: negative performances of altcoin indices

Daniel Kukan

Daniel Kukan

Senior Trader at Crypto Broker AG

About the author

September was not a positive month for any of the three FTX indices (ALT/MID/SHIT). The worst performing index was the Shit Index with a negative performance of minus 24.4%. The Mid Index performed similarly with minus 23.3%, and the ALT Index closed with a minus of 17.5%. Most of the positive gains of August were nearly wiped out entirely. As you may remember, the performance of the Shit Index was very strong in August (+ 47%).

Almost all ALT constituents (9 coins) performed negatively; only BNB stood out of the crowd with a positive performance of 24.4%. However, not all low-performing coins were consistently negative, e.g. LTC lost 25.5% and BSV lost only 10.5%. The situation among the losing coins is definitively mixed. Most of the MID Index constituents (24 coins) performed negatively. The coin that lost the most was LINK (minus 36.5%), followed by ALGO (minus 31%). Just three coins were able to resist the general downtrend: XMR (+ 18.9%), OKB (11.4%), and LEO (1.3%). The SHIT Index constituents (50 coins) recorded the greatest negative performance ever, with coins losing more than 50%, e.g. BTS and REN (both minus 52%). Overall, the minus range was between 25% and 40%. The winner in the SHT Index is THETA, with a positive performance of 50%.

You will find more performance values (in USD) for each coin in the graphs below for the relevant sector.

In general, there were just a few coins that performed positively in September: mainly the exchange coins.

Comparing the performance of the three FTX indices (ALT/MID/SHIT) with BTC$, showed the following: the ALT coins underperformed BTC$ by 7%, MID coins by 10.8%, and SHIT by 19.5%.

Below is the performance chart of our sectors relative to the total overall index:

The winning sectors relative to the Index were Entertainment, Exchange, Privacy, and Payment.

The losing sectors relative to the Index were Interoperability, Other, File Storage, Platform, Store of Value, and Internet of Things.


THETA is the winner of the entire SHIT Index. Even last month, in August, THETA performed well with 69%. THETA is a decentralised video streaming and content delivery network. The organisation is located in California with investors in both the US and across Asia. THETA launched in May 2019 with a token sale that included a 1bn outstanding supply and 25% airdrops and rewards.


Things were advantageous for the exchange coins in September. Most of them performed well on account of the fact that exchange volume is constantly rising. Another reason is the concentration of the volume on the major and most relevant exchanges. According to Cointelegraph, 75 crypto exchanges closed down in 2020. One reason for this is the continual increase in regulatory pressure. Some exchanges are not able to keep up with the standards. Another important reason are hacks and scams, which result in immense issues for exchanges.


The privacy sector continues to calm down and remains tight with sector winners. XMR (Monero) is among the winners. Monero is a privacy preserving electronic cash system and was created in April 2014.


Some of the payment coins (OMG, GNT, MANA) rallied strongly in August. September saw a healthy consolidation.


Interoperability also saw a healthy consolidation, after last month’s tremendous ATOM and LINK rally.


File Storage

File Storage performed correlated.


In September, the DeFi space cooled down tremendously. Therefore, most coins lost quite a bit of momentum.

Store of Value (SoV)

There was a mixed picture for the month of September.

Internet of Things (IoT)

September was neutral, with performance highly correlated to the overall market.

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