Digital assets signals 1: preliminary charts on four main crypto assets
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2025-10
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The cryptocurrency phenomenon has gained increased prominence in the investment landscape in recent years. Whether as an investment alternative, a transaction medium, or a disruptive form of "new money," this novel digital asset class has acquired a scope and functions probably not imagined when (the mysterious entity or person) Satoshi Nakamoto introduced the Bitcoin network, in 2008, based on blockchain technology. Crypto assets, digital currencies, bitcoin alternatives, stablecoins—the terminology is varied, yet relatively little is understood about the phenomenon's actual implications. Academic research has begun (see Makarov and Schoar, "Blockchain Analysis of the Bitcoin Market," NBER Working Paper 29396, October 2021), but the multiple applications and dimensions of cryptocurrency markets require substantially more investigation. As an initial step toward addressing these knowledge gaps, the Crypto Briefs series examines specific features of the asset class. One focus involves tracking selected assets through comparison with established financial and macroeconomic parameters, identifying behavioural patterns and trends to better understand their temporal characteristics and potential as market indicators. The approach is exploratory rather than strictly academic. Such reports will be designated Digital (Assets) Signals. Four assets—Bitcoin (BTC), XRP, and the utility tokens Ethereum (ETH) and Solana (SOL)—are analysed here over periods ranging from March to early September of this year. They are contrasted with established market indices. Over time, tracking these market signals systematically should reveal patterns in cryptocurrency behaviour and its relationship to broader financial markets.