Top Cryptocurrency ETP performers

Cryptocurrency emerged as last week’s top-performing theme according to Trackinsight’s thematic classification, with ETPs aligned to the cryptocurrency theme posting an average return of 11.34%.[1]  

There are several explanations behind the crypto rebound but the expectation of the fed’s slowdown on rate hikes is the most likely. And there’s certainly no denying that cryptocurrency is a hot topic right now with the WOW summit (the biggest Web3 conference) taking place in Portugal this week,  and the Markets in Crypto-assets regulation (MiCA) finally being approved by European Council on October 5. 

Simply put, MiCA is a regulatory framework that provides legal certainty around crypto assets. It can be compared to MiFID (Markets in Financial Instruments Directive) which applies to securities markets, investment intermediaries, and trading venues.

The following cryptocurrencies ranked as the top 5 performers for the week of 24th – 28th October based on the change in price of the underlying currency.  

Ether

Ether is the cryptocurrency of the decentralized open-source blockchain Ethereum. It is the second-largest cryptocurrency in terms of market capitalization and recorded a performance increase of almost 20%.

The following ETPs offer exposure to Ether: 

• Ether Tracker Euro ETC (+20.99%)
• CI Galaxy Ethereum ETF (+19.84%)
• 21Shares Ethereum ETP (+19.76%)

Cosmos (ATOM)

Cosmos aims to be the ‘internet for blockchains,’ enabling blockchains to freely share data and tokens across all the blockchains in the Cosmos ecosystem. Its token “ATOM,” a top 30 cryptocurrency with a market capitalization of almost $4 billion, recorded a performance increase of 18%. 

There are currently 2 ETPs in Trackinsight’s database tracking this cryptocurrency:

• 21Shares Cosmos ETP (+18.14%)
• ATOMetc – ETC Group Physical Cosmos (+17.53%) 

Avalanche

Avalanche (AVAX), a smart contract 0-layer blockchain for decentralized applications, posted an increase of 16% for the period. 

At present, there are 3 ETPs providing exposure to Avalanche:

• VanEck Vectors Avalanche ETN (16.90%)
• 21Shares Avalanche ETP (16.84%)
• AVAXetc – ETC Group Physical Avalanche (+16.79%)

Cardano

Cardano is a public open source and decentralized blockchain platform using proof of stake. The cryptocurrency climbed more than 15% over the period. 

The following ETPs offer access: 

• 21Shares Cardano ETP (+15.99%)
• CoinShares Physical Staked Cardano ETP (+15.59%)
• WisdomTree Cardano ETP (+15.30%)

Polygon

Polygon is strongly tied to Ethereum. It is a decentralized platform for developers to build decentralized applications. The cryptocurrency recorded a performance increase of more than 14%. 

ETPs related to the cryptocurrency include:

• 21Shares Polygon ETP (+16.22%)
• VanEck Vectors Polygon ETN (+15.59%)
• MATICetc – ETC Group Physical Polygon (+13.78%)

[1] Source: Trackinsight, aggregate data based on 156 ETPs.