Coinspeaker partnered with ICOBox to provide our readers with this weekly analysis conducted by Professor Dima Kornilov and Dima Zaitsev devoted to cryptocurrency and digital assets markets.

Information as of September 10, 2017 (results over the period from July 1, 2017 to date)

This report was created by:

  • Professor Dima Kornilov, Doctor of Economics, Member of the Russian Academy of Natural Sciences, and Leading Analyst at ICOBox
  • Dima Zaitsev, PhD in Economics, Head of International Public Relations at ICOBox
  • Mike Raitsyn, co-Founder at ICOBox

  1. General cryptocurrency and digital assets market analysis (by week, month). Main events.

1.1 General cryptocurrency and digital assets market analysis (by week, month).

Table 1.1. Trends in cryptocurrency market capitalization and main cryptocurrencies from July 1, 2017 to September 10, 2017

#

Name of Parameter 1-Jul-17 1-Aug-17 MoM, % 1-Sep-17 MoM, % 3-Sep-17 10-Sep-17*

WoW, %

1 Total Market Capitalization, USD billion 98.81 89.54 -9.38% 171.64 91.69% 163.68 138.91 -15.13%
2 Altcoin Market Capitalization, USD billion 58.97 45.23 -23.30% 95.11 110.28% 87.84 72.16 -17.85%
Altcoin Dominance, % 59.68% 50.51% -15.36% 55.41% 9.70% 53.67% 51.95% -3.20%
3 Bitcoin Price, $ 2425.92 2689.44 10.86% 4627.23 72.05% 4585.27 4031.52 -12.08%
Bitcoin Market Capitalization, USD billion 39.84 44.31 11.22% 76.53 72.71% 75.84 66.75 -11.99%
Bitcoin Dominance, % 40.32% 49.49% 22.73% 44.59% -9.90% 46.33% 48.05% 3.71%
4 Ethereum Price, $ 270.49 200.97 -25.70% 355.64 76.96% 350.23 278.46 -20.49%
Ethereum Market Capitalization, USD billion 25.14 18.82 -25.14% 33.57 78.37% 33.06 26.33 -20.36%
Ethereum Dominance, % 25.44% 21.02% -17.39% 19.56% -6.95% 20.20% 18.95% -6.16%
5 Litecoin Price, $ 38.61 40.89 5.91% 79.97 95.57% 78.98 60.36 -23.58%
Litecoin Market Capitalization, USD billion 2.01 2.13 5.97% 4.21 97.65% 4.17 3.19 -23.50%
Litecoin Dominance, % 2.03% 2.38% 16.94% 2.45% 3.11% 2.55% 2.30% -9.86%
6 Smith + Crown Index n/a n/a n/a n/a n/a 9804 9110 -7.62%

*Data as of September 10, 2017 12:00 MSK

Data source: coinmarketcap.com, https://www.smithandcrown.com

In the week of September 3-10, 2017, the cryptocurrency market capitalization dropped by 15.13%. This is primarily due to the breaking news regarding the ICO ban in China which came out early in the week and significantly affected the pace of the capitalization growth which remained steadily high in August 2017 (the market grew by 91.69%). In the past week, the price of main cryptocurrencies drop by an average of 12.08% (Bitcoin), 20.49% (Ethereum) and 23.58% (Litecoin). Bitcoin rate twice dipped below $4,000. The second drop was caused by the reports of the potential Chinese ban of cryptocurrency exchanges. Smith + Crown Index which tracks the changes in 11 cryptocurrencies with the highest capitalizationе dropped by 7.62%, from 9,804 to 9,110.

1.2 Market Trends

Cryptocurrency and digital assets market trends from 1-Jul-17 to 10-Sep-17 are represented in below figures (Figures 1-5).

     Table 1.2. Figures legends and characteristics

Global Figures Figure

Figure characteristics

Total cryptocurrency market capitalization, USD million

Fig. 1.1

The figure shows cryptocurrency and digital assets market capitalization trends from the start of 1-Jul-17  
The rate of market change (in % to the beginning of the year)

Fig. 1.1

The figure shows the % change in cryptocurrency and digital assets market capitalization compared to the start of 1-Jul-17  
Change in the market capitalization (in USD million compared to previous period)

Fig. 1.2

The figure shows USD million in weekly change (increase or decrease) in cryptocurrency and digital assets market capitalization starting from 1-Jul-17  
The rate of market change (in % compared to previous period)

Fig. 1.2

The figure shows % of weekly change (increase or decrease) in cryptocurrency and digital assets market capitalization starting from 1-Jul-17  
Number of cryptocurrencies and digital assets

Fig.1.3

The figure shows the trends in the increase of the number of Cryptocurrencies and digital assets circulating on cryptoexchanges. As of January 1, 2017 their number was 617, and currently (as of September 10, 2017) it reached 1 035.
Average market capitalization, USD million Fig. 1.3 The figure reflects the growth in the average cryptocurrency and digital assets market capitalization from 1-Jul-17, i.e. the ration between the market capitalization of all cryptocurrencies and digital assets and their number
Forecast of total cryptocurrency market capitalization Fig. 1.4, 1.5 The figure shows the time trends (forecast) in the cryptocurrency and digital assets market capitalization change

Data source: coinmarketcap.com

Figure 1.1. Total cryptocurrency market capitalization

weekly-cryptocurrency-ico-market-analysis-september-4-10-2017-figure-1-1

Figure 1 shows weekly cryptocurrency market change from July 2, 2017 to September 10, 2017. Over this period the cryptocurrency market capitalization grew from $94,716 million to $141,441 million, consequently reaching 699% growth since the start of the year. At the same time, last week the total cryptocurrency market capitalization dropped from $166,644 million to $141,441 million.

Figure 1.2. Change in the market capitalization
weekly-cryptocurrency-ico-market-analysis-september-4-10-2017-figure-1-2

Despite the significant cryptocurrency market capitalization growth in Q3 2017 and for the year overall, the market is susceptible to wild fluctuations. Sharp drops were observed last week (September 03-10, 2017) when the market lost $25,203 million or 15.1% of its value, and the week of July 09-16, 2017 (-28%). The highest growth in Q3 occurred on July 16-23, 2017 and reached 39%.

Figure 1.3. Number of cryptocurrencies and digital assets

weekly-cryptocurrency-ico-market-analysis-september-4-10-2017-figure-1-3

The total number of various cryptocurrencies and digital assets listed at exchanges in Q3 grew from 881 to 1,035. The average cryptocurrencies and digital assets capitalization went up from $107.5 million to 136.7 million. Last week’s news caused its decrease from $154.7 to $136.7 million.

weekly-cryptocurrency-ico-market-analysis-september-4-10-2017-figure-1-4

weekly-cryptocurrency-ico-market-analysis-september-4-10-2017-figure-1-5

Figures 1.4 and 1.5. Forecast of total cryptocurrency market capitalization

Despite the general upward cryptocurrency market capitalization trend for the whole year and, specifically, Q3, it will take some time (up to a month) for its gradual stabilization and reestablishment of the previous market growth rate, which slowed down due to the Chinese ICO ban and potential ban of cryptocurrency exchanges. The response of key market actors to the Chinese regulatory changes will become an important factor in the development of the cryptocurrency market in Q4 2017 and next year. The risk of the wild market fluctuations will remain high.

2. General analysis of the ICO market (per week, month).

2.1. Brief overview of the Cryptocurrency market and events (per week)

  • Metropolis Ahead: Ethereum Developers Set September Date for Testnet Launch [source: CoinDesk]
  • China’s ICO Ban: A Full Translation of Regulator Remarks [source: CoinDesk]
  • Hong Kong Regulator Warns ICO Tokens May Be Securities [source: CoinDesk]
  • Russia’s Central Bank Issues Warning on Cryptocurrencies and ICOs [source: CoinDesk]
  • Bitcoin Price Sinks Below $4,200 on China Uncertainty [source: CoinDesk]

2.2. Aggregated trends and performance indicators of the past (completed) ICOs

A new set of tools is proposed to assess the trends and performance of the successfully completed and/or listed ICOs:

Table 2.1. New tools to assess the trends and performance of the successfully completed and/or listed ICOs

Indicator

Characteristics

Average collected funds (ACF) Average amount of funds collected per ICO project over the period (a month, a quarter, a year);
Average token performance (ATP) Average performance of funds spent on buying tokens or average ratio between the current token price and token sale price over the period (a month, a quarter, a year), i.e. an average reward on $1 spent on buying tokens during the token sale, if they are traded on exchanges for USD.
Weighted average current reward on ICO funds (WACRF) Average weighted current performance of funds spent on buying tokens over the period (a month, a quarter, a year). This indicator is similar to the previous indicator “average token performance” (ATP) but is calculated taking into consideration the weight. As a weight the “average collected funds” parameter (ACF) is used.
Weighted average monthly reward on ICO funds (WAMRF) Average weighted monthly performance of funds spent on buying tokens over the period (a month, a quarter, a year). This indicator is similar to the previous indicator “weighted average current reward on funds” (WACRF) but is calculated based on recalculated average monthly performance.

Table 2.2. Aggregated trends and performance indicators of the past (completed) ICOs

Indicator JanuaryAugust 2017 JulyAugust 2017 August 2017

September 3-10, 2017

Total amount of funds collected* $2,360.84 million $1,051.65 million $557.90 million $ 68,2 million***
Number of companies who completed an ICO* 168 100 72 9
Max collected, USD million (ICO name)** 347 (EOS) 347 (EOS) 252 (Filecoin) 20 (Aventus)
Average collected funds, $ $14.20 million $15.02 million $7.75 million $7.58 million
Max token reward (ICO name) 666.36х (Spectrecoin) 28.39х (Bitquence) 6.39х (0х) n/a
Average token reward  (ATR) 15.71 2.88 2.11 n/a
Weighted average current reward on funds (WACRF) 3.58 2.26 3.00 n/a

*Data source: tokendata.io, only popular and/or successfully completed ICOs (i.e. ICOs which were able to collect the minimum set amount of funds and/or ICOs listed on exchanges. For some ICOs information may be incomplete (for instance, the amount of funds collected).

** Data source: eos.io, Eosscan.io

*** Not counting Filecoin ICO, which has been accounted in August.

2.3. Aggregated indicators to assess the market of active and planned ICOs

Table 2.3. Aggregated indicators to assess the market of active and planned ICOs

Indicator name Value  
The number of projects conducting an active ICO as of the date (September 3, 2017) 80
The number of projects planning an ICO as of the date (September 3, 2017) 144
The number of projects planning an ICO between September 11, 2017 and September 17, 2017 36

Data source: tokendata.io, coinschedule.com and icoalert.com

2.4. Quantitative analysis of the ICO market

2.4.1 Amount of fund collected and the number of ICOs

Table 2.4. The amount of funds collected and the number of ICOs

Month Collected, USD million The number of ICOs* Average, USD million
January 4.5 3 1.50
February 9.7 5 1.94
March 4.7 3 1.57
April 127.8 17 7.52
May 168.4 16 10.53
June 995.2 30 33.17
July 461.3 29 15.91
August 590.4 73 8.09
last week September 3-10,  2017** 68.2 9 7.58

*Data for funds collected is not available for all ICOs (August, last week)

** Not counting Filecoin ICO, which has been accounted in August.

Figure 2.1. The trends in the amount of funds collected and the number of ICOs conducted from the start of the year

weekly-cryptocurrency-ico-market-analysis-september-4-10-2017-figure-2-1

2.4.2 Top 10 ICOs

Table 2.5. Top 10 ICOs in terms of the amount of funds collected (last week September 3-10, 2017)

# ICO Name Category Collected, USD million
1 Filecoin* Data 252.0
2 Aventus Commerce 20.0
3 Viberate Marketplaces 12.0
4 Revain Content 9.7
5 Indorse Social networks 9.0
6 Hubii Network Marketplaces 6.6
7 BetKing Gambling 6.5
8 Coss Finance 3.2
9 Hash Rush Gaming 1.0
10 WWAM Core tech & Infrastructure 0.2

* Filecoin ICO was accounted in August.

Figure 2.2. Top ICOs in terms of the amount of funds collected (last week September 3-10, 2017)*

weekly-cryptocurrency-ico-market-analysis-september-4-10-2017-figure-2-2

* Not counting Filecoin ICO, which has been accounted in August.

2.4.3. Top ICOs in their categories

Table 2.6. Top 5 ICOs in terms of the amount of funds collected, Commerce category

ICO Name Category Collected, USD million Date
Aventus Commerce 20.0 September 2017
Primalbase Commerce 7.9 June 2017
Opus Commerce 5.8 August 21, 2017
Mybit Commerce 3.0 August 16, 2017
Incent Commerce 1.0 September 2016

Figure 2.3. Top 5 ICOs in terms of the amount of funds collected, Commerce category

weekly-cryptocurrency-ico-market-analysis-september-4-10-2017-figure-2-3

Table 2.7. Top 5 ICOs in terms of the amount of funds collected, Content category

ICO Name Category Collected, USD million Date
Poet Content 10 August 17
Revain Content 9.7 September 17
Decent Content 4.1 November 2016
Lunyr Content 3.4 April 2017
Golos Content 0.5 December 2016


Figure 2.4. Top 5 ICOs in terms of the amount of funds collected, Content category

weekly-cryptocurrency-ico-market-analysis-september-4-10-2017-figure-2-4

Table 2.8. Top 5 ICOs in terms of the amount of funds collected, Marketplace category

ICO Name Category Collected, USD million Date
MobileGo Marketplace 53.0 May 2017
Viberate Marketplace 12.0 September 17
Dmarket Marketplace 10.4 August 17
Blocktix Marketplace 7.0 July 2017
Insurex Marketplace 7.0 July 2017

Figure 2.5. Top ICOs in terms of the amount of funds collected, Marketplace category

weekly-cryptocurrency-ico-market-analysis-september-4-10-2017-figure-2-5

Please see Annex 1 for a glossary.

Annex 1: Glossary

Key terms Definitions
Initial coin offering, ICO A form of collective support of innovative technological projects, a type of crowdselling and attracting new backers through initial coin offerings to future holders in the form of blockchain-based cryptocurrencies (tokens) and digital assets.
Market capitalization Value of an asset calculated based on its current market (exchange) price. This economic indicator is used to assess the total aggregate value of market instruments, players, and markets. [Source: https://en.wikipedia.org].
Cryptocurrency market capitalization Aggregate market value of cryptocurrencies circulating on the market.
Total cryptocurrency market capitalization Cryptocurrency and digital assets market capitalization, i.e. the aggregate market value of all cryptocurrencies and digital assets circulating on the market.
Token reward Token performance (current token price / token price during the ICO), i.e. the reward per $1 spent on buying tokens.
Dominance Market share, market capitalization of particular cryptocurrency (token) against to the total cryptocurrency market capitalization. Expressed as %.
Token sale price

Current token price

Token sale price during the ICO
Current token price
Not Mineable A token is not mineable – the term is used for cryptocurrencies (tokens) which cannot be mined or issued through mining.
Premined The term is used for cryptocurrencies (tokens) which are issued through mining, and a certain number of which has been created and distributed among certain users at the start of the project.
The rate of market increase (in % to the beginning of the year) The rate of market increase (in % compared to the start of the year), i.e. by how many % did the market capitalization increased compared to the start of the year.
The growth rate of the market (in % to the beginning of the year) The market growth (in % compared to the start of the year), i.e. by how many times did the market capitalization grow compared to the start of the year.
Increase in market capitalization (in USD million compared to previous period) Cryptocurrency and digital assets market capitalization increase (in USD million compared to previous period), i.e. by how many USD million did the market capitalization increase over the period.
The rate of market increase (in % compared to previous period) Market increase rate (in % compared to previous period), i.e. by how many % did the market capitalization increase over the period.
The market growth rate (in % compared to previous period) Market growth rate (in % compared to the start of the year), i.e. by how many times did the market capitalization grow compared to previous period.
Number of cryptocurrencies and digital assets Number of cryptocurrencies and digital assets: at the time of the glossary compilation over 1,070 cryptocurrencies and digital assets were circulating on the market.
Average market capitalization Average market capitalization, i.e. ratio of all cryptocurrencies and digital assets market capitalization to their number.
Token reward Performance of funds spent on buying tokens or ratio of the current token price to the token sale price, i.e. efficiency of $1 spent on buying tokens during the token sale, if listed on an exchange for USD.
ETH reward – current dollar value of $1 spent on buying tokens during the token sale Alternative performance of funds spent on buying tokens during the ICO or the ratio of the current ETH rate to its rate at the start of the token sale, i.e. if instead of buying the tokens $1 was spent on buying ETH at its rate at the start of the token sale and sold at the current ETH rate.
BTC reward – current dollar value of $1 spent on buying tokens during the token sale Similarly to the above: Alternative performance of funds spent on buying tokens, i.e. if instead of buying the tokens $1 was spent on buying BTC at its rate at the start of the token sale and sold at the current BTC rate.
Token/ETH reward This ratio describes the backer’s economic benefits and disadvantages resulting from buying tokens during the token sale relative to buying ETH. If the result is over 1, the backer achieved a more significant efficiency of his funds spent on buying tokens than if he were to spend his funds on ETH.
Token/BTC reward This ratio describes the backer’s economic benefits and disadvantages resulting from buying tokens during the token sale relative to buying BTC. If the result is over 1, the backer achieved a more significant efficiency of his funds spent on buying tokens than if he were to spend his funds on BTC.

Disclaimer: While the information in this document is believed to be accurate, ICOBox makes no representations or warranties, express or implied, with respect to the completeness or accuracy of the information contained herein. The information presented in this document may include certain statements, estimates and projections. Such statements, estimates and projections reflect various assumptions by ICOBox concerning anticipated trends, which assumptions may or may not materialize. No representations are made as to the accuracy of such statements, estimates or projections, and actual performance may be materially different from that set forth in such statements, estimates or projections.

Prospective financial results may be affected by fluctuating economic and political conditions and are dependent upon the occurrence of future events that cannot be assured. ICOBox makes no warranty or assurance regarding the achievability of projections or the data, information and assumptions relied upon herein. Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. This document is for information purposes only and is not intended as an offer to sell securities, cryptocurrency or tokens, nor does it contain any recommendations or advice on any investments in any particular company or named assets.

ICOBox expressly disclaims any and all liability for any representations, expressed or implied, contained in, or omitted from, this material. ICOBox is a provider of SaaS solutions for companies seeking to sell their products via distribution of tokens (ICO). ICOBox does and seeks to do business with companies covered in its research reports and buy any named assets.