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 17, 2017 (results for the period from July 1, 2017 to date)

This report was created by:

  • Professor Dmitrii 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 and Business Analytics Department Chief at ICOBoх
  • Nick Evdokimov, Co-Founder of ICOBox
  • Mike Raitsyn, Co-Founder of ICOBox
  • Anar Babaev, Co-Founder of ICOBox
  • Daria Generalova, Co-Founder of ICOBox;

This report presents the data on cryptocurrency and ICO market changes that took place in Q3 of 2017, but the main focus is on the dynamics of the past two weeks. Specifically, the authors studied the existing market assessment tools and developed several new tools.

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

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

Table 1.1. Trends in the capitalization of cryptocurrency market and main cryptocurrencies from July 1, 2017 to September 17, 2017

# Name of Parameter July 1, 2017 August 1, 2017 MoM, % September 1, 2017 MoM, % September 3, 2017 September 10, 2017 WoW, % September 17, 2017 WoW, %
1 Total market capitalization, USD billion 98.81 89.54 -9.38% 171.64 91.69% 163.68 138.91 -15.13% 123.17 -11.33%
2 Altcoin market capitalization, USD billion 58.97 45.23 -23.30% 95.11 110.28% 87.84 72.16 -17.85% 62.70 -13.11%
Altcoin dominance, % 59.68% 50.51% -15.36% 55.41% 9.70% 53.67% 51.95% -3.20% 50.91% -2.01%
3 Bitcoin price, $ 2,425.92 2,689.44 10.86% 4,627.23 72.05% 4,585.27 4,031.52 -12.08% 3,649.41 -9.48%
Bitcoin market capitalization, USD billion 39.84 44.31 11.22% 76.53 72.71% 75.84 66.75 -11.99% 60.47 -9.41%
Bitcoin dominance, % 40.32% 49.49% 22.73% 44.59% -9.90% 46.33% 48.05% 3.71% 49.09% 2.17%
4 Ethereum price, $ 270.49 200.97 -25.70% 355.64 76.96% 350.23 278.46 -20.49% 250.04 -10.21%
Ethereum market capitalization, USD billion 25.14 18.82 -25.14% 33.57 78.37% 33.06 26.33 -20.36% 23.67 -10.10%
Ethereum dominance, % 25.44% 21.02% -17.39% 19.56% -6.95% 20.20% 18.95% -6.16% 19.22% 1.39%
5 Litecoin price, $ 38.61 40.89 5.91% 79.97 95.57% 78.98 60.36 -23.58% 49.00 -18.82%
Litecoin market capitalization, USD billion 2.01 2.13 5.97% 4.21 97.65% 4.17 3.19 -23.50% 2.59 -18.81%
Litecoin dominance, % 2.03% 2.38% 16.94% 2.45% 3.11% 2.55% 2.30% -9.86% 2.10% -8.43%
6 Smith + Crown Index n/a n/a n/a 10345 n/a 9804 9110 -7.62% 7694 -18.40%
7 Volume (24h) 3 crypto, USD million 1923 3030 57.57% 3757 23.99% 3106 2495 -19.67% 1716 -31.22%
Market cap 3 crypto,

USD million

78253 72942 -6.79% 123740 69.64% 117614 105852 -10.00% 89870 -15.10%
ZAK-3 crypto index 2.46% 4.15% 68.70% 3.04% -26.75% 2.64% 2.36% -10.61% 1.90% -19.49%
8 Volume (24h) 5 crypto, USD million n/a 2301 n/a 5702 147.81% 4126 3314 -19.68% 2183 -34.13%
Market cap 5 crypto,

USD million

n/a 81585 n/a 137216 68.19% 131355 118386 -9.87% 99704 -15.78%
ZAK-5 crypto index n/a 2.80% n/a 4.20% 50.00% 3.10% 2.80% -9.68% 2.20% -21.43%

*Data as of September 17, 2017

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

In the past two weeks (September 3-10, 2017 and 11-17 September 17) we observed a drop in the cryptocurrency market capitalization (Total market capitalization) –15.13% and 11.33% respectively (see Table 1.1). From September 3 to September 10, 2017 17 Bitcoin, Ethereum, and Litecoin rates dropped by 12.08%, 20.49%, 23.58% respectively. Over the past week (September 11-17, 2017), the main cryptocurrency rates dropped on average by 9.48% (Bitcoin), 10.21% (Ethereum), and 18.82% (Litecoin), i.e. the downward trend continued, albeit at a slower rate (see Table 1.1).

Last week, Bitcoin rate dipped below $3,000 (see Table 1.4), with the lowest rate observed on September 15, 2017 ($2,946.62). Smith + Crown index dropped by another 18.40%, to 7,694 on September 17, 2017. Presently, the index accounts for the trend dynamic in 11 cryptocurrencies (see Table 1.1). However, despite the losses in value over the past two weeks, the total cryptocurrency market capitalization growth was 581% compared to the start of the year (see Fig. 1.1).

As we have noted earlier, the rate drop was caused first of all by the news from China: the announcement of ICO ban in China (September 4, 2017), the declared intent to outlaw cryptocurrency exchanges in China (September 8, 2017), and the official notice by the Chinese authorities halting all cryptocurrency trade (September 14, 2017). Due to these bans, one of the major Chinese cryptocurrency exchanges BTCC announced that it is ending all its trade in China for Chinese citizens effective September 30, 2017, and starting September 15, 2017, OkCoin and Huobi exchanges will cease accepting cryptocurrencies and registering new users. The affect of these developments on the rates of main cryptocurrencies, their trade volume, and market capitalization is reflected in Table 1.2 (highlighted in red).

The highest trade volumes at cryptocurrency exchanges was observed on September 4, 8, 14 and 15 2017. For example, the 24-hour Bitcoin trade volume (Volume 24h) on those days was $2,987 million, $2,701 million, $2,716 million and $4,148 million respectively (see Table 1.2).

To reflect the trade activity at cryptocurrency exchangesе the authors propose a new index ZAK-n Crypto (see Glossary). The ZAK-3 Crypto and ZAK-5 Crypto index values are presented in Tables 1.1, 1.2, and 1.3. These indices reflect the ratio between the trade volume at cryptocurrency exchangesе for 24 hours for 3 or 5 dominant cryptocurrencies and their total market capitalization. As 3 dominant cryptocurrencies Bitcoin, Ethereum, and Ripple were selected, because at the start of 2017 their market capitalization was the greatest. ZAK-5 Crypto calculation includes the trade volume and market capitalization of Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash. The index for these 5 cryptocurrencies with the greatest current market capitalization was calculated for the period starting August 2017, since Bitcoin Cash only entered the cryptocurrency exchanges in August 2017 as a result of the Bitcoin hard fork.

Table 1.2. ZAK-3 Crypto index calculation (from September 1, 2017 to September 17, 2017)

Crypto   Bitcoin (BTC) Ethereum (ETH) Ripple (XRP) 3 Crypto
Price open Volume (24h) Market cap Price open Volume (24h) Market cap Price open Volume (24h) Market cap Volume (24h) 3 Crypto Market cap 3 Crypto ZAK-3 Crypto index
Date $ USD million USD million $ USD million USD million $ USD million USD million USD million USD million %
September 17, 2017 3,606.3 1,239 59,758 245.9 427 23,273 0.1784 49 6,840 1,716 89,870 1.9%
September 16, 2017 3,637.8 1,818 60,272 250.9 712 23,743 0.1819 84 6,976 2,615 90,990 2.9%
September 15, 2017 3,166.3 4,148 52,454 215.2 1,936 20,365 0.1650 289 6,328 6,373 79,146 8.1%
September 14, 2017 3,875.4 2,716 64,192 276.6 1,185 26,166 0.2004 153 7,685 4,053 98,043 4.1%
September 13, 2017 4,132.0 2,219 68,432 291.1 922 27,536 0.2096 105 8,038 3,247 104,006 3.1%
September 12, 2017 4,168.9 1,865 69,033 294.6 753 27,862 0.2149 95 8,239 2,712 105,134 2.6%
September 11, 2017 4,122.5 1,557 68,256 289.8 571 27,394 0.2125 138 8,149 2,267 103,799 2.2%
September 10, 2017 4,229.3 1,679 70,018 294.1 698 27,797 0.2096 117 8,037 2,495 105,852 2.4%
September 9, 2017 4,229.8 1,386 70,017 296.2 529 27,991 0.2113 51 8,102 1,966 106,110 1.9%
September 8, 2017 4,605.2 2,701 76,220 329.6 1,099 31,147 0.2236 151 8,574 3,951 115,942 3.4%
September 7, 2017 4,589.1 1,845 75,945 333.5 719 31,508 0.2264 103 8,680 2,666 116,133 2.3%
September 6, 2017 4,376.6 2,172 72,419 313.8 1,059 29,639 0.2150 163 8,242 3,394 110,300 3.1%
September 5, 2017 4,228.3 2,698 69,954 297.6 1,551 28,100 0.2051 243 7,865 4,492 105,919 4.2%
September 4, 2017 4,591.6 2,987 75,956 347.1 1,802 32,774 0.2288 240 8,772 5,029 117,502 4.3%
September 3, 2017 4,585.3 1,933 75,842 350.2 986 33,060 0.2272 187 8,713 3,106 117,614 2.6%
September 2, 2017 4,901.4 2,722 81,061 387.8 1,484 36,601 0.2493 330 9,561 4,536 127,223 3.6%
September 1, 2017 4,701.8 2,599 77,748 383.5 874 36,183 0.2558 284 9,808 3,757 123,740 3.0%

Data source: coinmarketcap.com

The ZAK-3 Crypto and ZAK-5 Crypto indices clearly show the sharp increase in the daily trade volume at cryptocurrency exchanges on September 4, 8 14, and 15, 2017(see Tables 1.2 and 1.3). For example, on September 15, 2017 ZAK-3 Crypto index was 8.1%, and ZAK-5 Crypto index reached 9.9%, so the daily trade volume for the 3 cryptocurrencies (Bitcoin, Ethereum, Ripple) was 8.1% from their total market capitalization, and the daily trade volume (сделок) for the 5 dominant cryptocurrencies (Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Cash) was 9.9% of their total market capitalization.

Table 1.3 showing the calculation of ZAK-5 Crypto index is a continuation of Table 1.2.

Table 1.3. ZAK-5 Crypto index calculation (continuation of  Table 1.2)

Crypto Litecoin (LTC) Bitcoin Cash (BCH) 5 Crypto
  Price open Volume (24h) Market cap Price open Volume (24h) Market cap Volume (24h)

5 Crypto

Market cap

5 Crypto

ZAK-5 Crypto index
Date $ USD million USD million $ USD million USD million USD million USD million %
September 17, 2016 48.23 2,459 25,549 438.9 2,229 72,809 21,839 9,997,049 2.2%
September 16, 2017 48.13 5,629 25,499 424.49 3,149 70,409 34,909 1,005,789 3.5%
September 15, 2017 41.69 15,549 22,079 369.49 7,079 961,279 896,359 874,809 9.9%
September 14, 2017 61.64 7,509 32,629 504.22 2,579 83,609 50,619 10,996,649 4.6%
September 13, 2017 64.32 5,029 34,039 509.47 3,409 84,469 40,889 1,158,549 3.5%
September 12, 2017 66.24 4,819 35,039 539.03 2,749 899,349 34,679 1,175,719 2.9%
September 11, 2017 61.65 4,129 32,609 537.19 2,759 899,039 299,549 11,599,619 2.5%
September 10, 2017 65.8 5,309 34,789 546.48 2,909 990,559 33,149 1,183,869 2.8%
September 9, 2017 67.21 4,689 35,529 584.73 2,359 9,996,889 296,699 1,193,509 2.2%
September 8, 2017 78.45 9,9319 41,459 654.37 8,109 108,419 596,919 13,099,279 4.3%
September 7, 2017 79.88 5,279 42,199 636.85 10,829 105,499 42,769 13,099,009 3.3%
September 6, 2017 71.78 8,319 37,909 541.28 96,939 899,659 499,189 1,230,549 4.0%
September 5, 2017 65.25 10,169 34,449 514.9 3,399 85,279 58,479 1,178,909 5.0%
September 4, 2017 76.73 99,229 40,499 608.26 3,299 100,729 96,2809 13,196,239 4.8%
September 3, 2017 78.98 96,759 41,679 578.27 3,459 995,759 41,269 1,313,559 3.1%
September 2, 2017 85.83 1,364 4,527 621.96 350 10,297 6,250 142,046 4.4%
September 1, 2017 70.86 1,552 3,736 588.4 394 9,740 5,702 137216 4.2%

The high trade activity (Volume 24h) relative to the market capitalization plays a part in the cryptocurrency market volatility and the sharp rate fluctuations. Table 1.4 shows the Bitcoin rate changes from September 1, 2017 (Open, High, Low, Close).

Table 1.4. Rate change dynamic, trade volume (Volume 24h), and Bitcoin (BTC) capitalization in USD,
from September 1, 2017 to September 17, 2017)

Date Open High Low Range Close DoD, % Volume (24h) Market cap
September 17, 2017 3,606.28 3,664.81 3,445.64 219.17 3,582.88 98.8% 1,239,150,000 59,757,800,000
September 16, 2017 3,637.75 3,808.84 3,487.79 321.05 3,625.04 99.7% 1,818,400,000 60,271,600,000
September 15, 2017 3,166.30 3,733.45 2,946.62 786.83 3,637.52 115.3% 4,148,070,000 52,453,500,000
September 14, 2017 3,875.37 3,920.60 3,153.86 766.74 3,154.95 81.3% 2,716,310,000 64,191,600,000
September 13, 2017 4,131.98 4,131.98 3,789.92 342.06 3,882.59 94.0% 2,219,410,000 68,432,200,000
September 12, 2017 4,168.88 4,344.65 4,085.22 259.43 4,130.81 99.3% 1,864,530,000 69,033,400,000
September 11, 2017 4,122.47 4,261.67 4,099.40 162.27 4,161.27 100.9% 1,557,330,000 68,256,000,000
September 10, 2017 4,229.34 4,245.44 3,951.04 294.40 4,122.94 97.6% 1,679,090,000 70,018,100,000
September 9, 2017 4,229.81 4,308.82 4,114.11 194.71 4,226.06 99.9% 1,386,230,000 70,017,200,000
September 8, 2017 4,605.16 4,661.00 4,075.18 585.82 4,228.75 91.9% 2,700,890,000 76,220,200,000
September 7, 2017 4,589.14 4,655.04 4,491.33 163.71 4,599.88 100.1% 1,844,620,000 75,945,000,000
September 6, 2017 4,376.59 4,617.25 4,376.59 240.66 4,597.12 105.0% 2,172,100,000 72,418,700,000
September 5, 2017 4,228.29 4,427.84 3,998.11 429.73 4,376.53 103.3% 2,697,970,000 69,954,400,000
September 4, 2017 4,591.63 4,591.63 4,108.40 483.23 4,236.31 92.4% 2,987,330,000 75,955,500,000
September 3, 2017 4,585.27 4,714.08 4,417.59 296.49 4,582.96 100.1% 1,933,190,000 75,841,700,000
September 2, 2017 4,901.42 4,975.04 4,469.24 505.80 4,578.77 93.6% 2,722,140,000 81,060,600,000
September 1, 2017 4,701.76 4,892.01 4,678.53 213.48 4,892.01 104.0% 2,599,080,000 77,748,400,000

Data source: coinmarketcap.com

Data in Table 1.4. suggests that the higher the daily trade volume (Volume 24h), the wider the rate fluctuation range (High minus Low). The daily Bitcoin rate change at the close of daily trade is shown in the DoD, % column. The highest relative rate changes (-7.6%, -8.1%, -18.7% and +15.3%) occurred on September 4, 8, 14, and 15, 2017 respectively (highlighted in red). Consequently, we can see that after the sharp rate drop on September 14, 2017 (announcement on China closing cryptocurrency exchanges) the market recovered on the very next day (September 15, 2017) and gained 15.3%.

1.1 Market trends

Cryptocurrency and digital assets market trends from July 1, 2017 to September 17, 2017 are represented in the Figures below (Figures 1-5).

Table 1.5. Figures legends and characteristics

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.

Figure data source: coinmarketcap.com

Figure 1.1. Total cryptocurrency Market Capitalization

weekly-cryptocurrency-ico-market-analysis-september-11-17-2017-figure-1-1

Figure 1.1 shows a diagram of the daily cryptocurrency market change from July 02, 2017 to September 17, 2017. Over this period the market capitalization grew from $94,716 million to $120,624 million, and compared to the start of the year the growth constituted 581%. However, over the last two weeks the total market capitalization dropped from $166,644 million to $141,441 million (by September 10, 2017), and then to $120,624 million (кSeptember 17, 2017).

Figure 1.2. Change in the market capitalization

weekly-cryptocurrency-ico-market-analysis-september-11-17-2017-figure-1-2

Despite the significant growth in the cryptocurrency market capitalization in Q3 2017 and the whole year, the market is vulnerable to sudden and drastic fluctuations. Significant drops occurred over the past two weeks (September 3-10 and September 11-17, 2017), when the market lost $25,203 million (-15.1%) and $20,817 million. (-15%) respectively, and over the week of July 9-16, 2017 (-28%). The highest growth rate in Q3 was 39% (the week of July 16-23, 2017).

Figure 1.3. The number of cryptocurrencies and digital assets

weekly-cryptocurrency-ico-market-analysis-september-11-17-2017-figure-1-3

The total number of cryptocurrencies and digital assets listed on exchanges in Q3 grew from 881 to 1052. At the same time, the average cryptocurrency and digital assets capitalization grew from $107.5 to $114.7 million. However, the news of the past two weeks cased the decrease in the average cryptocurrency capitalization from $154.7 million to $136.7 million, and then down to $114.7 million.

Figures 1.4 and 1.5. Forecast of the total cryptocurrency market capitalization

weekly-cryptocurrency-ico-market-analysis-september-11-17-2017-figure-1-4

weekly-cryptocurrency-ico-market-analysis-september-11-17-2017-figure-1-5

Despite the general positive trend in the total cryptocurrency market capitalization growth for the whole year and specifically in Q3, it will take time (most likely until the end of October) for it to gradually become stable and regain the former growth pace, which slowed down because of the events in China (the ban on ICOs and cryptocurrency exchanges). An important factor which will determine the cryptocurrency market development in Q4 2017 and next year will be the response of the main market players to the actions of Chinese authorities, and the plans of other governments to regulate the market. The risk of 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 (за неделю)

  • China’s Bitcoin Exchanges Receive Shutdown Orders and Closure Timeline [source: CoinDesk]
  • Indian Central Bank Studies ‘Fiat Cryptocurrency’ for Digital Rupee  [source: CoinDesk]
  • Bitcoin Exchanges Lack Legal Foundation, China Internet Finance Association Says [source: CoinDesk]
  • Dubai Financial Regulator Issues Warning on ICOs [source: CoinDesk]
  • Russian Minister: It’s ‘Impossible’ to Ignore Cryptocurrencies [source: CoinDesk]
  • Bitcoin Exchanges OKCoin and Huobi to Cease CNY Trading Oct. 31; Token Trading to Continue?  [source: CryptoCoinsNews]
  • “Fiat Cryptocurrency”: India’s Central Bank Plans for Digital Rupee [source: CryptoCoinsNews]
  • Estonia Wants to ICO, But Is Currency Law a Deal-Breaker? [source: CoinDesk]
  • Canada Confirms Tokens May Be Securities and Pacific Coin Is the Test [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 access the trends and performance of the successfully completed

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 August 2017 September 3-10, 2017 September 11-17, 2017
Total amount of funds collected,*

USD million

2,360.84 557.90 68.2*** 136.1
Number of companies who completed an ICO* 168 72 9 10
Max collected, USD million (ICO name)** 347 (EOS) 252 (Filecoin) 20 (Aventus) 45 (Enigma Catalyst)
Average collected funds, USD million 14.20 7.75 7.58 13.6
Max token reward (ICO name) 666.36х (Spectrecoin) 6.39х (0х) 0,50x (Aventus) n/a
Average token reward (ATR) 15.71 2.11 0,50 n/a
Weighted average current reward on funds (WACRF) 3.58 3.00 0,50 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.

Over the past week (September 11-17, 2017), the total amount of funds collected was $136.1 million. It resulted from ten most successful ICOs, among which the highest collected amount was around $45 million (Enigma Catalyst). The average amount of funds collected per project was $13.6 million, which is significantly higher than the average of $7.58 million achieved over the previous week (September 3-10, 2017). Therefore, a conclusion can be made that neither the drop in the rate of Bitcoin and other cryptocurrencies nor even the news of the Chinese ICO and cryptocurrency exchanges ban had a significant effect on nearly a dozen of main ICOs that took place last week (see Table 2.5 for further details).

An average token reward on projects completed between January and August 2017 was 15.71. Consequently, the efficiency of contributions or the ratio between the current token price and the token sale price, i.e. an average reward on 1 USD spent on tokens during its ICO, provided they are currently traded for USD at cryptocurrency exchangesе, is $15.71. To calculate this ratio as of September 1, 2017, the authors used the data from 168 ICOs completed between January 1 and September 1, 2017. The maximum token reward for the period in review was 666.36 for Spectrecoin ICO. The data on contribution efficiency for ICOs completed after September 1, 2017 is incomplete or non-existent.

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 Number
The number of projects conducting an active ICO as of the date (September 17, 2017) 167
The number of projects planning an ICO as of the date (September 17, 2017) 227
The number of projects planning an ICO between September 18, 2017 and September 24, 2017 19

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

The number of projects currently conducting their ICOs (Active) grew significantly and by the date of the preparation of this report (September 17, 2017) reached 167 projects. There is information available at present that at least 227 ICOs are planned to be conducted after September 17, 2017, including the 19 ICOs which will start next week.

2.4.  Quantitative analysis of the ICO market

  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 collected funds, 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
3-10 September 2017** 68.2 9 7.58
Last week reported

11-18 September 2017

136.1 10 13.6

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

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

Table 2.4. demonstrates that the greatest amount of funds was collected via ICOs in June 2017. In the same month the average amount of collected funds collected per ICO was $33.17 million.

Figure 2.1. 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-11-17-2017-figure-2-1

  1. Top 10 ICOs

Table 2.5. Top 10 ICOs for the amount of collected funds (last week reported September 11-17, 2017)

# ICO Name Category Collected, USD million***
1 Enigma Catalyst Trading & Investments* 45.0
2 Kyber Network Trading & Investments* 24.0
3 KickICO Finance* 21.0
4 Propy Real Estate* 15.4
5 ICOBox Finance* 14.3**
6 Bitdice Gambling & Betting* 8.7
7 Social Social network* 5.3
8 Smart Investment Fund Trading & Investments* 1.5
9 Prospectors Gaming & VR* 0.6
10 Trackr Trading & Investments* 0.3
Average collected funds, $ 13.6

* The category was defined based on the expert opinions.

**The final amount will be disclosed after converting all the proceeds into BTC.

***USD amount determined based on the BTC/USD exchange rate as of September 16,2017.

Table 2.5 shows top 10 ICOs, which successfully completed last week and collected the greatest amounts of funds. In the lead was the Enigma Catalyst project implemented by the media lab of the Massachusetts Institute of Technology. This project was categorized as Trading & Investments because it is premised on the creation of a trading platform which will also function as a source of information to develop trading strategies for investing in cryptocurrencies.

We recommend to pay attention to the ICOBox project which offers an innovative blockchain growth promoter and business facilitator for companies seeking to sell their products and services via an ICO, and offering legal, technology, and marketing support for future ICOs.

Figure 2.2. Top ICOs for the amount of collected funds (last week September 11, 2017, 2017)

weekly-cryptocurrency-ico-market-analysis-september-11-17-2017-figure-2-2

  1. Top ICOs in their categories

Table 2.6. Top 10 ICOs for the amount of collected funds, Trading & Investments category

ICO Name Category Collected, USD million Date Token performance
Enigma Catalyst Trading & Investments 45 September 11, 2017 n/a
Stox Trading & Investments 33.3 August 4, 2017 0.59
Kyber Network Trading & Investments 24 September 16, 2017 n/a
0x Trading & Investments 24 August, 16, 2017 4.3
CoinDash Trading & Investments 20 August 17, 2017 n/a
OpenANX Trading & Investments 18.8 July 4, 2017 0.5
Binance Trading & Investments 15 July 3, 2017 n/a
Veritaseum Trading & Investments 14 May 26, 2017 12.48
DIMCOIN Trading & Investments 14 August 27, 2017 n/a
Gnosis Trading & Investments 12.3 April 24, 2017 3.68

Table 2.6 lists top 10 ICOs in the Trading & Investments category. All these projects have been conducted in 2017, and some of them are presently getting ready to enter cryptocurrency exchanges and listing their tokens. Veritaseum ICO is currently in the lead in this category in terms of its token performance on exchanges because their current token price to token sale price ratio is 12.48. One must take into consideration the ICO completion date (May 26, 2017), i.e. the 12.5-fold growth was achieved in approximately 3.5 months.

Figure 2.3. Top 10 ICOs for the amount of collected funds, Trading & Investments category

weekly-cryptocurrency-ico-market-analysis-september-11-17-2017-figure-2-3

Table 2.7. Top 10 ICOs for the amount of collected funds, Finance category

ICO Name Category Collected,

USD million

Date Token performance
Polybius Finance 31.6 July 5, 2017 0.65
Everex Finance 26.4 August 31, 2017 n/a
KickICO Finance 21.0 September 16, 2017 n/a
CoFound.it Finance 14.8 June 06, 2017 1.15
BitcoinGrowthFund Finance 14.5 May 17, 2017 n/a
ICOBox Finance 14.3 September 15, 2017 n/a
Populous Finance 10.2 June 29, 2017 9.13
Blockchain Capital Finance 10 April 10, 2017 1.14
Hive Project Finance 8.9 August 14, 2017 n/a
Exscudo Finance 6.2 May 31, 2017 n/a

Table 2.7 lists top 10 ICOs in еру Finance category. All these projects have been conducted in 2017, and some of them are also getting ready to enter cryptocurrency exchanges. Populous ICO is currentl6y in the lead in this category in terms of its token performance on exchanges because their current token price to token sale price ratio is 9.13.

Figure 2.4. Top 10 ICOs for the amount of collected funds, Finance category

weekly-cryptocurrency-ico-market-analysis-september-11-17-2017-figure-2-4

Table 2.8. Top 3 ICOs for the amount of collected funds, Real Estate category

ICO Name Category Collected, USD million Date Token performance
Propy Real Estate 15.4 15 September 2017 n/a
ATLANT presale Real Estate 15 19 August 2017 n/a
Primalbase Real Estate 7.6 28 June 2017 0.44

Table 2.8 lists just three ICOs completed in this category. All these projects have been conducted in 2017.

Figure 2.5. Top 3 ICOs for the amount of collected funds, Real Estate category

weekly-cryptocurrency-ico-market-analysis-september-11-17-2017-figure-2-5

Over the first two weeks of September 19 ICOs have been successfully completed, which collected a total no less than $200 million, and including Filecoin ($252 million), one of the major ICOs of the year, the total amount of funds will be over $450 million. At least 19 more ICOs are planned to be carried out before the end of September.

Please see Annex 1 for 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.
ZAK-n Crypto index The index is calculated in percentages and represents a ratio between the trade volume (transactions) at cryptocurrency exchangesе per day (Volume 24h) for n dominant cryptocurrencies to their total market capitalization.

ZAK-3 Crypto index calculations include three dominant cryptocurrencies: Bitcoin, Ethereum, and Ripple, which at the start of 2017 had the greatest market capitalization.

ZAK-5 Crypto index calculations include the trade volume and market capitalization for five cryptocurrencies: Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash. The index for these five cryptocurrencies with the greatest current market capitalization (as of September 2017) was calculated for the period starting August 2017, since Bitcoin Cash only entered the cryptocurrency exchanges in August 2017 as a result of the Bitcoin hard fork.


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