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 24, 2017 (results for the period from July 1, 2017 to date)

This report was created by:

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 week. 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). Market trends.

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

Table 1.1. Trends in the capitalization of cryptocurrency market and main cryptocurrencies from July 1, 2017 to September 24, 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, % September 24, 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% 130.41 5.88%
2 Altcoin market capitalization, USD billion 58.97 45.23 -23.30% 95.11 110.28% 87.84 72.16  2017.85% 62.70 -13.11% 67.84 8.20%
Altcoin dominance, % 59.68% 50.51% -15.36% 55.41% 9.70% 53.67% 51.95% -3.20% 50.91% -2.01% 52.02% 2.19%
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% 3,772.88 3.38%
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% 62.57 3.47%
Bitcoin dominance, % 40.32% 49.49% 22.73% 44.59% -9.90% 46.33% 48.05% 3.71% 49.09% 2.17% 47.98% -2.27%
4 Ethereum price, $ 270.49 200.97 -25.70% 355.64 76.96% 350.23 278.46 -20.49% 250.04 -10.21% 280.96 12.37%
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% 26.63 12.51%
Ethereum dominance, % 25.44% 21.02%  2017.39% 19.56% -6.95% 20.20% 18.95% -6.16% 19.22% 1.39% 20.42% 6.26%
5 Litecoin price, $ 38.61 40.89 5.91% 79.97 95.57% 78.98 60.36 -23.58% 49.00 -18.82% 48.82 -0.37%
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% 2.59 0.00%
Litecoin dominance, % 2.03% 2.38% 16.94% 2.45% 3.11% 2.55% 2.30% -9.86% 2.10% -8.43% 1.99% -5.55%
6 Smith + Crown Index n/a n/a n/a 1,0345 n/a 9,804 9,110 -7.62% 7,694 -18.40% 8,080 4.78%
7 Volume (24h) 3 Crypto, USD million 1923 3030 57.57% 3757 23.99% 3106 2495 -19.67% 1716 -31.22% 1360 -20.75%
Market Cap 3 Crypto, USD million 7,8253 7,2942 -6.79% 12,3740 69.64% 11,7614 105,852 -10.00% 89,870 -15.10% 96,916 7.84%
ZAK-3 crypto index 2.46% 4.15% 68.70% 3.04% -26.75% 2.64% 2.36% -10.61% 1.90% -19.49% 1.40% -26.14%
8 Volume (24h) 5 crypto, USD million n/a 2,301 n/a 5,702 147.81% 4,126 3,314 -19.68% 2,183 -34.13% 1,557 -28.69%
Market cap 5 crypto, USD million n/a 81,585 n/a 13,7216 68.19% 131,355 118,386 -9.87% 99,704 -15.78% 106,652 6.97%
ZAK-5 crypto index n/a 2.80% n/a 4.20% 50.00% 3.10% 2.80% -9.68% 2.20% -21.43% 1.46% -33.66%

*Data as of September 23, 2017 9:00 PM UTC (data for lines 1-6)

** Data as of September 25, 2017 00:00 AM UTC (data for lines 7-8)

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

 

Over the first two weeks of September (September 3-10, 2017 and September 11-17, 2017), we observed the downward trend in the total cryptocurrency market capitalization, 15.13% and 11.33% respectively (see Table 1.1). Over the past week (September 18-24, 2017), the total market capitalization grew from $123.17 billion to $130.41 billion, gaining 5.88%. Over the period of September 17-24 Litecoin slid slightly, by 0.37%, and the rates of Bitcoin and Ethereum went up by 3.38% and 12.37% respectively.

Since the start of the month, the Bitcoin rate fluctuated from $4,975.04 (September 2, 2017) to $2,946.62 (September 15, 2017), i.e. over $2,000(Table 1.4). The wild currency rate fluctuations were associated with their increased trading volume at cryptocurrency exchanges. The highest trading volume at cryptocurrency exchanges was observed on September 2 and 15, 2017. On these days, Bitcoin trading volume over the previous 24 hours (Volume 24h) was $2,722 million and $4,148 million, respectively (see Table 1.2).

To analyze the trading activity at cryptocurrency exchanges, 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. For example, on September 17 and September 24, 2017 the 24-hour trading volume (Volume 24h) for three dominant cryptocurrencies was just $1,716 million and $1,360million (Tables 1.1 and 1.2), and for five dominant cryptocurrencies $2,183 million and $1,557 million (Tables 1.1 and 1.3). In total, the 24-hour ZAK-3 crypto and ZAK-5 crypto indices did not go beyond 2.5% of the capitalization of cryptocurrencies under review.

In Table 1.2, the red font indicates the dates on which ZAK-3 crypto index surpassed 3.5%. On these dates significant cryptocurrency rate (price) fluctuations were occurred. For example, on Monday September 18, 2017, the 24-hour trading volume (Volume 24h) for three dominant cryptocurrencies was $3,159 million, i.e. 3.5% of their market capitalization. Bitcoin (BTC) Price Open for 24 hours grew from $3,591.1 to $4,073.8; for Ethereum (ETH) from $252.2 to $293.7; and for Ripple (XRP) from $0.1783 to $0.1898.

Table 1.2. ZAK-3 crypto index calculation (from September 1, 2017 to September 24, 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 24, 2017 3,796.2 768 62,954 286.2 571 27,130, 0.1782 21 6,832 1,360 96,916 1.4%
September 23, 2017 3,629.9 928 60,190 264.6 451 25,077, 0.1734 32 6,648 1,412 91,915 1.5%
September 22, 2017 3,628.0 1,195 60,152 258.1 430 24,458, 0.1716 37 6,579 1,662 91,189 1.8%
September 21, 2017 3,901.5 1,411, 64,678 283.3 601 26,836, 0.1810 44 6,940 2,056 98,453 2.1%
September 20, 2017 3,916.4 1,214, 64,919 282.0 421 26,712, 0.1837 35 7,044 1,670 98,675 1.7%
September 19, 2017 4,073.8 1,564, 67,520 293.7 647 27,809, 0.1898 54 7,278 2,265 102,608 2.2%
September 18, 2017 3,591.1 1,943, 59,514 252.2 1,128 23,881, 0.1783 88 6,837 3,159 90,232 3.5%
September 17, 2017 3,606.3 1,239, 59,758 245.9 427 23273, 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 2.18%
September 10, 2017 4,229.3 1,679, 70,018 294.1 698 27,797, 0.2096 117 8,037 2,495 105,852 2.36%
September 9, 2017 4,229.8 1,386, 70,017 296.2 529 27,991, 0.2113 51 8,102 1,966 106,110 1.85%
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 3.41%
September 7, 2017 4,589.1 1,845, 75,945 333.5 719 31,508, 0.2264 103 8,680 2,666 116,133 2.30%
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 3.08%
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 4.24%
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 4,28%
September 03, 2017 4,585,3 1,933, 75,842 350,2 986 33,060, 0,2272 187 8,713 3,106 117,614 2,64%
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 3,57%
September 1, 2017 4,701,8 2,599, 77,748 383,5 874 36,183, 0,2558 284 9,808 3,757 123,740 3,04%

*Data as of September 25, 2017 00:00 UTC

Data source: coinmarketcap.com

In Table 1.3, the red fond indicates the dates on which the ZAK-5 crypto went beyond 4%. For this calculation, data for five cryptocurrencies (Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash) was used, including the data from Table 1.2. This is why the dates with the highest cryptocurrency rate fluctuations and the 24-hour trading volume (Volume 24h) in Tables 1.2 and 1.3 are virtually identical.

Last week, Smith + Crown index went up 4.78% and on September 24, 2017 reached 8,080. This index currently tracks the rate change trends for 11 cryptocurrencies (see Table 1.1).

Table 1.3 which shows the calculations for ZAK-5 crypto index is a continuation of Table 1.2.

Table 1.3. ZAK-5 crypto index calculation (Table 1.2 continued)

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 24, 2017 49.25 82 2,614 428.8 115 7,122 1,557 106,652 1.5%
September 23, 2017 48.16 142 2,555 415.31 189 6,896 1,743 101,366 1.7%
September 22, 2017 46.65 218 2,474 417.92 242 6,937 2,122 100,601 2.1%
September 21, 2017 51.66 229 2,739 475.83 317 7,898 2,602 109,091 2.4%
September 20, 2017 52.74 160 2,796 526.74 669 8,742 2,499 110,213 2.3%
September 19, 2017 55.68 287 2,951 480.64 802 7,975 3,354 113,534 3.0%
September 18, 2017 48.53 409 2,571 422.09 459 7,002 4,027 99,805 4.0%
September 17, 2016 48.23 245 2,554 438.9 222 7,280 2,183 99,704 2.2%
September 16, 2017 48.13 562 2,549 424.49 314 7,040 3,490 10,0578 3.5%
September 15, 2017 41.69 1,554 2,207 369.49 707 6,127 8,635 87,480 9.9%
September 14, 2017 61.64 750 3,262 504.22 257 8,360 5,061 109,664 4.6%
September 13, 2017 64.32 502 3,403 509.47 340 8,446 4,088 115,854 3.5%
September 12, 2017 66.24 481 3,503 539.03 274 8,934 3,467 117,571 2.9%
September 11, 2017 61.65 412 3,260 537.19 275 8,903 2,954 115,961 2.5%
September 10, 2017 65.8 530 3,478 546.48 290 9,055 3,314 118,386 2.8%
September 9, 2017 67.21 468 3,552 584.73 235 9,688 2,669 119,350 2.2%
September 8, 2017 78.45 931 4,145 654.37 810 10,841 5,691 130,927 4.3%
September 7, 2017 79.88 527 4,219 636.85 1,082 10,549 4,276 130,900 3.3%
September 6, 2017 71.78 831 3,790 541.28 693 8,965 4,918 123,054 4.0%
September 5, 2017 65.25 1,016 3,444 514.9 339 8,527 5,847 117,890 5.0%
September 4, 2017 76.73 922 4,049 608.26 329 10,072 6,280 131,623 4.8%
September 03, 2017 78.98 675 4,167 578.27 345 9,575 4,126 131,355 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 5,702 137,216 4.2%

The high trading volume (Volume 24h) relative to the market capitalization contributes to the increase in the cryptocurrency market volatility and the wild price fluctuations. Table 1.4 shows the rates of Bitcoin (Open, High, Low, Close) from September 1, 2017.

Table 1.4. Trends in rate change, trading volume (Volume 24h) and Bitcoin (BTC) capitalization, USD (from September 1, 2017 to September 24, 2017)

Date Open High Low Range Close DoD, % Volume (24h) Market cap
September 24, 2017 3,796.15 3,796.15 3,666.90 129.25 3,682.84 104.6% 768 62,954
September 23, 2017 3,629.92 3,819.21 3,594.58 224.63 3,792.40 100.1% 928 60,190
September 22, 2017 3,628.02 3,758.27 3,553.53 204.74 3,630.70 93.0% 1,195 60,152
September 21, 2017 3,901.47 3,916.42 3,613.63 302.79 3,631.04 99.6% 1,411 64,678
September 20, 2017 3,916.36 4,031.39 3,857.73 173.66 3,905.95 96.1% 1,214 64,919
September 19, 2017 4,073.79 4,094.07 3,868.87 225.20 3,924.97 113.4% 1,564 67,520
September 18, 2017 3,591.09 4,079.23 3,591.09 488.14 4,065.20 99.6% 1,943 59,514
September 17, 2017 3,606.28 3,664.81 3,445.64 219.17 3,582.88 99.1% 1,239 59,758
September 16, 2017 3,637.75 3,808.84 3,487.79 321.05 3,625.04 114.9% 1,818 60,272
September 15, 2017 3,166.30 3,733.45 2,946.62 786.83 3,637.52 81.7% 4148 52,454
September 14, 2017 3,875.37 3,920.60 3,153.86 766.74 3,154.95 93.8% 2,716 64,192
September 13, 2017 4,131.98 4,131.98 3,789.92 342.06 3,882.59 99.1% 2,219 68,432
September 12, 2017 4,168.88 4,344.65 4,085.22 259.43 4,130.81 101.1% 1,865 69,033
September 11, 2017 4,122.47 4,261.67 4,099.40 162.27 4,161.27 97.5% 1,557 68,256
September 10, 2017 4,229.34 4,245.44 3,951.04 294.40 4,122.94 100.0% 1,679 70,018
September 9, 2017 4,229.81 4,308.82 4,114.11 194.71 4,226.06 91.8% 1,386 70,017
September 8, 2017 4,605.16 4,661.00 4,075.18 585.82 4,228.75 100.3% 2,701 76,220
September 7, 2017 4,589.14 4,655.04 4,491.33 163.71 4,599.88 104.9% 1,845 75,945
September 6, 2017 4,376.59 4,617.25 4,376.59 240.66 4,597.12 103.5% 2172 72,419
September 5, 2017 4,228.29 4,427.84 3,998.11 429.73 4,376.53 92.1% 2,698 69,954
September 4, 2017 4,591.63 4,591.63 4,108.40 483.23 4,236.31 100.1% 2,987 75,956
September 03, 2017 4,585.27 4,714.08 4,417.59 296.49 4,582.96 93.5% 1,933 75,842
September 2, 2017 4,901.42 4,975.04 4,469.24 505.80 4,578.77 104.2% 2,722 81,061
September 1, 2017 4,701.76 4,892.01 4,678.53 213.48 4,892.01 103.2% 2,599 77,748

*Data as of September 25, 2017 00:00 UTC

Data source: coinmarketcap.com

Based on the data presented in Table 1.4, it is possible to conclude that the higher the daily trading volume (Volume 24h), the higher and wider the range of the rate fluctuations (High minus Low). The daily Bitcoin rate fluctuation at close (the end of the day) is presented in column DoD, %. The highest relative rate fluctuations, -7.6%, -8.1%, -18.7%, and +15.3%, occurred on September 4, September 8, September 14, and September 15, 2017, respectively (highlighted in red). Over the past week (September 18-24, 2017), the highest rate fluctuations were observed on Monday September 18, 2017, with the range of $488.14.

1.2 Market trends

Cryptocurrency and digital assets market trends from July 1, 2017 to September 24, 2017 are represented in below figures (Figures 1-5)*.

Table 1.5. Figure 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 July 1, 2017
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 July 1, 2017
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 July 1, 2017
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 July 1, 2017
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 cryptocurrency exchanges. As of January 1, 2017 their number was 617, and currently (as of September 24, 2017) it reached 1 055.
Average market capitalization, USD million Fig. 1.3 The figure reflects the growth in the average cryptocurrency and digital assets market capitalization from July 1, 2017, 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 as of September 25, 2017 00:00 UTC

** The figures below represent averaged data for 24 hours

Figure data source: coinmarketcap.com

Figure 1.1. Total cryptocurrency market capitalization**

weekly-cryptocurrency-ico-market-analysis-september-18-24-2017-figure-1-1

** Averaged data for 24 hours

Figure 1.1 shows a graph of the weekly cryptocurrency market change from July 2,, 2017 to September 24, 2017. Over this period, the market capitalization grew from $94,716 million to $129,782 million, and relative to the start of the year, the rate grew 633%. Over the past week the total market capitalization increased from $120,624 million to $129,782 million (as of September 24, 2017).

Figure 1.2. Change in the market capitalization

weekly-cryptocurrency-ico-market-analysis-september-18-24-2017-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 of September (September 3-9 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 The highest growth rate in Q3 was 39% (the week of July 16-23, 2017). Over the past week (September 18-24, 2017), the total cryptocurrency market capitalization grew by $9,158 million or 8%.

Figure 1.3. The number of cryptocurrencies and digital assets

weekly-cryptocurrency-ico-market-analysis-september-18-24-2017-figure-1-3

The total number of cryptocurrencies and digital assets listed on exchanges in Q3 grew from 881 to 1055. At the same time, the average cryptocurrency and digital assets capitalization grew from $107.5 to $114.7 million.

Figures 1.4 and 1.5. Forecast for total cryptocurrency market capitalization

weekly-cryptocurrency-ico-market-analysis-september-18-24-2017-figure-1-4

weekly-cryptocurrency-ico-market-analysis-september-18-24-2017-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 its 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 over the 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.

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

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

  • Ethereum’s Next Hard Fork Is Now Officially Being Tested [source: CoinDesk]
  • Charlie Lee: China Bitcoin Mining Ban Rumors are False [source: CryptoCoinNews]
  • China Should Issue State-Backed Digital Currency ‘As Soon as Possible’: PBoC Researcher [source: CryptoCoinNews]
  • Russian Central Bank Officials Question Plans to Legalize Cryptocurrency [source: CryptoCoinNews]
  • Vitalik Buterin Says Ethereum Will Equal Visa in Scale in a ‘Couple of Years’ [source: Coinspeaker]
  • SEC Advisory Committee to Discuss Blockchain’s Investor Impact [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 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 January-August

2017****

August

2017****

September 3-10, 2017 September 11-17, 2017 September 18-24, 2017
Total amount of funds collected,*

USD million

2,360.84 557.90 68.2*** 207.2 45.0
Number of companies which completed an ICO* 168 72 9 13 6
Max collected, USD million (ICO name)** 347 (EOS) 252 (Filecoin) 20 (Aventus) 49,3 (Kyber Network) 32,0(ChainLink)
Average collected funds, USD million 14.20 7.75 7.58 15.9 7.5
Max token reward (ICO name) 666.36? (Spectrecoin) 6.39? (0?) 0.50x (Aventus) 0.74x (Blackmoon) 1.45x (ChainLink)
Average token reward (ATR) 15.71 2.11 0,50 n/a n/a
Weighted average current reward on funds (WACRF) 3.58 3.00 0,50 n/a n/a

*Data source: tokendata.io, only for 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 the 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 for in August.

Over the past week (September 18-24, 2017), the total amount of funds collected was 45 million. It resulted from six most successful ICOs, among which the highest collected amount was around $32 million (ChainLink). The average amount of funds collected per project was $7.5 million, which is equal to the numbers for the week of September 3-10, 2017 and is half of the $15.9 million collected over the week of September 11-17, 2017. The data for the previous week (September 11-17, 2017) were adjusted, which resulted in the Kyber Network project taking the lead in the amount of funds collected, at $49.3 million. Please see Table 2.5 for further details.

****Note: An average token reward for completed between January and August 2017 was 15.71 (calculations were made as of the start of September). 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 exchanges, 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 many 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 Value
The number of projects conducting an active ICO as of the date (September 24, 2017) 180
The number of projects planning an ICO as of the date (September 24, 2017) 265
The number of projects planning an ICO between September 25, 2017 and October 1, 2017 24

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 24, 2017) reached 180. There is information available at present that at least 265 ICOs are planned to be conducted after September 24, 2017, including the 24 ICOs which will start next week.

2.4. Quantitative analysis of the ICO market

2.4.1 Amount of funds 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
September 3-10, 2017** 68.2 9 7.58
September 11-17, 2017 207.2 13 15.94
last week

September 18-24, 2017

45.0 6 7.5

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

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

Table 2.4 that the greatest amount of funds was collected via ICOs in June 2017. In the same month the average amount of funds collected per ICO was $33.17 million. The data for last week (September 18-24, 2017) may be adjusted as the information on the amounts of funds collected via ICOs is finalized.

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-18-24-2017-figure-2-1

2.4.2 Top ICOs

Table 2.5. Top 6 ICOs in terms of the amount of funds collected (last week September 18-24, 2017)

# ICO Name Category Collected, USD million
1 ChainLink Infrastructure* 32.0
2 Enjin Pre-Sale Gaming & VR 10.8
3 VibeHub Gaming & VR* 1.4
4 300cubits Infrastructure* 0.4
5 Blocklancer Recruitment* 0.3
6 Rakugo Social Network* 0.1
Average collected funds, $ 7.5
Total amount of funds collected** 45.0

* The category was defined based on the expert opinions.

**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).

Table 2.5 shows top 6 ICOs which successfully completed last week and collected the greatest amounts of funds. In the lead was the ChainLink project which has a relatively narrow specialization providing better interaction between smart contracts and the physical world. The essence of the project is that creates a protected network of oracles which will be providing precise information through blockchain (for example, information on trading at cryptocurrency exchanges).

Figure 2.2. Top ICOs in terms of the amount of funds collected (last week September 18-24, 2017)

 weekly-cryptocurrency-ico-market-analysis-september-18-24-2017-figure-2-22.4.3 Top ICOs in their categories

Table 2.6. Top 10 ICOs in terms of the amount of funds collected, Infrastructure category

ICO Name Category Collected, USD million Date Token Performance
Tezos Infrastructure 232.3 July 13, 2017 n/a
EOS Stage 1 Infrastructure 185.0 July 1, 2017 0.66x
The DAO Infrastructure 168.0 May 28, 2016 n/a
Bancor Infrastructure 153.0 June 12, 2017 0.56x
Status Infrastructure 90.0 June 20, 2017 0.62x
Sonm Infrastructure 42.0 June 17, 2017 0.69x
Aeternity Infrastructure 37.0 June 9, 2017 1.19x
ChainLink Infrastructure 32.0 September 19, 2017 1.45x
Tierion Infrastructure 25.0 July 28, 2017 1.35x
Aragon Infrastructure 24.8 May 17, 2017 2.50x

Table 2.6 lists top 10 ICOs in the Infrastructure category. Virtually all these projects have been conducted in 2017, and some of them are presently getting ready to enter cryptocurrency exchanges and list their tokens. The biggest ICO overall and, specifically, in this category is the Tezos project which has collected the highest amount of funds to date $232.3 million. This Swiss blockchain startup positions itself as an independent smart contract platform with a secure network protocol alternative to Ethereum.

However, the Token Performance indicators are relatively low for all projects in the Infrastructure category. One of the most successful results was achieved when the Aragon’s ICO entered the exchange: their Current Token Price to Token Sale Price ratio was 2.5. When considering this indicator, it is important to remember that Aragon’s ICO ended on May 17, 2017, so their efficiency grew 2.5 times over the course of about 3.5 months.

Figure 2.3. Top 10 ICOs in terms of the amount of funds collected, Infrastructure category

weekly-cryptocurrency-ico-market-analysis-september-18-24-2017-figure-2-3

Table 2.7. Top 10 ICOs in terms of the amount of funds collected, Gaming & VR category

ICO Name Category Collected,

USD million

Date Token Performance
MobileGO Gaming & VR 53.0 May 24, 2017 0.59x
Decentraland Gaming & VR 26.2 August 17, 2017 0.62x
DMarket Gaming & VR 10.9 August 21, 2017 n/a
Enjin Pre-Sale Gaming & VR 10.8 September 18, 2017 n/a
FirstBlood Gaming & VR 5.5 September 25, 2016 4.71x
VibeHub Gaming & VR 1.4 September 21, 2017 n/a
Augmentors Gaming & VR 1.1 February 28, 2017 30.77x
Back To Earth Gaming & VR 1.0 April 28, 2017 0.63x
Beyond the Void Gaming & VR 0.4 November 30, 2016 104.70x
Gilgam Gaming & VR 0.2 July 18, 2017 n/a

Table 2.7 lists top 10 ICOs in the Gaming & VR category. Virtually all these projects have been conducted in 2017, and some of them are also getting ready to enter cryptocurrency exchanges. Beyond the Void project is currently in the lead in this category. Its token performance – Current Token Price ? Token Sale Price – is 104.7, i.e. its rate grew 100-fold over the past 10.5 months. This demonstrates the high popularity of the multiplayer online game which is styled as an outer space battleground in which Ethereum token Nexium (NxC) buy additional game features.

Figure 2.4. Top 10 ICOs in terms of the amount of funds collected, Gaming & VR category

weekly-cryptocurrency-ico-market-analysis-september-18-24-2017-figure-2-4

Table 2.8. Top 3 ICOs in terms of the amount of funds collected, Recruitment category

ICO Name Category Collected, USD million Date Token Performance
Indorse Recruitment 9.0 September 7, 2017 n/a
ChronoBank Recruitment 5.4 February 14, 2017 2.17x
Blocklancer Recruitment 0.3 March 26, 2017 n/a

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

Figure 2.5. Top-3 ICOs in terms of the amount of funds collected, Recruitment category

weekly-cryptocurrency-ico-market-analysis-september-18-24-2017-figure-2-5

Table 2.9. Top 4 ICOs in terms of the amount of funds collected, Social Network category

ICO Name Category Collected, USD million Date Token Performance
Nexus Social Network 6.5 September 15, 2017 n/a
Matchpool Social Network 5.6 April 4, 2017 1.80x
Golos Social Network 0.5 December 3, 2016 5.57x
Rakugo Social Network 0.1 September 19, 2017 n/a

Table 2.9 lists the four ICOs completed in this category since late 2016.

Figure 2.6. Top 4 ICOs in terms of the amount of funds collected, Social Network category

weekly-cryptocurrency-ico-market-analysis-september-18-24-2017-figure-2-6

Over the past week (September 18-24, 2017) 6 ICOs have been successfully completed, each of which collected over $100,000, and the total amount of funds collected was at least $45 million. The leader of week was the ChainLink project ($32 million). The total amount of funds collected by the other 13 ICOs failed to reach even the $100,000 mark (the information for several projects is still been finalized). Overall, the past week brought the ICOs organizers half the amount of money of the previous week (September 11-17, 2017), which saw the 13 successfully completed ICOs collecting a total of $15.9 million. Partly this may be due to the delayed response to the news of the Chinese ICO and cryptocurrency exchanges ban. At least another 24 ICOs are set to take place 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 exchanges? 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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