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.
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 ICOBox;
- 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 week. Specifically, the authors studied the existing market assessment tools and developed several new tools.
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)
|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**
** 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
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
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
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.
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
|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
|September 3-10, 2017||September 11-17, 2017||September 18-24, 2017|
|Total amount of funds collected,*
|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
|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|
|September 3-10, 2017**||68.2||9||7.58|
|September 11-17, 2017||207.2||13||15.94|
September 18-24, 2017
*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
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|
|2||Enjin Pre-Sale||Gaming & VR||10.8|
|3||VibeHub||Gaming & VR*||1.4|
|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)
2.4.3 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
Table 2.7. Top 10 ICOs in terms of the amount of funds collected, Gaming & VR category
|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
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
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
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
|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
|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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