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 October 8, 2017 (results for the period from July 1, 2017)

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 data on the cryptocurrency and ICO market changes that took place in the third quarter, with special emphasis on an analysis of the changes that took place during the first week of Q4 2017.

1.General cryptocurrency and digital assets market analysis (by week, month, quarter). Market trends.

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

Table 1.1. Trends in the capitalization of the cryptocurrency market and main cryptocurrencies from August 1, 2017 to October 8, 2017.

# Parameter 1-Aug-17 1-Sep-17 MoM, % 1-Oct-17 MoM, % 8-Oct-17 WoW, %
1 Total market capitalization, USD billion 89.54 171.64 91.69% 147.87 -13.85% 150.35 1.65%
2 Altcoin market capitalization, USD billion 45.23 95.11 110.28% 75.91 -20.19% 76.33 0.55%
Altcoin dominance, % 50.51% 55.41% 9.70% 51.34% -7.35% 50.77% -1.13%
3 Bitcoin price, $ 2689.44 4627.23 72.05% 4336.09 -6.29% 4456.29 2.70%
Bitcoin market capitalization, USD billion 44.31 76.53 72.71% 71.96 -5.97% 74.02 2.78%
Bitcoin dominance, % 49.49% 44.59% -9.90% 48.66% 9.13% 49.23% 1.16%
4 Ethereum price, $ 200.97 355.64 76.96% 302.2 -15.03% 311.48 2.98%
Ethereum market capitalization, USD billion 18.82 33.57 78.37% 28.67 -14.60% 29.59 3.11%
Ethereum dominance, % 21.02% 19.56% -6.95% 19.39% -0.87% 19.68% 1.48%
5 Litecoin price, $ 40.89 79.97 95.57% 55.07 -31.14% 52.44 -5.02%
Litecoin market capitalization, USD billion 2.13 4.21 97.65% 2.93 -30.40% 2.79 -5.02%
Litecoin dominance, % 2.38% 2.45% 3.11% 1.98% -19.18% 1.86% -6.70%
6 Smith + Crown Index n/a 10345 n/a 9147 -13.10% 9289 1.53%
7 Volume (24h) 3 Crypto, USD million 3030 3757 123.99% 1566 -139.94% 2137 26.73%
Market Cap 3 Crypto, USD million 72942 123740 169.64% 108240 -14.32% 112324 3.64%
ZAK-3 crypto index 4.15% 3.04% 1.45% 1.45% -109.89% 1.90% 23.96%
8 Volume (24h) 5 crypto, USD million n/a 5702 n/a 1830 -211.57% 2441 25.04%
Market cap 5 crypto, USD million n/a 137216 n/a 118380 -15.91% 121126 2.27%
ZAK-5 crypto index n/a 4.16% n/a 1.55% -168.80% 2.02% 23.30%

* Data as of October 8, 2017, 00:00 UTC (figures in lines 1-6)

** Data as of October 9, 2017, 00:00 UTC (figures in lines 7-8)

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

In the beginning of October (October 1-8, 2017) total cryptocurrency market capitalization growth equaled 1.65%, from USD 147.87 to USD 150.35 billion (see Table 1.1). During the period from October 1-8, the Bitcoin and Ethereum exchange rates increased by 2.7% and 2.98%, respectively, while the Litecoin exchange rate fell by 5.02%.

Therefore, no sharp fluctuations in the Bitcoin exchange rate have been seen over the past two weeks. Since the beginning of the month, the exchange rate has ranged from $4,164.05 (on October 5, 2017) to $4,624.14 (on October 8, 2017), i.e. by less than $500 (Table 1.4.2.a).

The Smith + Crown Index for September fell from 10,345 to 9,147 due to market fluctuations, but for the first week of October it increased by 1.53% and equaled 9,289.

To analyze trading activity on cryptocurrency exchanges, the ZAK-n Crypto index was calculated (see the Glossary). The values of the ZAK-3 Crypto and ZAK-5 Crypto indices are presented in tables 1.1, 1.2, and 1.3. The 24-hour trading volumes (Volume 24h) for the three dominate cryptocurrencies (Bitcoin, Ethereum, Ripple) on October 8, 2017, equaled USD 2,137 million (Tables 1.1, 1.2), and did not exceed 2% of their market capitalization.

In Table 1.1, the ZAK-5 Crypto index was calculated from September 1, 2017, since the Bitcoin Cash cryptocurrency only entered the exchange on August 1, 2017, after the Bitcoin hard fork.

Table 1.2. Daily ZAK-3 Crypto index calculation (from October 1, 2017, to October 10, 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 %
October 8, 2017 4429.7 1 314 73 575 311.1 293 29 551 0.2383 530 9 198 2 137 112 324 1.9%
October 7, 2017 4369.4 907 72 565 308.9 342 29 340 0.2340 78 9 030 1 327 110 936 1.2%
October 6, 2017 4324.5 1 070 71 811 295.2 319 28 031 0.2377 167 9 115 1 556 108 957 1.4%
October 5, 2017 4229.9 1 162 70 234 292.8 254 27 800 0.2156 404 8 266 1 820 106 300 1.7%
October 4, 2017 4319.4 1 117 71 713 292.8 258 27 794 0.2032 124 7 792 1 498 107 299 1.4%
October 3, 2017 4408.5 1 288 73 181 297.5 322 28 239 0.2032 49 7 792 1 658 109 212 1.5%
October 2, 2017 4395.8 1 432 72 963 302.5 339 28 709 0.2061 77 7 902 1 849 109 573 1.7%
October 1, 2017 4341.1 1 208 72 047 301.6 306 28 615 0.1976 51 7 578 1 566 108 240 1.4%

*Data as of October 9, 2017, 00:00 UTC

Data source: coinmarketcap.com

The 24-hour trading volumes (Volume 24h) for the five dominant cryptocurrencies (Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash) at the end of last week totaled USD 2,441 million (Tables 1.1, 1.3), and equaled 2% of their market capitalization. The ZAK-3 Crypto and ZAK-5 Crypto indices are considered in more detail in tables 1.2 and 1.3.

Table 1.3. Daily 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 %
October 8, 2017 52.49 101 2 797 360.09 204 6 005 2 441 121 126 2.0%
October 7, 2017 52.14 52 2 777 363.6 91 6 063 1 470 119 776 1.2%
October 6, 2017 51.64 59 2 749 355.44 182 5 927 1 797 117 633 1.5%
October 5, 2017 51.4 70 2 736 358.42 268 5 971 2 158 115 008 1.9%
October 4, 2017 52.28 77 2 782 404.2 252 6 730 1 827 116 811 1.6%
October 3, 2017 53.39 89 2 841 421.79 130 7 022 1 877 119 075 1.6%
October 2, 2017 54.55 95 2 901 415.87 220 6 922 2 164 119 396 1.8%
October 1, 2017 55.14 100 2 932 433.38 164 7 208 1 830 118 380 1.5%

The high trading volume (Volume 24h) relative to market capitalization contributes to increased volatility and wild price changes on the cryptocurrency market.

Tables 1.4.1.a and 1.4.1.b show the monthly Bitcoin and Ethereum exchange rates (Open, High, Low, Close) since January 1, 2017, and Table 1.4.1.c shows the Bitcoin Cash exchange rate since August 1, 2017.

The largest appreciation in the Bitcoin exchange rate during 2017 to date took place in May (+69.4%) and in August (+80%); the largest depreciation took place in March (-11.6%) and September (-10%). Overall, the exchange rate increased by a factor of 4.41 over the past three quarters (see table 1.4.1.a).

Table 1.4.1.а. Monthly change in the Bitcoin (BTC) exchange rate, trading volume (Volume 24h) and capitalization, USD (from January 1, 2017, to October 1, 2017)

Date

Open, $

High, $ Low, $ Range, $ Close, $ MoM, % D,  % Index,

to start of year

Volume (24h), USD million Market cap, USD million
October 1, 2017 4341.05 4403.74 4269.81 133.93 4403.74 90.0% -10.0 4.41 1 208 72 047
September 1, 2017 4701.76 4892.01 4678.53 213.48 4892.01 180.0% 80.0 4.90 2 599 77 748
August 1, 2017 2871.30 2921.35 2685.61 235.74 2718.26 111.7% 11.7 2.72 1 325 47 322
July 1, 2017 2492.60 2515.27 2419.23 96.04 2434.55 101.1% 1.1 2.44 780 40 928
June 1, 2017 2288.33 2448.39 2288.33 160.06 2407.88 169.4% 69.4 2.41 1 653 37 446
May 1, 2017 1348.30 1434.32 1348.30 86.02 1421.60 131.6% 31.6 1.42 714 21 982
April 1, 2017 1071.71 1091.72 1061.09 30.63 1080.50 88.4% -11.6 1.08 290 17 413
March 1, 2017 1180.04 1222.50 1179.69 42.81 1222.50 123.6% 23.6 1.22 229 19 105
February 1, 2017 970.94 989.11 970.74 18.37 989.02 99.1% -0.9 0.99 150 15 668
January 1, 2017 963.66 1003.08 958.70 44.38 998.33 1.00 148 15 491

* Data as of October 1, 2017, 00:00 UTC

Data source: coinmarketcap.com

Significant appreciation of the Ethereum exchange rate took place in March (+192.2%), May (+191.3%), and August (+71.1%); depreciation in the exchange rate was seen in July (-17.4%) and September (-22%). Overall, the exchange rate increased by a factor of 37 over the first three quarters (see table 1.4.1.b).

Table 1.4.1.b. Monthly change in the Ethereum (ETH) exchange rate, trading volume (Volume 24h) and capitalization, USD (from January 1, 2017, to October 1, 2017)

Date Open, $ High,  Low, $ Range, $ Close, $ MoM, % D% Index,

to start of year

Volume (24h), USD million Market cap, USD million
October 1, 2017 301.55 303.19 295.06 8.13 302.34 78.0% -22.0 37.01 306 28 615
September 1, 2017 383.47 390.04 383.47 6.57 387.74 171.0% 71.0 47.46 874 36 183
August 1, 2017 204.69 227.74 204.69 23.05 226.77 82.6% -17.4 27.76 1 585 19 179
July 1, 2017 293.35 293.75 268.62 25.13 274.60 123.6% 23.6 33.61 1 089 27 259
June 1, 2017 230.89 236.22 214.48 21.74 222.24 291.3% 191.3 27.20 813 21 265
May 1, 2017 79.32 82.52 73.09 9.43 76.30 150.5% 50.5 9.34 377 7 234
April 1, 2017 50.03 51.93 48.88 3.05 50.70 292.2% 192.2 6.21 92 4 518
March 1, 2017 15.85 17.37 15.56 1.81 17.35 161.7% 61.7 2.12 45 1 416
February 1, 2017 10.74 10.85 10.56 0.29 10.73 131.3% 31.3 1.31 13 950
January 1, 2017 7.98 8.47 7.98 0.49 8.17 1.00 15 698

* Data as of October 1, 2017, 00:00 UTC

Data source: coinmarketcap.com

Therefore, the Bitcoin exchange rate depreciated in March (-11.6%) amid a significant appreciation of the Ethereum exchange rate (+192.2%), which points to a redistribution of the funds of market participants between alternative cryptocurrencies in favor of Ethereum. A lull was seen on the cryptocurrency market in July, while in August there was another dramatic upturn in exchange rates (tables 1.4.1.a, 1.4.1.b).

Table 1.4.1.c. Monthly change in the Bitcoin Cash (BCH) exchange rate, trading volume (Volume 24h) and capitalization, USD (from August 1, 2017, to October 1, 2017)

Date Open, $ High, $ Low, $ Range, $ Close, $ MoM, % D% Index,rate

to Aug 1, 2017

Volume (24h), USD million Market cap, USD million
October 1, 2017 433.4 436.9 415.2 21.8 415.2 66.7% -33.3 1.1 164 7 208
September 1, 2017 588.4 645.5 586.7 58.8 622.2 163.7% 63.7 1.6 394 9 740
August 1, 2017 294.6 426.1 210.4 215.7 380.0 n/a n/a 1.0 66

* Data as of October 1, 2017, 00:00 UTC

Data source: coinmarketcap.com

A large-scale Bitcoin hard fork is planned for November 2017, and will result in the appearance of two new “associated” cryptocurrencies — Bitcoin Core and Bitcoin Ultimate. The question of how the value of cryptocurrencies will change in this situation was considered in the previous report (for Q3 2017).

Another development project involving a Bitcoin hard fork, Bitcoin Gold, headed by Jack Liao, CEO of the Bitcoin mining company Hongning Lightning ASIC, may take place on October 25, 2017. The project goal is to create a “decentralized Bitcoin”, allowing the mining process to be simplified and made more accessible to a larger number of participants, which should lessen the influence of major companies.

Below is an analysis of the daily changes in Bitcoin and Bitcoin Cash exchange rates, as well as the exchange rate of one of the alternative cryptocurrencies, Ethereum, from the beginning of October 2017 (Tables 1.4.2.a, 1.4.2.b, 1.4.2.c).

Table 1.4.2.а. Daily change in the Bitcoin (BTC) exchange rate, trading volume (Volume 24h) and capitalization, USD (from October 1, 2017, to October 8, 2017)

Date Open, $ High, $ Low, $ Range, $ Close, $ DoD, % D% Index,

rate to start of year

Volume (24h), USD million Market cap, USD million
October 8, 2017 4429.67 4624.14 4405.64 218.50 4610.48 104.1% 4.1 4.62 1 314 73 575
October 7, 2017 4369.35 4443.88 4321.05 122.83 4426.89 101.3% 1.3 4.43 907 72 565
October 6, 2017 4324.46 4413.27 4320.53 92.74 4370.81 101.0% 1.0 4.38 1 070 71 811
October 5, 2017 4229.88 4362.64 4164.05 198.59 4328.41 102.3% 2.3 4.34 1 162 70 234
October 4, 2017 4319.37 4352.31 4210.42 141.89 4229.36 98.0% -2.0 4.24 1 117 71 713
October 3, 2017 4408.46 4432.47 4258.89 173.58 4317.48 97.9% -2.1 4.32 1 288 73 181
October 2, 2017 4395.81 4470.23 4377.46 92.77 4409.32 100.1% 0.1 4.42 1 432 72 963
October 1, 2017 4341.05 4403.74 4269.81 133.93 4403.74 101.5% 1.5 4.41 1 208 72 047

* Data as of October 9, 2017, 00:00 UTC

Data source: coinmarketcap.com

Table 1.4.2.b. Daily change in the Ethereum (ETH) exchange rate, trading volume (Volume 24h) and capitalization, USD (from October 1, 2017, to October 8, 2017)

Date Open, $ High,  $ Low, $ Range, $ Close, $ DoD, % D% Index,

rate to start of year

Volume (24h), USD million Market cap, USD million
October 8, 2017 311.06 312.54 308.03 4.51 308.61 99.2% -0.8 37.77 293 29 551
October 7, 2017 308.89 313.13 304.98 8.15 311.12 100.8% 0.8 38.08 342 29 340
October 6, 2017 295.15 308.84 294.95 13.89 308.59 104.3% 4.3 37.77 319 28 031
October 5, 2017 292.77 298.04 288.84 9.20 295.86 101.1% 1.1 36.21 254 27 800
October 4, 2017 292.75 299.39 290.89 8.50 292.66 100.1% 0.1 35.82 258 27 794
October 3, 2017 297.48 300.11 288.13 11.98 292.46 98.3% -1.7 35.80 322 28 239
October 2, 2017 302.48 302.92 294.58 8.34 297.48 98.4% -1.6 36.41 339 28 709
October 1, 2017 301.55 303.19 295.06 8.13 302.34 100.3% 0.3 37.01 306 28 615

* Data as of October 9, 2017, 00:00 UTC

Data source: coinmarketcap.com

During the period October 1-8, 2017, the Bitcoin exchange rate increased from $4,341.05 to $4,610.48, and the Ethereum exchange rate from $301.55 to $308.61 (tables 1.4.2.a, 1.4.2.b). The largest fluctuations in the daily range (Range) of the Bitcoin and Ethereum exchange rates were $218.50 (on October 8, 2017) and $13.89 (on October 6, 2017), respectively.

Table 1.4.2.c. Daily change in the Bitcoin Cash (BCH) exchange rate, trading volume (Volume 24h) and capitalization, USD (from October 1, 2017, to October 8, 2017)

Date Open, $ High, $ Low, $ Range, $ Close, $ DoD, % D,% Index,

rate to Aug 1, 2017

Volume (24h), USD million Market cap, USD million
October 8, 2017 360.1 362.5 337.0 25.5 342.2 94.9% -5.1 0.90 204 6 005
October 7, 2017 363.6 364.9 356.1 8.8 360.8 99.4% -0.6 0.95 91 6 063
October 6, 2017 355.4 371.3 355.0 16.3 363.0 102.0% 2.0 0.96 182 5 927
October 5, 2017 358.4 371.2 348.5 22.7 355.8 99.2% -0.8 0.94 268 5 971
October 4, 2017 404.2 404.5 354.6 49.9 358.5 88.7% -11.3 0.94 252 6 730
October 3, 2017 421.8 421.8 395.7 26.1 404.2 96.0% -4.0 1.06 130 7 022
October 2, 2017 415.9 430.9 411.8 19.0 421.2 101.5% 1.5 1.11 220 6 922
October 1, 2017 433.4 436.9 415.2 21.8 415.2 96.0% -4.0 1.09 164 7 208

* Data as of October 9, 2017, 00:00 UTC

Data source: coinmarketcap.com

The Bitcoin Cash exchange rate depreciated from $433.40 to $342.20 (Table 1.4.2.c) during the analyzed period (October 1-8, 2017), with the largest fluctuation in the daily range equaling $49.90 (October 4, 2017).

The total Bitcoin Cash exchange rate index from August 1, 2017, equaled 0.9 (the rate of $380 at the close of the day on August 1, 2017, was taken as the basis for the calculation), i.e. during the period after the Bitcoin hard fork and the appearance of the new Bitcoin Cash cryptocurrency its exchange rate fell by 10%, while the Bitcoin exchange rate appreciated over the same period by nearly 70%.

1.2 Market trends

The weekly cryptocurrency and digital asset market trends from July 2, 2017, to October 8, 2017, are presented in the figures below (Fig. 1.1-1.5)*.

Table 1.5. Legends and descriptions of the figures

Global Figures Figure** Description
Total cryptocurrency market capitalization, USD million Fig. 1.1 This figure shows cryptocurrency and digital asset market capitalization trends from July 2, 2017.
The rate of market change (as a % compared to the start of the year) Fig. 1.1 This figure shows the % change in cryptocurrency and digital asset market capitalization compared to January 1, 2017.
Change in the market capitalization (in USD million compared to the previous period) Fig. 1.2 This figure shows the weekly change in USD million (increase or decrease) in cryptocurrency and digital asset market capitalization from July 2, 2017.
The rate of market change (as a % compared to the previous period) Fig. 1.2 This figure shows the % of weekly change (increase or decrease) in cryptocurrency and digital asset market capitalization from July 2, 2017.
Number of cryptocurrencies and digital assets Fig.1.3 This figure shows the trends in the increase of the number of cryptocurrencies and digital assets circulating on cryptocurrency exchanges. On January 1, 2017, their number was 617, and as of October 8, 2017, this number had already reached 1,102.
Average market capitalization, USD million Fig. 1.3 This figure reflects the growth in the average cryptocurrency and digital asset market capitalization from July 2, 2017, i.e. the ratio between the market capitalization of all cryptocurrencies and digital assets and their number.
Forecast of total cryptocurrency market capitalization Fig. 1.4, 1.5 This figure shows the time trend (forecast) change in cryptocurrency and digital asset market capitalization.

* Data as of October 9, 2017, 00:00 UTC

** The figures below present average data for 24 hours

Data source: coinmarketcap.com

Figure 1.1. Total cryptocurrency market capitalization**

weekly-cryptocurrency-and-ico-market-analysis-october-2-8-2017-figure-1-1

** Average daily data

Figure 1.1 shows a graph of the weekly cryptocurrency market change from July 2, 2017, to October 8, 2017. Over this period, the market capitalization grew from $94,716 million to $150,118 million, a growth of 748% relative to the start of the year. Over the past week the total market capitalization increased from $146,924 million to $150,118 million (as of October 8, 2017).

Figure 1.2. Change in market capitalization

weekly-cryptocurrency-and-ico-market-analysis-october-2-8-2017-figure-1-2

Despite the significant growth in cryptocurrency market capitalization in Q3 2017 and over the entire year to date, the market is susceptible to sudden and drastic fluctuations. Significant drops occurred over the first two weeks of September (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). Over the past week (October 2, 2017, to October 8, 2017), the total cryptocurrency market capitalization grew by $3,194 million or 2%.

Figure 1.3. Number of cryptocurrencies and digital assets

weekly-cryptocurrency-and-ico-market-analysis-october-2-8-2017-figure-1-3

The total number of cryptocurrencies and digital assets listed on exchanges during the third quarter grew from 881 to 1,091. Their number increased during the first week of the fourth quarter to 1,102. At the same time, the average cryptocurrency and digital asset capitalization increased from $107.5 to $136.2 million over the analyzed period.

Figures 1.4 and 1.5. Forecast of total cryptocurrency market capitalization

weekly-cryptocurrency-and-ico-market-analysis-october-2-8-2017-figure-1-4

weekly-cryptocurrency-and-ico-market-analysis-october-2-8-2017-figure-1-5

Last week (October 2-8, 2017) the market stabilized, with gradual growth in its capitalization being seen. Nevertheless, despite the general positive trend in total cryptocurrency market capitalization growth for the entire year to date, and for the third quarter in particular, it will take time (most likely until the end of October) for it to gradually stabilize and regain its former growth rates, which slowed because of the events in China and South Korea related to the ban on ICOs and cryptocurrency exchanges. An important factor which will determine the development of the cryptocurrency market in Q4 2017 and over the next year will be the actions of other governments to regulate the market. The risk of wild market fluctuations will remain high.

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

2.1 Brief overview of the cryptocurrency market, news of the week

  • Malaysian Central Bank Close to Deciding on Digital Currency Regulations [source: Сointelegraph]
  • Singapore’s Central Bank Plans to Regulate Bitcoin Payments [source: Сoindesk]
  • China Will Likely Resume Cryptocurrency Trading by Licensing Bitcoin Exchangess [source: Сryptocoinsnews]
  • Ethereum Client Update Sets Byzantium Hard Fork Date [source: Сoindesk]

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

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

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

Indicator Description
Average collected funds (ACF) Average amount of funds collected per ICO project over the period (month, quarter, 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 (month, quarter, year), i.e. the average reward per $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 (month, quarter, year). This indicator is similar to the previous indicator Average Token Performance (ATP), but is calculated taking into consideration the weight of the indicator. The parameter “average collected funds” (ACF) is used as a weight.
Weighted average monthly reward on ICO funds (WAMRF) Average weighted monthly performance of funds spent on buying tokens over the period (month, quarter, year). This indicator is similar to the previous indicator Weighted Average Current Reward on ICO Funds (WACRF), but is calculated based on recalculated average monthly performance.

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

Indicator September

2017

October 1-8,

2017

Total amount of funds collected,

USD million*

730.3 69.5
Number of companies that completed an ICO* 45 5
Maximum collected, USD million (ICO name)** 257.0 (Filecoin) 26.5 (Power Ledger)
Average collected funds, USD million 16.2 13.9
Max token reward (ICO name) 5.00x (Chainlink) n/a
Average token reward (ATR)*** 2.32x n/a
Weighted average current reward on funds (WACRF)**** 2.71x n/a

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

** Data source: tokendata.io, coinschedule.com

*** Note: The average token reward for ICO projects was calculated as of October 8, 2017. Consequently, the efficiency of contributions or the ratio between the current token price and the token sale price, i.e. the average reward per USD 1 spent on tokens during its token sale, if they are subsequently listed for USD on a cryptocurrency exchange, is $2.32 for projects completed in September 2017. To calculate this ratio, the authors used the data from 45 ICOs completed between September 1 and October 1, 2017. The maximum token reward for the period under review was 5x for the Chainlink ICO (based on the assessment made on October 8, 2017). The data for many ICOs completed after September 1, 2017, is incomplete or non-existent.

**** Weighted average current reward on funds (WACRF) is an indicator similar to Average token reward (ATR), but takes into consideration the amount of funds collected through an ICO (see the Glossary).

The total amount of funds collected over the period from October 1-8, 2017, was $65.5 million. This total included the results of five successfully completed ICOs, among which the highest collected amount was around $26.5 million (Power Ledger). The average amount of funds collected per project was $13.9 million, which is somewhat less than the same indicator for September as a whole. Please see Table 2.5 for further details on the five main ICOs over the past week.

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 Value 
The number of projects conducting an active ICO as of the current date (October 8, 2017) 155
The number of projects planning an ICO as of the current date (October 8, 2017) 115
The number of projects planning an ICO between October 9-15, 2017 13

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

The number of projects conducting active ICOs as of the current date (October 8, 2017) is 155. At present, there is information available on at least 115 planned ICOs to be conducted after October 8, 2017, including 13 ICOs which will start next week.

2.4. Quantitative analysis of the ICO market

    1. Amount of funds collected and number of ICOs

Table 2.4. Amount of funds collected and number of ICOs

Month Collected, $ million Number of ICOs* Average collected, $ million
January 4.5 3 1.5
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 330.0 35 9.43
September 730.3 45 16.23
October 1-8, 2017 69.5 5 13.9

* Information on funds collected is not available for all ICOs (information for last week is tentative and may be adjusted)UTC

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

The data for last week may be adjusted as information on the amounts of funds collected via ICOs is finalized.

Figure 2.1. Trends in the amount of funds collected and number of ICOs since the start of the year

weekly-cryptocurrency-and-ico-market-analysis-october-2-8-2017-figure-2-1

  1. Top ICOs

Table 2.5. Top 5 ICOs in terms of the amount of funds collected (October 1-8, 2017)

# ICO Category Collected, $ million Date
1 Power Ledger Energy & Utilities 26.5 October 6, 2017
2 Finshi Capital Trading & Investing* 21.4 October 6, 2017
3 Airtoken Commerce & Advertising * 15.0 October 7, 2017
4 Oxycoin Trading & Investing* 6.3 October 2, 2017
5 DES Finance* 0.3 October 2, 2017
Average collected funds, $ 13.9
Total collected funds** 69.5

* The category was established based on expert opinions

** Data source: tokendata.io, only popular and/or successfully completed ICOs (i.e. ICOs which managed to collect the minimum set amount of funds) and/or ICOs listed on exchan

Table 2.5 shows the top 5 ICOs which were successfully completed last week and collected the greatest amounts of funds. In the lead was the Power Ledger project, which is a trading platform for the purchase and sale of electricity (mainly renewable, such as solar energy) by users based on blockchain technology. The idea behind the project is to sell the excess energy generated on the trading platform.

Figure 2.2. Top ICOs in terms of the amount of funds collected (October 1-8, 2017)

weekly-cryptocurrency-and-ico-market-analysis-october-2-8-2017-figure-2-2

 

  1. Top ICOs in their categories

Table 2.6. Top 3 ICOs in terms of the amount of funds collected, Energy & Utilities category

ICO Category Collected, $ million Date Token performance
Power Ledger Energy & Utilities 26.5 October 6, 2017 n/a
SunContract Energy & Utilities 2.0 January 8, 2017 1.7x
Solar DAO Pre-ICO Energy & Utilities 0.4 September 7, 2017 n/a

Table 2.6 lists the top 3 ICOs in the Energy & Utilities category. All of these projects were performed in 2017. Only the tokens of SunContract are currently being traded on the exchange. During the ICO of the SunContract project tokens were being sold for $0.016, now their cost on the cryptoexchange is $0.027 (current sale price), i.e. token performance equals 1.7x. The market capitalization of SunContract tokens as of October 9, 2017, had increased to $3,086,805.

Figure 2.3. Top 3 ICOs in terms of the amount of funds collected, Energy & Utilities category

weekly-cryptocurrency-and-ico-market-analysis-october-2-8-2017-figure-2-3

Second and third place in last week’s rating belong to projects from the categories: Trading & Investing (the Finshi Capital ICO, with $21.4 million collected) and Commerce & Advertising (the Airtoken ICO, with $15 million collected).

The ratings of the ICO projects in these categories are given below.

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

ICO Category Collected, $ million Date Token performance
1 Kyber Network Trading & Investing 49.3 September 16, 2017 4.28x
2 Enigma Catalyst Trading & Investing 45 September 11, 2017 n/a
3 Stox Trading & Investing 33.3 August 4, 2017 0.66x
4 Blackmooncrypto Trading & Investing 30 September 13, 2017 0.79x
5 0x Trading & Investing 24 August 16, 2017 3.74x
6 Finshi Capital Trading & Investing* 21.4 October 6, 2017 n/a
7 CoinDash Trading & Investing 20 August 17, 2017 n/a
8 openANX Trading & Investing 18.8 July 4, 2017 0.66x
9 Binance Trading & Investing 15 July 3, 2017 n/a
10 Veritaseum Trading & Investing 14 May 26, 2017 10.20x

At present, the Token performance indicator for all top 10 projects in the Trading & Investing category ranges between 0.66x and 10.20x. The exchange listing of the Veritaseum ICO can be considered one of the most successful projects, since this project has a ratio of Current Token Price to Token Sale Price of 10.2. When considering this indicator, it is important to remember that the Veritaseum ICO ended on May 26, 2017, i.e. the token performance grew 10.2 times over the course of five months.

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

weekly-cryptocurrency-and-ico-market-analysis-october-2-8-2017-figure-2-4

Table 2.8. Top 5 ICOs in terms of the amount of funds collected, Commerce & Advertising category

ICO Category Collected, $ million Date Token performance
1 Basic Attention Token Commerce & Advertising 35.0 May 31, 2017 5.41x
2 Airtoken Commerce & Advertising 15.0 October 7, 2017 n/a
3 AdEx Commerce & Advertising 11.4 June 30, 2017 3.75x
4 Royal Kingdom Coin Commerce & Advertising 0.6 August 11, 2017 n/a
5 Mass coin Commerce & Advertising 0.2 December 1, 2016 n/a

Table 2.8 shows the top 5 ICOs in the Commerce & Advertising category. The exchange listing of the largest ICO in this category, Basic Attention Token, can be considered one of the most successful projects, as this project has a ratio of Current Token Price to Token Sale Price of 5.41.

Figure 2.5. Top 5 ICOs in terms of the amount of funds collected, Commerce & Advertising category

weekly-cryptocurrency-and-ico-market-analysis-october-2-8-2017-figure-2-5

Five ICO projects were successfully completed over the past week (October 1-8, 2017), each of which collected more than $100,000, with a total amount of funds collected of at least $69.5 million. The week’s leader was the Power Ledger project ($26.5 million). The total amount of funds collected by the other nine ICOs failed to reach even the $100,000 mark (the information for some projects is still being finalized). Overall, project organizers collected less funds last week than they did in the previous week (see the previous report). At least another 13 ICOs are planned to take place next week.

The Glossary is given in Annex 1.

Annex 1 – Glossary

Key terms Definition
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 asset 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, i.e. the ratio of market capitalization of a particular cryptocurrency (token) to total cryptocurrency market capitalization. Expressed as a %.
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.
Pre-mined A pre-mined coin. The term is used for cryptocurrencies (tokens) which are issued through mining, and a certain number of coins (tokens) have been created and distributed among certain users at the start of the project.
The rate of market increase (as a % compared to the beginning of the year) The rate of market increase (as a % compared to the start of the year), i.e. by how many % points did market capitalization increase compared to the start of the year.
The growth rate of the market (as a % compared to the beginning of the year) The market growth (as a % compared to the start of the year), i.e. by how many times did market capitalization grow compared to the start of the year.
Increase in market capitalization (in USD million compared to the previous period) Increase in cryptocurrency and digital asset market capitalization (in USD million compared to the previous period), i.e. by how many USD million did market capitalization increase over the period.
The rate of market increase (as a % compared to the previous period) Rate of market increase (as a % compared to the previous period), i.e. by how many % points did market capitalization increase over the period.
The market growth rate (as a % compared to the previous period) Market growth rate (as a % compared to the start of the year), i.e. by how many times did market capitalization grow compared to the previous period.
Number of cryptocurrencies and digital assets Number of cryptocurrencies and digital assets: at the time when this glossary was compiled over 1,070 cryptocurrencies and digital assets were circulating on the market.
Average market capitalization Average market capitalization, i.e. the ratio of the market capitalization of all cryptocurrencies and digital assets to their number.
Token reward Performance of funds spent on buying tokens or the 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 indicator 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 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 Similar to the above: Alternative performance indicator of funds spent on buying tokens during the token sale, i.e. if instead of buying 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 spent his funds more efficiently 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 spent his funds more efficiently 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 24-hour trade volume (transactions) on 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) is calculated for the period from 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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