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 29, 2017 (results for the period from July 1, 2017)

This report was created by:

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 fourth week of October 2017.

1.General cryptocurrency and digital assets market analysis (by week, month, quarter). Market trends.
         1.1 General 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 29, 2017

weekly-cryptocurrency-and-ico-market-analysis-october-23-29-2017-tabl-1-1

* Data as of October 30, 2017, 00:00 UTC

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

In the fourth week of October (October 23-29, 2017) there was a slight reduction in total cryptocurrency market capitalization from $172.59 to $169.1 billion, i.e. by 2% (see Table 1.1). During the period from October 23-29, the Bitcoin, Ethereum, and Litecoin exchange rates fell by 4.68%, 1.39% and 6.18%, respectively.

Over the week the Bitcoin exchange rate depreciated from $6,036.66 to $5,754.40. Since the beginning of the month, the exchange rate has ranged from $4,164.05 (on October 5, 2017) to $6,255.71 (on October 29, 2017), i.e. by more than $2,000.

Over the week the Ethereum exchange rate fell from $300.55 to $296.40. Since the start of the month, the exchange rate of this cryptocurrency has ranged from $277.57 (on October 23, 2017) to $349.35 (on October 16, 2017), i.e. by more than $70.

The cryptocurrency dominance indicators on the market did not change markedly, and equaled 56.7% (Bitcoin), 16.7% (Ethereum), and 1.7% (Litecoin) of total cryptocurrency market capitalization. Altcoin dominance (%) increased slightly during the week, and equaled 43.3%.

The Smith + Crown Index in October ranged from 8,713 to 11,800 due to market fluctuations and the performance of two cryptocurrency hard forks. As at October 29, 2017, the index equaled 11,054.

Below is information on the hard forks performed during October and the future hard forks of Bitcoin and Ethereum.

weekly-cryptocurrency-and-ico-market-analysis-october-23-29-2017-hard-fork

To analyze trading activity on cryptocurrency exchanges, the ZAK-n Crypto index is calculated (see the Glossary). The values of the ZAK-3 Crypto and ZAK-5 Crypto indices are presented in Tables 1.1, 1.2, 1.3. For example, on October 29, 2017, the 24-hour trading volumes (Volume 24h) for the three dominate cryptocurrencies (Bitcoin, Ethereum, Ripple) equaled $3,473 million (Table 1.2), and for the five dominant cryptocurrencies $5,614 million (Table 1.3). All told, the daily values of the ZAK-3 Crypto and ZAK-5 Crypto indices equaled 2.6% and 4% of the market capitalization of the analyzed cryptocurrencies, respectively.

Table 1.2. Daily ZAK-3 Crypto index calculation (from October 1, 2017, to October 29, 2017)

weekly-cryptocurrency-and-ico-market-analysis-october-23-29-2017-tabl-1-2

* Data as of October 30, 2017, 00:00 UTC

Data source: coinmarketcap.com

The 24-hour trading volumes (Volume 24h) for the three dominant cryptocurrencies (Bitcoin, Ethereum, Ripple) reached their highest mark ($5,319 million) on October 13, 2017, which equals i.e. 4.1% of their market capitalization (Tables 1.1, 1.2). The ZAK-3 Crypto and ZAK-5 Crypto indices are considered in more detail in Tables 1.2 and 1.3. Thanks to their conditional formatting, these tables clearly show the changes that have taken place since the start of the month.

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

weekly-cryptocurrency-and-ico-market-analysis-october-23-29-2017-tabl-1-3

The high trading volume (Volume 24h) relative to market capitalization contributes to increased volatility and wild price changes on the cryptocurrency market. One of the previous reports considered the relative trends in the Bitcoin and Ethereum exchange rates from the start of the year. The graph below shows their price trends from the start of October (fig. 1).

Figure 1. Price trends of Bitcoin, Ethereum

weekly-cryptocurrency-and-ico-market-analysis-october-23-29-2017-figure-1

Figure 1 shows the effect on the Ethereum and Bitcoin exchange rates of the hard forks performed on October 16, 2017, and October 24, 2017. During the days leading up to the hard fork, the corresponding cryptocurrency’s exchange rate increased, only to then begin to fall. Ethereum showed the largest and most prolonged fall. At present, the Ethereum exchange rate has nearly returned to its level at the beginning of the month.

The Bitcoin Gold hard fork took place one day before the announced date, on October 24. As a result of this hard fork, a new cryptocurrency, Bitcoin Gold (BTG), entered the cryptocurrency market. It was initially offered for $480, but just one day later the exchange rate had already fallen to $132. As of October 30, 2017, the Bitcoin Gold exchange rate was $130.74.

Right now, the next possible Bitcoin hard fork, SegWit2x, which has plenty of adversaries, is being actively discussed.

Previously, in August 2017, a Bitcoin hard fork was performed that led to the appearance of the cryptocurrency Bitcoin Cash (BCH). In this regard, the reciprocal price trends between Bitcoin and Bitcoin Cash against the backdrop of the recent Bitcoin Gold hard fork is of interest (see fig. 2).

Figure 2. Price trends of Bitcoin, Bitcoin Cash

weekly-cryptocurrency-and-ico-market-analysis-october-23-29-2017-figure-2

Figure 2 illustrates the fairly high interest of market participants in Bitcoin and the intermittent demand for the alternative cryptocurrency Bitcoin Cash. Since the beginning of the month, the Bitcoin Cash exchange rate has depreciated from $433 to $313. However, a growth in the exchange rate has been seen after October 17 and October 24. To all appearances, these fluctuations were the market’s reaction to the completion of the Ethereum and Bitcoin hard forks. One can conclude that these events are prompting market participants to transfer part of their funds to alternative cryptocurrencies and, in particular, Bitcoin Cash.

The price trends of Bitcoin and Ethereum are shown in figures 3, 4.

Figures 3, 4 Price trends of Bitcoin and Ethereum

weekly-cryptocurrency-and-ico-market-analysis-october-23-29-2017-figure-3

weekly-cryptocurrency-and-ico-market-analysis-october-23-29-2017-figure-4

Data source: coinmarketcap.com

As can be seen from figures 3 and 4, a growth in the Bitcoin exchange rate and a slight fall in the Ethereum exchange rate have been seen since the start of the month. The Ethereum exchange rate fell from October 15-23, apparently due for the most part to the instability of the network due to the testing of the new Ethereum software after the hard fork. After a short stabilization period, this cryptocurrency had once again started showing growth by October 29, 2017.

Market trends

The weekly cryptocurrency and digital asset market trends from July 2, 2017, to October 29, 2017, are presented as graphs (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 beginning 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 29, 2017, this number had already reached 1,183.
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 30, 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-23-29-2017-figure-1-1

** Average daily data

Figure 1.1 shows a graph of the weekly cryptocurrency market change from July 2, 2017, to October 29, 2017. Over this period, the market capitalization grew from $94,716 million to $170,353 million, a growth of 862% relative to the start of the year. Over the past week the total market capitalization decreased from $171,232 million to $170,353 million (as of October 29, 2017).

Figure 1.2. Change in market capitalization

weekly-cryptocurrency-and-ico-market-analysis-october-23-29-2017-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 23-29, 2017), total cryptocurrency market capitalization decreased by $879 million or 1%.

Figure 1.3. Number of cryptocurrencies and digital assets

weekly-cryptocurrency-and-ico-market-analysis-october-23-29-2017-figure-1-3

The total number of cryptocurrencies and digital assets listed on exchanges has grown since June from 881 to 1,183. Their number increased by 60 over the past week alone. At the same time, the average cryptocurrency and digital asset capitalization decreased from $152.5 to $144 million over the analyzed period.

Figures 1.4 and 1.5. Forecast of total cryptocurrency market capitalization

weekly-cryptocurrency-and-ico-market-analysis-october-23-29-2017-figure-1-4

weekly-cryptocurrency-and-ico-market-analysis-october-23-29-2017-figure-1-5

In the first week of October (October 2-8, 2017), the market stabilized after the fairly sharp fluctuations (drops) in September, with gradual growth in its capitalization being seen. The second week of the month (October 9-15, 2017) was characterized by market growth of 16%. In the third and fourth weeks of October (October 16-22 and October 23-29, 2017) total market capitalization dropped slightly by -2% and -1%, respectively. Many experts predict a significant increase in the exchange rates of the main cryptocurrencies by the end of the year. We believe that cryptocurrency exchange rates will continue to grow, but this growth will mainly be seen among the ten cryptocurrencies with the largest capitalization, with the Bitcoin exchange rate, in particular, exceeding $10,000 by the end of the current year. However, the risk of market fluctuations will remain.

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

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

  • Putin Approves Framework for ICO, Cryptocurrency Regulation [source: Сryptocoinsnews]
  • Bitcoin Banned as a Payment Method, Adopters Will be ‘Dealt With’: Indonesian Central Bank [source: Сryptocoinsnews]
  • Hong Kong Bitcoin Community Strongly Rejects SegWit2x [source: Сryptocoinsnews]
  • India Goes Bitcoin: Zebpay Will Add 500k Users Monthly by 2018 [source: Сointelegraph]
  • SEC Enforcement Director: ICO Fraud Requires ‘Thoughtful Approach’ [source: Сoindesk]
  • China Renaissance CEO: Blockchain More Important Than Bitcoin [source: Сoindesk]
  • App Maker Kakao Begins Beta Testing New Cryptocurrency Exchange [source: Сoindesk]
  • Publicly Listed NAGA Group Aims to Raise $220m in an ICO [source: Financemagnates]
  • Ether fever dreams [source: Techcrunch]
  • Price Analysis, October 28: Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin [source: Сointelegraph]

   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 (see Table 2.1).

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) ICOs4

Indicator September, 2017 October 1-8, 2017 October 9-15, 2017 October 16-22, 2017 October 23-29, 2017
Total amount of funds collected,

USD million1

730.3 105.7 199.6 144.3 241
Number of companies that completed an ICO1 45 10 14 15 9
Maximum collected, USD million (ICO name) 257 (Filecoin) 26.5 (Power Ledger) 32.7 (Airswap) 40.0 (Electroneum) 144.3 (Polkadot)
Average collected funds, USD million 16.2 10.6 14.3 9.6 26.8
Max token reward (ICO name) 5.00x (Chainlink) n/a 1.00x (Airswap) 1.01x (Ambrosus) n/a
Average token reward (ATR)2 2.32x n/a 1.00x 0.89x n/a
Weighted average current reward on funds (WACRF)3 2.71x n/a 1.00x 0.87x n/a

Notes:

1 Data source: tokendata.io, coinschedule.com. 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).

2 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).

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

4 The data for many ICOs completed after October 1, 2017, is incomplete or non-existent.

The data for the third week of October (October 16-22, 2017) were adjusted to account for the appearance of more complete information on completed ICOs. The total amount of funds collected was $144.3 million. The amount collected through ICOs last week (October 23-29, 2017) was much higher, and equaled $241 million. This total included the results of the nine most successful completed ICOs, with the highest collected amount equaling around $144.3 million (Polkadot ICO). The average amount of funds collected per project was $26.8 million, which is considerably more than the same indicator for September as a whole. Please see Table 2.5 for further details on the nine 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 29, 2017) 283
The number of projects planning an ICO as of the current date (October 29, 2017) 297
The number of projects planning an ICO between October 30-November 5, 2017 12

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

The number of projects conducting active ICOs as of the current date (October 29, 2017) is 283. At present, there is information available on 297 planned ICOs to be conducted after October 29, 2017, including at least 12 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 105.7 10 10.6
October 9-15, 2017 199.6 14 14.3
October 16-22, 2017 144.3 15 9.6
October 23-29, 2017 241 9 26.8

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

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 the past week (October 23-29, 2017) 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-23-29-2017-figure-2-1

        2.Top ICOs

Table 2.5. Top 9 ICOs in terms of the amount of funds collected (October 23-29, 2017)

# Name of ICO*** Category** Collected, $ million Date
1 Polkadot Infrastructure* 144.3 October 27, 2017
2 Etherparty Infrastructure* 33.7 October 29, 2017
3 Unikoingold Gambling & Betting* 32.3 October 23, 2017
4 DECENT Bet Gambling & Betting* 16.2 October 23, 2017
5 Ties Network Social Network* 9.2 October 26, 2017
6 Mercury Protocol Infrastructure* 1.9 October 28, 2017
7 ESR Wallet Infrastructure* 1.5 October 25, 2017
8 Easymine Mining* 1.1 October 25, 2017
9 Swarm Fund Trading & Investing* 0.8 October 27, 2017
Total collected funds 241.0
Average collected funds, $ 26.8

* The category was established based on expert opinions.

** When compiling the lists of top ICOs, information from the websites tokendata.io, coinschedule.com and other specialized sources was used. The ICO project categories were taken from the website coinschedule.com. If there is no information on the website concerning the project category at the time of compilation of this analytical report, the category is determined by experts.

*** 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. Information may be incomplete for some ICOs (for instance, the amount of funds collected).

Table 2.5 shows the top 9 ICOs which were successfully completed last week and collected the greatest amounts of funds. In the lead was the Polkadot project, which is aimed at the creation of a network protocol to unite independent blockchain systems, making it possible to perform identification, data exchange, and transactions without the participation of the centralized exchanges. The token sale only lasted 12 days, and was performed as a Dutch auction. Over this period more than $144 million were collected. One of the obvious reasons for the success of this ICO is the heightened level of trust of market participants due to the direct participation of Gavin Wood, one of the authors of the code of the first version of Ether, in the project. The final token price of the project equaled 0.109 ETH.

Figure 2.2. Top 9 ICOs in terms of the amount of funds collected (October 23-29, 2017)

weekly-cryptocurrency-and-ico-market-analysis-october-23-29-2017-figure-2-2

        3.Top ICOs in their categories

The list of top ICOs for the week includes the following categories of ICO projects. Since the best projects in the categories Infrastructure and Social Network were considered in the two previous reports, in this report we only considered the top projects in the Gambling & Betting and Mining categories.

Table 2.6. Top 10 ICOs in terms of the amount of funds collected, Gambling & Betting category

Name of ICO Category** Collected, $ million Date Token performance
1 Unikoingold Gambling & Betting* 32.3 October 23, 2017 n/a
2 FunFair Gambling & Betting 26.0 June 23, 2017 2.74x
3 DECENT Bet Gambling & Betting* 16.2 October 23, 2017 4.19x
4 DAO.casino Gambling & Betting 12.4 July 21, 2017 1.03x
5 Wagerr Gambling & Betting 11.8 June 22, 2017 0.82x
6 BitDice Gambling & Betting 8.7 September 15, 2017 2.11x
7 True Flip Lottery Gambling & Betting 8.2 July 28, 2017 0.93x
8 BetKing Gambling & Betting 6.5 September 4, 2017 n/a
9 Peerplays Gambling & Betting 3.7 May 14, 2017 7.47x
10 SkinCoin Gambling & Betting 3 July 21, 2017 0.40x

* The category was established based on expert opinions.

** When compiling the lists of top ICOs, information from the websites tokendata.io, coinschedule.com and other specialized sources was used. The ICO project categories were taken from the website coinschedule.com. If there is no information on the website concerning the project category at the time of compilation of this analytical report, the category is determined by experts.

Table 2.6 lists the top 10 ICOs in the Gambling & Betting category. All of these projects were performed in 2017. The Unikoingold project, which was completed on October 23, 2017, can be considered one of the largest in this category. The DECENT Bet project, which also completed its ICO last week, took third place in the rating.

The Peerplays ICO can be considered one of the most successful projects, as this project has a Current Token Price to Token Sale Price ratio of 7.47x. When considering this indicator, it is important to remember that the Peerplays ICO ended on May 15, 2017, i.e. the token performance grew 7.47 times over the course of approximately five months.

Figure 2.3. Top 10 ICOs in terms of the amount of funds collected, Gambling & Betting category

weekly-cryptocurrency-and-ico-market-analysis-october-23-29-2017-figure-2-3

The rating of ICOs in the Mining category is given below.

Table 2.7. Top 3 ICOs in terms of the amount of funds collected, Mining category

Name of ICO Category Collected, $ million Date Token performance
1 Giga Watt Mining 20.2 July 31, 2017 1.61x
2 Easymine Mining* 1.1 October 25, 2017 n/a
3 Hydro Miner Pre-Sale Mining 0.4 September 25, 2017 n/a

* The category was established based on expert opinions.

One of the projects presented in this category, the Giga Watt ICO, has already completed the exchange listing process. This project has a Current Token Price to Token Sale Price ratio of 1.61x.

Figure 2.4. Top 3 ICOs in terms of the amount of funds collected, Mining category

weekly-cryptocurrency-and-ico-market-analysis-october-23-29-2017-figure-2-4

Nine ICO projects were successfully completed over the past week (October 23-29, 2017), each of which collected more than $100,000, with a total amount of funds collected of at least $241 million. The week’s leader was the Polkadot project ($144 million). The total amount of funds collected by a number of ICOs failed to reach even the $100,000 mark (the information for some projects is still being finalized). Overall, project organizers collected $100 million more funds last week as they did in the third week of October. At least another 12 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 presale and attracting of 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 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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