Coinspeaker partnered with ICOBox to provide our readers with this monthly analysis conducted by Professor Dima Kornilov and Dima Zaitsev devoted to cryptocurrency and digital assets markets.

Information as of November 5, 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 October 2017.

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

     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 November 5, 2017.

#Parameter1-Sep-171-Oct-17MoM, %1-Nov-17MoM, %5-Nov-17DoD, %
1Total market capitalization, USD billion171.64147.87-13.85%182.6523.52%199.519.23%
2Altcoin market capitalization, USD billion95.1175.91-20.19%75.36-0.72%76.121.01%
Altcoin dominance, %55.41%51.34%-7.35%41.3%-19.63%38.15%-7.53%
3Bitcoin price, $4 627.234 341.05-6.18%6 441.048.37%7 404.5214.96%
Bitcoin market capitalization, USD billion76.5372.05-5.86%107.2948.91%123.3915.01%
Bitcoin dominance, %44.59%48.66%9.13%58.7%20.72%61.85%5.29%
4Ethereum price, $355.64301.55-15.21%305.81.40%300.04-1.87%
Ethereum market capitalization, USD billion33.5728.62-14.76%29.181.99%28.66-1.79%
Ethereum dominance, %19.56%19.39%-0.87%16.0%-17.60%14.37%-10.09%
5Litecoin price, $79.9755.14-31.05%55.741.09%55.03-1.27%
Litecoin market capitalization, USD billion4.212.93-30.36%2.991.96%2.95-1.18%
Litecoin dominance, %2.45%1.98%-19.18%1.6%-17.35%1.48%-9.53%
6Smith + Crown Index10 3459 147-11.58%12 08332.10%13 77113.97%
7Volume (24h) 3 crypto, USD million3 7571 566-58.32%3 492123.03%2,765-20.82%
Market cap 3 crypto, USD million123 740108 240-12.53%144 18633.21%159 88210.89%
ZAK-3 Crypto index3.04%1.45%-52.36%2.4%67.43%1.73%-28.59%
8Volume (24h) 5 crypto, USD million5 7021 830-67.90%4 757159.92%3 665-22.95%
Market cap 5 crypto, USD million137 216118 380-13.73%154 51830.53%173 22712.11%
ZAK-5 Crypto index4.16%1.55%-62.80%3.1%99.13%2.12%-31.27%

* Data as of November 5, 2017, 00:00 UTC

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

In October, total cryptocurrency market capitalization increased by 23.52%, from $147.87 to $182.65 billion, and the Bitcoin, Ethereum and Litecoin exchange rates increased by 48.37%, 1.4% and 1.09%, respectively. The market capitalization of the dominant cryptocurrency, Bitcoin, grew from $72.05 to $107.29 billion in October. Therefore, one can conclude that the overall growth in the cryptocurrency market is due primarily to the growth in the exchange rate of Bitcoin, the capitalization of which surpassed $100 billion for the first time on October 20, 2017.

A significant jump in total cryptocurrency market capitalization was seen in the first five days of November (November 1-5, 2017), from $182.65 to $199.51 billion, i.e. by 9.23% (see Table 1.1). On November 3, 2017, total cryptocurrency market capitalization exceeded $200 billion for the first time. During the period from November 1st to November 5th the Bitcoin exchange rate appreciated by 14.96%, while the Ethereum and Litecoin exchange rates depreciated by 1.87% and 1.27%, respectively. Over the first five days of November, the Bitcoin exchange rate increased from $6,441 to $7,404.52.

The cryptocurrency market dominance indicators changed considerably, mainly due to the growth in Bitcoin’s share from 48.66% (on October 1, 2017) to 58.7% (on November 1, 2017). As of November 5, 2017, cryptocurrency dominance figures already equaled 61.85% (Bitcoin), 14.37% (Ethereum), and 1.48% (Litecoin) of total cryptocurrency market capitalization. Altcoin dominance (%) fell to 38.15%.

The Smith + Crown Index in October ranged from 9,147 to 12,083. As of November 5, 2017, the index equaled 13,771.

There were two cryptocurrency hard forks in October: involving Bitcoin (Bitcoin Gold, October 24, 2017) and Ethereum (Byzantium, October 16, 2017), which also impacted the activity of market participants. Another Bitcoin hard fork (Segwit2x), which has been the subject of much controversy, is expected in the middle of this month (tentatively November 15-16). According to CryptoCoins News, “Zimbabwe’s only bitcoin exchange, Golix.io, is readying up for Segwit2x, the second bitcoin fork on November 16, as global prices cross the $7,000 level. In Zimbabwe prices are now near $14,000” (https://www.cryptocoinsnews.com/zimbabwe-bitcoin-exchange-readies-up-for-segwit2x-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 November 5, 2017, the 24-hour trading volumes (Volume 24h) for the three dominate cryptocurrencies (Bitcoin, Ethereum, Ripple) equaled $2,765 million (Table 1.2), and for the five dominant cryptocurrencies $3,665 million (Table 1.3). All told, the daily values of the ZAK-3 Crypto and ZAK-5 Crypto indices equaled 1.7% and 2.1% of the market capitalization of the analyzed cryptocurrencies.

Table 1.2. Daily ZAK-3 Crypto index calculation (from October 1, 2017, to November 5, 2017)

Crypto Bitcoin (BTC)Ethereum (ETH)Ripple (XRP)3 Crypto
 Price Open BTCVolume (24h)Market capPrice Open ETHVolume (24h)Market capPrice OpenVolume (24h)Market capVolume (24h) 3 cryptoMarket cap 3 cryptoZAK-3 Crypto index
Date$USD millionUSD million$USD millionUSD million$USD millionUSD millionUSD millionUSD million%
Nov 5, 20177404.52 380123 388300.033828 6620.2033477 8322 765159 8821.7%
Nov 4, 20177164.52 484119 376305.541629 1750.2081748 0182 974156 5691.9%
Nov 3, 20177087.53 370118 084288.564627 5470.20623737 9454 390153 5772.9%
Nov 2, 20176777.84 654112 910290.790527 7540.19461987 4985 756148 1623.9%
Nov 1, 20176441.02 870107 287305.855429 1840.2002687 7163 492144 1862.4%
Oct 31, 20176132.02 311102 130307.437029 3320.2024447 7992 725139 2602.0%
Oct 30, 20176114.91 772101 833304.833129 0780.2031357 8252 138138 7351.5%
Oct 29, 20175754.42 85995 820296.455228 2700.2014637 7593 473131 8492.6%
Oct 28, 20175787.81 40496 370297.926428 4100.2026277 8061 695132 5861.3%
Oct 27, 20175899.71 71098 225296.525728 2700.2037307 8481 997134 3431.5%
Oct 26, 20175748.01 90595 685298.027028 4080.2044387 8782 214131 9711.7%
Oct 25, 20175524.61 96791 954298.432528 4420.2071757 9802 367128 3771.8%
Oct 24, 20175935.52 73698 782287.168427 3580.19562207 5353 640133 6752.7%
Oct 23, 20176006.02 40299 942295.148228 1110.20351007 8412 984135 8942.2%
Oct 22, 20176036.72 035100 438300.632728 6250.2110768 1292 438137 1911.8%
Oct 21, 20175996.82 20799 763303.640828 9070.21021178 0992 732136 7692.0%
Oct 20, 20175708.12 35494 948308.139729 3260.21511838 2882 934132 5622.2%
Oct 19, 20175583.71 78192 867314.535029 9380.21823058 4092 435131 2141.9%
Oct 18, 20175603.82 39993 190316.960630 1610.23123548 9093 360132 2602.5%
Oct 17, 20175741.61 82295 469333.551031 7280.25614119 8682 743137 0652.0%
Oct 16, 20175687.62 00894 559336.769332 0290.263496310 1493 664136 7372.7%
Oct 15, 20175836.01 97697 012339.563532 2920.25752809 9232 892139 2272.1%
Oct 14, 20175643.51 66993 803338.951732 2220.261221110 0632 397136 0881.8%
Oct 13, 20175464.23 61590 812304.11 30428 9110.24833999 5845 319129 3074.1%
Oct 12, 20174829.62 79280 257303.552828 8510.265024510 2313 564119 3393.0%
Oct 11, 20174789.31 22279 578301.226428 6260.260716110 0621 648118 2661.4%
Oct 10, 20174776.21 59779 352297.636028 2810.25283849 7582 341117 3922.0%
Oct 9, 20174614.51 96976 657308.755929 3280.278861010 7593 138116 7442.7%
Oct 8, 20174429.71 31473 575311.129329 5510.23835309 1982 137112 3241.9%
Oct 7, 20174369.490772 565308.934229 3400.2340789 0301 327110 9361.2%
Oct 6, 20174324.51 07071 811295.231928 0310.23771679 1151 556108 9571.4%
Oct 5, 20174229.91 16270 234292.825427 8000.21564048 2661 820106 3001.7%
Oct 4, 20174319.41 11771 713292.825827 7940.20321247 7921 498107 2991.4%
Oct 3, 20174408.51 28873 181297.532228 2390.2032497 7921 658109 2121.5%
Oct 2, 20174395.81 43272 963302.533928 7090.2061777 9021 849109 5731.7%
Oct 1, 20174341.11 20872 047301.630628 6150.1976517 5781 566108 2401.4%

* Data as of November 5, 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), i.e. 4.1% of their market capitalization, on October 13, 2017 (Table 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 October (the maximum amounts of market capitalization for the period are marked in red, and the minimum in green). It follows that Bitcoin and Bitcoin Cash demonstrated the largest change during the period in terms of growth in market capitalization and exchange rates, while the capitalization and exchange rates of the remaining cryptocurrencies did not differ greatly on October 1, 2017, and November 5, 2017.

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

CryptoLitecoin (LTC)Bitcoin Cash (BCH)5 Crypto
 Price OpenVolume (24h)Market capPrice OpenVolume (24h)Market capVolume (24h)Market capZAK-5 Crypto index
Date$USD millionUSD million$USD millionUSD millionUSD millionUSD million%
Nov 5, 201755.0384.3022 954619.9181610 3913 665173 2272.1%
Nov 4, 201756.2283.63313 017635.351 16110 6474 219170 2332.5%
Nov 3, 201754.58150.032 928587.321 6829 8406 222166 3453.7%
Nov 2, 201753.56221.0772 873527.681 6328 8407 610159 8754.8%
Nov 1, 201755.74112.7592 989438.31 1527 3424 757154 5183.1%
Oct 31, 201756.3799.38113 022449.373447 5273 168149 8102.1%
Oct 30, 201756.84129.2873 046458.457967 6793 064149 4612.1%
Oct 29, 201754.67138.342 929420.472 0027 0425 614141 8204.0%
Oct 28, 201755.3871.06322 967369.547816 1842 547141 7361.8%
Oct 27, 201755.6778.92312 981338.35025 6562 578142 9801.8%
Oct 26, 201756.4781.10473 023332.112355 5512 530140 5451.8%
Oct 25, 201755.95114.512 995326.591525 4582 633136 8291.9%
Oct 24, 201754.96199.7892 941315.92675 2784 107141 8942.9%
Oct 23, 201756.77177.3153 037330.671925 5253 353144 4562.3%
Oct 22, 201758.2796.78143 116323.53565 4052 890145 7132.0%
Oct 21, 201760.3139.5033 224326.751305 4593 001145 4522.1%
Oct 20, 201759.81150.5423 197330.91605 5283 245141 2872.3%
Oct 19, 201760.82160.9433 250339.271965 6672 791140 1312.0%
Oct 18, 201759.59283.8693 183373.654776 2414 121141 6842.9%
Oct 17, 201764.67205.3633 454313.71 0085 2403 956145 7582.7%
Oct 16, 201765.72200.4283 509315.261185 2653 982145 5112.7%
Oct 15, 201764.13453.943 423322.421335 3853 479148 0352.4%
Oct 14, 201759.41313.1063 170321.541645 3702 874144 6272.0%
Oct 13, 201760.55357.1243 230314.152885 2435 964137 7804.3%
Oct 12, 201750.89341.3692 714315.472625 2624 168127 3153.3%
Oct 11, 201750.7557.39012 706320.21325 3411 837126 3131.5%
Oct 10, 201750.1590.41552 673313.223685 2242 799125 2892.2%
Oct 9, 201753.08152.3662 829342.762885 7163 579125 2892.9%
Oct 8, 201752.49100.8412 797360.092046 0052 441121 1262.0%
Oct 7, 201752.1451.78622 777363.6916 0631 470119 7761.2%
Oct 6, 201751.6459.35592 749355.441825 9271 797117 6331.5%
Oct 5, 201751.469.59442 736358.422685 9712 158115 0081.9%
Oct 4, 201752.2877.47342 782404.22526 7301 827116 8111.6%
Oct 3, 201753.3988.51612 841421.791307 0221 877119 0751.6%
Oct 2, 201754.5595.47462 901415.872206 9222 164119 3961.8%
Oct 1, 201755.14100.1832 932433.381647 2081 830118 3801.5%

The high trading volume (Volume 24h) relative to market capitalization contributes to increased volatility and wild price changes on the cryptocurrency market. The highest ZAK-3 Crypto and ZAK-5 Crypto indices are highlighted in pink in Tables 1.2 and 1.3.

The graph below shows the price trends of Bitcoin and Ethereum from the start of October (fig. 1).

Figure 1. Price trends of Bitcoin, Ethereum

monthly-cryptocurrency-and-ico-market-analysis-october-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 October.

The Bitcoin Gold hard fork took place one day before the announced date, on October 24. This hard fork led to the appearance of a new cryptocurrency on the cryptocurrency market, Bitcoin Gold (BTG). It was initially offered for $480, but just one day later its exchange rate had already fallen to $132. As of November 6, 2017, the Bitcoin Gold exchange rate was $165.60.

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 Bitcoin Gold hard fork is of interest (see fig. 2).

Figure 2. Price trends of Bitcoin and Bitcoin Cash

monthly-cryptocurrency-and-ico-market-analysis-october-2017-figure-2

 

Figure 2 illustrates the fairly substantial interest of market participants in Bitcoin and the intermittent demand for the alternative cryptocurrency Bitcoin Cash over the first three weeks of October. A significant growth in both cryptocurrencies began from October 25, 2017. Since the beginning of October, the Bitcoin Cash exchange rate has appreciated by $187, from $433 to $619.90, and the Bitcoin exchange rate has appreciated by more than $3,000, from $4,341.10 to $7,404.50.

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

Figures 3, 4. Price trends of Bitcoin and Ethereum

monthly-cryptocurrency-and-ico-market-analysis-october-2017-figure-3

monthly-cryptocurrency-and-ico-market-analysis-october-2017-figure-4

Data source: coinmarketcap.com

As can be seen from figures 3 and 4, fairly robust growth in the Bitcoin exchange rate (white bars) and a slight fall in the Ethereum exchange rate (black bars) have been seen since the start of the October. Over the past week there was a daily growth in the Bitcoin exchange rate; however, on November 5, 2017, it stopped (black bar), which could signal a slowing of growth or even a temporary fall (adjustment) in the exchange rate with subsequent growth.

Below is an analysis of the daily changes in the Bitcoin, Ethereum, and Bitcoin Cash exchange rates from the beginning of October 2017 (Tables 1.4.a, 1.4.b, 1.4.c).

Table 1.4.a. Daily change in the Bitcoin (BTC) exchange rate, trading volume (Volume 24h) and capitalization (from October 1, 2017, to November 5, 2017)

DateOpen, $High, $Low, $Range, $Close, $DoD, %D, %Index, rate to start of yearVolume (24h), USD millionMarket cap, USD million
November 5, 20177404.527617.487333.19284.297407.41100.4%0.47.422 380123 388
November 4, 20177164.487492.867031.28461.587379.95102.4%2.47.392 484119 376
November 3, 20177087.537461.297002.94458.357207.76101.8%1.87.223 370118 084
November 2, 20176777.777367.336758.72608.617078.50104.6%4.67.094 654112 910
November 1, 20176440.976767.316377.88389.436767.31104.6%4.66.782 870107 287
October 31, 20176132.026470.436103.33367.106468.40105.5%5.56.482 311102 130
October 30, 20176114.856214.996040.85174.146130.5399.6%-0.46.141 772101 833
October 29, 20175754.446255.715724.58531.136153.85107.0%7.06.162 85995 820
October 28, 20175787.825876.725689.19187.535753.0999.5%-0.55.761 40496 370
October 27, 20175899.745988.395728.82259.575780.9097.9%-2.15.791 71098 225
October 26, 20175747.955976.805721.22255.585904.83102.7%2.75.911 90595 685
October 25, 20175524.605754.335397.88356.455750.80104.1%4.15.761 96791 954
October 24, 20175935.525935.525504.18431.345526.6493.2%-6.85.542 73698 782
October 23, 20176006.006075.595732.47343.125930.3298.7%-1.35.942 40299 942
October 22, 20176036.666076.265792.34283.926008.4299.6%-0.46.022 035100 438
October 21, 20175996.796194.885965.07229.816031.60100.3%0.36.042 20799 763
October 20, 20175708.116060.115627.23432.886011.45105.3%5.36.022 35494 948
October 19, 20175583.745744.355531.06213.295708.52102.1%2.15.721 78192 867
October 18, 20175603.825603.825151.44452.385590.6999.7%-0.35.602 39993 190
October 17, 20175741.585800.355472.72327.635605.5197.9%-2.15.611 82295 469
October 16, 20175687.575776.235544.21232.025725.59100.8%0.85.742 00894 559
October 15, 20175835.965852.485478.61373.875678.1997.4%-2.65.691 97697 012
October 14, 20175643.535837.705591.64246.065831.79103.3%3.35.841 66993 803
October 13, 20175464.165840.305436.85403.455647.21103.7%3.75.663 61590 812
October 12, 20174829.585446.914822.00624.915446.91112.9%12.95.462 79280 257
October 11, 20174789.254873.734751.63122.104826.48100.9%0.94.831 22279 578
October 10, 20174776.214922.174765.10157.074781.99100.2%0.24.791 59779 352
October 9, 20174614.524878.714564.25314.464772.02103.5%3.54.781 96976 657
October 8, 20174429.674624.144405.64218.504610.48104.1%4.14.621 31473 575
October 7, 20174369.354443.884321.05122.834426.89101.3%1.34.4390772 565
October 6, 20174324.464413.274320.5392.744370.81101.0%1.04.381 07071 811
October 5, 20174229.884362.644164.05198.594328.41102.3%2.34.341 16270 234
October 4, 20174319.374352.314210.42141.894229.3698.0%-2.04.241 11771 713
October 3, 20174408.464432.474258.89173.584317.4897.9%-2.14.321 28873 181
October 2, 20174395.814470.234377.4692.774409.32100.1%0.14.421 43272 963
October 1, 20174341.054403.744269.81133.934403.74101.5%1.54.411 20872 047

* Data as of November 5, 2017, 00:00 UTC

Data source: coinmarketcap.com

Since the start of October, the Bitcoin exchange rate has ranged from $4,164.05 (on October 5, 2017) to $7,617.48 (on November 5, 2017), i.e. a change of around $3,500, with the largest daily fluctuation of $624.91 being seen on October 12, 2017.

Through the use of conditional formatting, tables 1.4.a, 1.4.b, and 1.4.c clearly show the range of changes in the indicators. The highest exchange rates of the cryptocurrencies and their maximum daily fluctuation (Range) are shown in red, and their minimum amounts in green.

Table 1.4.b. Daily change in the Ethereum (ETH) exchange rate, trading volume (Volume 24h) and capitalization (from October 1, 2017, to November 5, 2017)

DateOpen, $High, $Low, $Range, $Close, $DoD, %D, %Index, rate to start of yearVolume(24h), USD millionMarket cap, USD million
November 5, 2017300.04301.37295.126.25296.2698.6%-1.436.2633828 662
November 4, 2017305.48305.48295.809.68300.4798.3%-1.736.7841629 175
November 3, 2017288.50308.31287.6920.62305.71106.4%6.437.4264627 547
November 2, 2017290.73293.91281.1712.74287.4398.5%-1.535.1890527 754
November 1, 2017305.76306.40290.5815.82291.6995.4%-4.635.7055429 184
October 31, 2017307.38310.55305.884.67305.8899.4%-0.637.4437029 332
October 30, 2017304.78310.50304.356.15307.75100.9%0.937.6733129 078
October 29, 2017296.38313.75296.3817.37305.09103.0%3.037.3455228 270
October 28, 2017297.92300.36293.586.78296.3099.6%-0.436.2726428 410
October 27, 2017296.51299.26294.065.20297.42100.3%0.336.4025728 270
October 26, 2017298.02301.07295.225.85296.5399.5%-0.536.2927028 408
October 25, 2017298.44301.85290.7211.13297.9399.9%-0.136.4732528 442
October 24, 2017287.12311.96282.6629.30298.33104.0%4.036.5268427 358
October 23, 2017295.10295.75277.5718.18286.9597.1%-2.935.1248228 111
October 22, 2017300.55305.50292.8112.69295.4598.4%-1.636.1632728 625
October 21, 2017303.57303.93291.7712.16300.1998.7%-1.336.7440828 907
October 20, 2017308.05311.44303.497.95304.0198.7%-1.337.2139729 326
October 19, 2017314.54316.71305.8310.88308.0998.0%-2.037.7135029 938
October 18, 2017316.94317.24290.6426.60314.3299.1%-0.938.4760630 161
October 17, 2017333.48333.48311.7921.69317.0895.1%-4.938.8151031 728
October 16, 2017336.71349.35332.0417.31333.3899.0%-1.040.8169332 029
October 15, 2017339.53342.72320.4322.29336.6099.1%-0.941.2063532 292
October 14, 2017338.85347.98334.7013.28339.63100.3%0.341.5751732 222
October 13, 2017304.08348.60299.6648.94338.76111.4%11.441.461 30428 911
October 12, 2017303.50309.15303.295.86304.14100.2%0.237.2352828 851
October 11, 2017301.18304.39299.105.29303.46101.2%1.237.1426428 626
October 10, 2017297.60306.15293.1712.98299.87100.8%0.836.7036028 281
October 9, 2017308.67309.31288.1921.12297.3996.4%-3.636.4055929 328
October 8, 2017311.06312.54308.034.51308.6199.2%-0.837.7729329 551
October 7, 2017308.89313.13304.988.15311.12100.8%0.838.0834229 340
October 6, 2017295.15308.84294.9513.89308.59104.3%4.337.7731928 031
October 5, 2017292.77298.04288.849.20295.86101.1%1.136.2125427 800
October 4, 2017292.75299.39290.898.50292.66100.1%0.135.8225827 794
October 3, 2017297.48300.11288.1311.98292.4698.3%-1.735.8032228 239
October 2, 2017302.48302.92294.588.34297.4898.4%-1.636.4133928 709
October 1, 2017301.55303.19295.068.13302.34100.3%0.337.0130628 615

* Data as of November 5, 2017, 00:00 UTC

Data source: coinmarketcap.com

Since the start of October, the Ethereum exchange rate has ranged from $277.57 (on October 23, 2017) to $349.35 (on October 16, 2017), i.e. a change of more than $70. The increase in the exchange rate was connected with expectations for the hard fork. The largest daily fluctuation was $48.94, recorded on October 13, 2017. The Ethereum exchange rate depreciated over the analyzed period from $301.55 to $296.26 (Table 1.4.b).

Since the beginning of 2017, the Bitcoin and Ethereum exchange rates have increased by a factor of 7.42 and 36.26, respectively (see Tables 1.4.a and 1.4.b).

Table 1.4.c. Daily change in the Bitcoin Cash (BCH) exchange rate, trading volume (Volume 24h) and capitalization (from October 1, 2017, to November 5, 2017)

DateOpen, $High, $Low, $Range, $Close, $DoD, %D, %Index, rate to Aug 1, 2017Volume (24h), USD millionMarket cap, USD million
November 5, 2017619.9635.7579.156.6630.7101.7%1.71.6681610 391
November 4, 2017635.4642.1571.170.9620.599.2%-0.81.631 16110 647
November 3, 2017587.3684.5577.9106.7625.3106.5%6.51.651 6829 840
November 2, 2017527.7610.4514.595.9587.2110.4%10.41.551 6328 840
November 1, 2017438.3538.3437.9100.4531.8121.1%21.11.401 1527 342
October 31, 2017449.4454.1431.822.3439.198.0%-2.01.163447 527
October 30, 2017458.5478.4417.660.8448.299.2%-0.81.187967 679
October 29, 2017420.5526.1408.4117.7451.9106.7%6.71.192 0027 042
October 28, 2017369.5425.4369.156.4423.4115.2%15.21.117816 184
October 27, 2017338.3372.8338.234.6367.6108.7%8.70.975025 656
October 26, 2017332.1350.9331.219.7338.2101.8%1.80.892355 551
October 25, 2017326.6334.4320.414.0332.1101.6%1.60.871525 458
October 24, 2017315.9340.5311.529.0326.9103.6%3.60.862675 278
October 23, 2017330.7332.3309.922.4315.695.2%-4.80.831925 525
October 22, 2017323.5355.5323.532.0331.7102.6%2.60.873565 405
October 21, 2017326.8328.5317.511.0323.498.8%-1.20.851305 459
October 20, 2017330.9333.0323.19.9327.499.0%-1.00.861605 528
October 19, 2017339.3339.3326.313.0330.897.5%-2.50.871965 667
October 18, 2017373.7376.2313.862.4339.291.2%-8.80.894776 241
October 17, 2017313.7395.0309.685.3371.7118.5%18.50.981 0085 240
October 16, 2017315.3318.0310.57.5313.699.6%-0.40.831185 265
October 15, 2017322.4323.6307.715.9315.097.8%-2.20.831335 385
October 14, 2017321.5327.4317.410.1322.0100.2%0.20.851645 370
October 13, 2017314.2323.1304.418.7321.5102.6%2.60.852885 243
October 12, 2017315.5330.1310.719.4313.299.5%-0.50.822625 262
October 11, 2017320.2321.3312.19.1314.997.9%-2.10.831325 341
October 10, 2017313.2352.0311.740.3321.6102.4%2.40.853685 224
October 9, 2017342.8342.8289.053.7314.291.8%-8.20.832885 716
October 8, 2017360.1362.5337.025.5342.294.9%-5.10.902046 005
October 7, 2017363.6364.9356.18.8360.899.4%-0.60.95916 063
October 6, 2017355.4371.3355.016.3363.0102.0%2.00.961825 927
October 5, 2017358.4371.2348.522.7355.899.2%-0.80.942685 971
October 4, 2017404.2404.5354.649.9358.588.7%-11.30.942526 730
October 3, 2017421.8421.8395.726.1404.296.0%-4.01.061307 022
October 2, 2017415.9430.9411.819.0421.2101.5%1.51.112206 922
October 1, 2017433.4436.9415.221.8415.296.0%-4.01.091647 208

* Data as of November 5, 2017, 00:00 UTC

Data source: coinmarketcap.com

The Bitcoin Cash exchange rate appreciated from $433.40 to $630.70 (Table 1.4.c) during the analyzed period (October 1-November 5, 2017), with the largest fluctuation in the daily range equaling $117.72 on October 29, 2017. The maximum exchange rate was $684.53 (on November 3, 2017), and the minimum exchange rate was $289.04 (on October 9, 2017).

The total Bitcoin Cash exchange rate index from August 1, 2017, equaled 1.66 (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 has increased by 66%, while the Bitcoin exchange rate has appreciated over the same period by 173%.

Market trends

The weekly cryptocurrency and digital asset market trends from July 2, 2017, to November 5, 2017, are presented as graphs (Fig. 1.1-1.5)*.

Table 1.5. Legends and descriptions of the figures

Global FiguresFigure**Description
Total cryptocurrency market capitalization, USD millionFig. 1.1This 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. 1.1This 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. 1.2This 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. 1.2This 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 assetsFig.1.3This 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 November 5, 2017, this number had already reached 1,170.
Average market capitalization, USD millionFig. 1.3This 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 capitalizationFig. 1.4, 1.5This figure shows the time trend (forecast) change in cryptocurrency and digital asset market capitalization.

* Data as of November 6, 2017, 00:00 UTC

** The figures below present average data for 24 hours

Data source: coinmarketcap.com

Figure 1.1. Total cryptocurrency market capitalization**

monthly-cryptocurrency-and-ico-market-analysis-october-2017-figure-1-1

** Average daily data

Figure 1.1 shows a graph of the weekly cryptocurrency market change from July 2, 2017, to November 5, 2017. Over this period, market capitalization grew from $94,716 million to $199,892 million, a growth of 1,029% relative to the start of the year. The total market capitalization increased considerably over the past week from $170,353 million to $199,892 million (as of November 5, 2017). In addition, on November 3rd the threshold of $200 billion was surpassed for the first time, with total market capitalization reaching $201.5 billion.

Figure 1.2. Change in market capitalization

monthly-cryptocurrency-and-ico-market-analysis-october-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. In the third quarter these fluctuations ranged from-28% to +39% per week (fig. 1.2). Since the start of the fourth quarter, the range of fluctuations has narrowed, with market capitalization changing from -2% to +17% per week (fig. 1.2), which signifies the increased stability and partial formation of the structure of the market. 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 30-November 5, 2017), total cryptocurrency market capitalization increased by $29,539 million or 17%.

Figure 1.3. Number of cryptocurrencies and digital assets

monthly-cryptocurrency-and-ico-market-analysis-october-2017-figure-1-3

The total number of cryptocurrencies and digital assets listed on exchanges has grown since July from 881 to 1,170. Last week their number was adjusted, and decreased by 13. At the same time, the average cryptocurrency and digital asset capitalization increased from $144 to $170.8 million over the analyzed period.

Figures 1.4 and 1.5. Forecast of total cryptocurrency market capitalization

monthly-cryptocurrency-and-ico-market-analysis-october-2017-figure-1-4

monthly-cryptocurrency-and-ico-market-analysis-october-2017-figure-1-5

Since mid-September a stable growth trend in cryptocurrency market capitalization has been seen. In the second week of October (October 9-15, 2017), the market 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, and last week (October 30-November 5, 2017) was marked by a significant growth of 17%. A slight market adjustment is possible, as the growth is due, for the most part, to the dominant cryptocurrency, Bitcoin (the increase in Bitcoin’s capitalization over the week equaled $27.6 billion). The gradual waning of the “growing bull” is being seen. Some market participants may conclude that the Bitcoin exchange rate has already reached its peak for the short term, and that it is becoming expedient to sell their digital assets (in particular, Bitcoin, the market dominance of which has grown to 61.85%) and temporarily withdraw their funds or transfer them into other cryptocurrencies (including those at the ICO stage).

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

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

  • Bitcoin Sets New Record as Price Tops $7,000 [source: Сoindesk]
  • India’s Largest Bank Goes Big on Blockchain [source: Сryptocoinsnews]
  • Samsung Creates Bitcoin Mining Rig With 40 Used Galaxy S5 Phones [source: Сryptocoinsnews]
  • Bitcoin Exchange Coinbase adds 100,000 users in 24 hrs., Shows Surging Interest in Crypto [source: Сointelegraph]
  • All Tokens or Cryptocurrencies are Securities, Says New Zealand’s Financial Regulator [source: Сryptocoinsnews]
  • Ban All Crypto ‘Dealers’, India Committee Reportedly Tells Government [source: Сointelegraph]
  • Vietnam Bans Bitcoin Payments, Global Markets Unfazed [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

IndicatorDescription
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

IndicatorAugust

2017

September

2017

October

2017

November 1-5, 2017

 

Total amount of funds collected, USD million1330.0802.9794.247.7
Number of companies that completed an ICO13548684
Maximum collected, USD million (ICO name)54.6 (Salt)257.0 (Filecoin)144.3 (Polkadot)31.9 (Raiden Network)
Average collected funds, USD million9.416.711.711.9
Max token reward (ICO name)22.76 (Neblio)3.86x (Internxt)4.9x (Electroneum)n/a
Average token reward (ATR)22.28x1.44x1.34xn/a
Weighted average current reward on funds (WACRF)31.35x1.10x1.45xn/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 November 5, 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 $1.34 for projects completed in October 2017. To calculate this ratio, the authors used the data from 68 ICOs completed between October 1 and November 1, 2017. The maximum token reward for the period under review was 4.9x for the Electroneum ICO (based on the assessment made on November 5, 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 November 1, 2017, is incomplete or non-existent.

The data for October 2017 were adjusted to account for the appearance of more comprehensive information on completed ICOs. The total amount of funds collected was $794.2 million. This total included the results of 68 successfully completed ICOs, with the highest collected amount equaling around $144.3 million (Polkadot ICO). The average amount of funds collected per project was $11.7 million, which is somewhat less than the same indicator for October as a whole. The amount of funds collected through ICOs during September and October 2017 was practically identical, and was considerably higher than the same indicator for August 2017 ($330 million). Table 2.5 gives more in-depth details on the largest ICOs in October.

    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

IndicatorValue
The number of projects conducting an active ICO as of the current date (November 5, 2017)238
The number of projects planning an ICO as of the current date (November 5, 2017)285
The number of projects planning an ICO between November 6-12, 2017 г.21

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

The number of projects conducting active ICOs as of the current date (November 5, 2017) is 238. At present, there is information available on 285 planned ICOs to be conducted after November 5, 2017, including at least 21 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

MonthCollected, $ millionNumber of ICOs*Average collected, $ million
January4.531.5
February9.751.94
March4.731.57
April127.8177.52
May168.41610.53
June995.23033.17
July461.32915.91
August330.0359.43
September730.34516.23
October794.26811.7
November 1-5, 201747.7411.9

* 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 from the start of November (November 1-5, 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

monthly-cryptocurrency-and-ico-market-analysis-october-2017-figure-2-1

        2.Top ICOs

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

#Name of ICO***Category**Collected, $ millionDate
1Raiden NetworkInfrastructure*31.9November 1, 2017
2CartaxiTransport*8.7November 1, 2017
3Debit CoinPayments*5.4November 1, 2017
4Crypto TicketsArt & Music*1.7November 5, 2017
Total collected funds47.7
Average collected funds, $11.9

* 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 four ICOs which were successfully completed since the start of the month and collected the greatest amounts of funds. In the lead was the Raiden Network, which is an off-chain scaling solution, enabling near-instant, low-fee and scalable payments. It’s complementary to the Ethereum blockchain and works with any ERC20 compatible token.

Figure 2.2. Top four ICOs in terms of the amount of funds collected (November 1-5, 2017)

monthly-cryptocurrency-and-ico-market-analysis-october-2017-figure-2-2

        3.Top ICOs in their categories

The list of top ICOs for the month (week) includes the following categories of ICO projects.

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

Name of ICOCategory**Collected, $ millionDateToken performance
1TezosInfrastructure232.3July 13, 2017n/a
2EOS Stage 1Infrastructure185July 1, 2017n/a
3The DAOInfrastructure168May 28, 2016n/a
4BancorInfrastructure153June 12, 20170.48x
5PolkadotInfrastructure*144.3October 27, 2017n/a
6KinInfrastructure97September 26, 20170.44x
7StatusInfrastructure90June 20, 20170.87x
8ICONInfrastructure42.8September 20, 2017n/a
9SonmInfrastructure42June 17, 20170.74x
10ElectroneumInfrastructure40October 20, 20174.9х

* 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 Infrastructure category. Nearly all of these projects were performed in 2017. The Tezos project, which offered an intelligent system for creating safe smart contracts and completed its ICO on July 13, 2017, can be considered the largest in this category. However, disagreements later arose among the project founders. Also, a class action lawsuit alleging the sale of unregistered securities, false advertising and unfair competition was filed in California against the founders and promoters of the Tezos project.

The exchange listing of the Electroneum ICO can be considered one of the most successful projects, as this project has a Current Token Price to Token Sale Price ratio of 4.9x (as of November 4, 2017). When considering this indicator, it is important to remember that the Electroneum ICO ended on October 20, 2017, i.e. the token performance grew 4.9 times over the course of less than two weeks. During the ICO tokens were sold for $0.01, but by the time of their exchange listing in early November 2017 their price had grown sharply to $0.23, i.e. by 23 times. At the time of this analysis (November 4, 2017), the token price equaled $0.049.

Last week’s leader was the Polkadot project, which collected $144.3 million. This project was considered in the previous report.

Table 2.7 shows the ten largest ICOs performed during October 2017.

Table 2.7. Top 10 ICOs in terms of the amount of funds collected during October 2017

#Name of ICOCategoryCollected, USD millionDate
1PolkadotInfrastructure*144.3October 2017
2DomRaiderPayments42October 2017
3ElectroneumInfrastructure40October 2017
4AirSwapTrading & Investing*36.3October 2017
5Ether PartyInfrastructure*33.5October 2017
6Request NetworkPayments*33.3October 2017
7UnikoingoldGambling & Betting*32.3October 2017
8AmbrosusSupply & Logistics*32.2October 2017
9StreamrData Storage*32October 2017
10Power LedgerEnergy & Utilities26.4October 2017

* The category was established based on expert opinions.

The three leaders were projects from the Infrastructure and Payments categories. These categories traditionally have some of the most successful ICOs by amount of funds collected.

Four ICO projects have been successfully completed since the start of November (November 1-5, 2017), each of which collected more than $100,000, with a total amount of funds collected of at least $47.7 million. The amount of funds collected during October 2017 equaled $794.2 million. This amount includes the 68 projects considered. The week’s leader was the Polkadot project (more than $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, the amount of funds collected over the past month was at the same level as in September 2017. At least another 21 ICOs are planned for next week.

The Glossary is given in Annex 1.

Annex 1 – Glossary

Key termsDefinition
Initial coin offering, ICOA 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 capitalizationValue 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 capitalizationAggregate market value of cryptocurrencies circulating on the market.
Total cryptocurrency market capitalizationCryptocurrency and digital asset market capitalization, i.e. the aggregate market value of all cryptocurrencies and digital assets circulating on the market.
Token rewardToken performance (current token price / token price during the ICO), i.e. the reward per $1 spent on buying tokens.
DominanceMarket 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-minedA 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 assetsNumber 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 capitalizationAverage 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 saleAlternative 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 saleSimilar 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 indexThe 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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