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 November 12, 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 and fourth quarters, with special emphasis on an analysis of the changes that have taken place since the beginning of November 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, month).

Table 1.1. Trends in the capitalization of the cryptocurrency market and main cryptocurrencies from August 1, 2017, to November 12, 2017

# Parameter 1-Sep-17 1-Oct-17 MoM, % 1-Nov-17 MoM, % 5-Nov-17 DoD, % 12-Nov-17 DoD, %
1 Total market capitalization, USD billion 171.64 147.87 -13.85% 182.65 23.52% 199.51 9.23% 200.58 0.54%
2 Altcoin market capitalization, USD billion 95.11 75.91 -20.19% 75.36 -0.72% 76.12 1.01% 95.60 25.59%
Altcoin dominance, % 55.41% 51.34% -7.35% 41.3% -19.63% 38.15% -7.53% 47.7% 24.92%
3 Bitcoin price, $ 4627.23 4341.05 -6.18% 6441.0 48.37% 7404.52 14.96% 6295.5 -14.98%
Bitcoin market capitalization, USD billion 76.53 72.05 -5.86% 107.29 48.91% 123.39 15.01% 104.98 -14.92%
Bitcoin dominance, % 44.59% 48.66% 9.13% 58.7% 20.72% 61.85% 5.29% 52.3% -15.37%
4 Ethereum price, $ 355.64 301.55 -15.21% 305.8 1.40% 300.04 -1.87% 314.7 4.88%
Ethereum market capitalization, USD billion 33.57 28.62 -14.76% 29.18 1.99% 28.66 -1.79% 30.11 5.04%
Ethereum dominance, % 19.56% 19.39% -0.87% 16.0% -17.60% 14.37% -10.09% 15.0% 4.48%
5 Bitcoin Cash price, $ 588.4 433.38 -26.35% 438.3 1.14% 619.91 41.44% 1346.97 117.28%
Bitcoin Cash market capitalization, USD billion 9.74 7.21 -26.00% 7.34 1.87% 10.39 41.52% 22.61 117.64%
Bitcoin Cash dominance, % 5.7% 4.9% -14.11% 4.0% -17.53% 5.21% 29.56% 11.3% 116.47%
6 Litecoin price, $ 79.97 55.14 -31.05% 55.74 1.09% 55.03 -1.27% 62.31 13.23%
Litecoin market capitalization, USD billion 4.21 2.93 -30.36% 2.99 1.96% 2.95 -1.18% 3.35 13.45%
Litecoin dominance, % 2.45% 1.98% -19.18% 1.6% -17.35% 1.48% -9.53% 1.7% 12.85%
7 Smith + Crown Index 10345 9147 -11.58% 12083 32.10% 13771 13.97% 12246 -11.07%
8 Volume (24h) 3 crypto, USD million 3757 1566 -58.32% 3492 123.03% 2765 -20.82% 10822 291.39%
Market cap 3 crypto, USD million 123740 108240 -12.53% 144186 33.21% 159882 10.89% 143186 -10.44%
ZAK-3 Crypto index 3.04% 1.45% -52.36% 2.4% 67.43% 1.73% -28.59% 7.6% 337.03%
9 Volume (24h) 5 crypto, USD million 5702 1830 -67.90% 4757 159.92% 3665 -22.95% 19516 432.45%
Market cap 5 crypto, USD million 137216 118380 -13.73% 154518 30.53% 173227 12.11% 169152 -2.35%
ZAK-5 Crypto index 4.16% 1.55% -62.80% 3.1% 99.13% 2.12% -31.27% 11.5% 445.28%

* Data as of November 12, 2017, 00:00 UTC

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

Since the beginning of November (November 1-12, 2017), total cryptocurrency market capitalization has ranged from $182.65 to $212.15 billion, and by the end of last week equaled $200.58 billion (see Table 1.1).

The Bitcoin and Bitcoin Cash exchange rates changed significantly during the period from November 5-12. For example, the Bitcoin exchange rate depreciated by 15%, from $7,404.52 to $6,295.50, while the Bitcoin Cash exchange rate appreciated by 117.28%, from $619.91 to $1,346.97. The Ethereum and Litecoin exchange rates also increased to $314.70 and $62.31, or by 4.88% and 13.23%, respectively.

Over the past week there was a considerable shift in market dominance in favor of Altcoins (Bitcoin Cash, Litecoin, Dash, Monero, IOTA, etc.), while Bitcoin dominance fell by approximately 10%, from 61.85% to 52.3% of total cryptocurrency market capitalization. Correspondingly, Altcoin dominance (%) increased from 38.15% to 47.7%.

The breakdown of dominance of the top 5 cryptocurrencies by capitalization also changed over the past week, with Bitcoin Cash and Ripple changing places:

monthly-cryptocurrency-and-ico-market-analysis-november-6-12-2017-figure-0-1

On November 12, 2017, Bitcoin Cash even held second place for several minutes, overtaking the capitalization indicator of Ethereum (see below).

monthly-cryptocurrency-and-ico-market-analysis-november-6-12-2017-figure-0-2

Data source: coinmarketcap.com

Since the start of the month, the Bitcoin exchange rate has ranged from $5,519.01 (on November 12, 2017) to $7,776.42 (on November 8, 2017), i.e. by more than $2,200 (Table 1.4.a), while, contrary to expectations, the fluctuations in the Bitcoin Cash exchange rate equaled more than $2,200. The exchange rate of this cryptocurrency has ranged from $437.91 to $2,477.65 since the start of the month, and by the end of last week equaled $1,346.97 (on November 12, 2017). Similar fluctuations were seen in the Bitcoin Cash exchange rate at the time of its appearance in August 2017, when the exchange rate jumped from $200.98 to $1,091.97. The main reasons for these dramatic changes in the exchange rates of the leading cryptocurrencies are presented in Table 1.3.

The Smith + Crown Index increased from 12,083 to 12,246 over the first 12 days of November.

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.a, 1.2.b. For example, on November 12, 2017, the 24-hour trading volumes (Volume 24h) for three cryptocurrencies (Bitcoin, Ethereum, Ripple) exceeded $10 billion for the first time, reaching $10,822 million (Table 1.2.a).

Table 1.2.а. Daily ZAK-3 Crypto index calculation (from October 29, 2017, to November 12, 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 %
Nov 12, 2017 6295.5 8 957 104 980 314.7 1 613 30 106 0.2102 251 8 100 10 822 143 186 7.6%
Nov 11, 2017 6618.6 4 909 110 362 298.6 842 28 559 0.2059 135 7 935 5 885 146 857 4.0%
Nov 10, 2017 7173.7 5 208 119 607 320.7 886 30 665 0.2183 141 8 410 6 235 158 682 3.9%
Nov 9, 2017 7446.8 3 226 124 146 308.6 893 29 509 0.2179 148 8 396 4 267 162 051 2.6%
Nov 8, 2017 7141.4 4 602 119 041 294.3 968 28 129 0.2107 157 8 118 5 727 155 287 3.7%
Nov 7, 2017 7023.1 2 326 117 056 298.6 541 28 533 0.2051 114 7 903 2 981 153 492 1.9%
Nov 6, 2017 7403.2 3 112 123 379 296.4 579 28 323 0.2020 102 7 782 3 793 159 484 2.4%
Nov 5, 2017 7404.5 2 380 123 388 300.0 338 28 662 0.2033 47 7 832 2 765 159 882 1.7%
Nov 4, 2017 7164.5 2 484 119 376 305.5 416 29 175 0.2081 74 8 018 2 974 156 569 1.9%
Nov 3, 2017 7087.5 3 370 118 084 288.5 646 27 547 0.2062 373 7 945 4 390 153 577 2.9%
Nov 2, 2017 6777.8 4 654 112 910 290.7 905 27 754 0.1946 198 7 498 5 756 148 162 3.9%
Nov 1, 2017 6441.0 2 870 107 287 305.8 554 29 184 0.2002 68 7 716 3 492 144 186 2.4%
Oct 31, 2017 6132.0 2 311 102 130 307.4 370 29 332 0.2024 44 7 799 2 725 139 260 2.0%
Oct 30, 2017 6114.9 1 772 101 833 304.8 331 29 078 0.2031 35 7 825 2 138 138 735 1.5%
Oct 29, 2017 5754.4 2 859 95 820 296.4 552 28 270 0.2014 63 7 759 3 473 131 849 2.6%

* Data as of November 13, 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) reached $19,516 at the end of the past week (Table 1.2.b), i.e. 11.5% of their market capitalization. The ZAK-3 Crypto and ZAK-5 Crypto indices are considered in more detail in Tables 1.2.a and 1.2.b. The increase in demand for cryptocurrencies resulted in a considerable growth in their prices.

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

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 %
Nov 12, 2017 62.31 322.82 3 351 1346.97 8 371 22 614 19 516 169 152 11.5%
Nov 11, 2017 59.35 272.494 3 191 1001.64 5 140 16 807 11 298 166 855 6.8%
Nov 10, 2017 64.44 291.596 3 464 651.77 5 195 10 933 11 722 173 079 6.8%
Nov 9, 2017 62.49 279.653 3 358 622.31 710 10 438 5 257 175 847 3.0%
Nov 8, 2017 61.11 349.454 3 283 615.24 838 10 318 6 914 168 888 4.1%
Nov 7, 2017 54.99 402.67 2 953 602.68 375 10 105 3 759 166 551 2.3%
Nov 6, 2017 54.76 133.918 2 940 630.31 794 10 567 4 722 172 991 2.7%
Nov 5, 2017 55.03 84.302 2 954 619.91 816 10 391 3 665 173 227 2.1%
Nov 4, 2017 56.22 83.6331 3 017 635.35 1 161 10 647 4 219 170 233 2.5%
Nov 3, 2017 54.58 150.03 2 928 587.32 1 682 9 840 6 222 166 345 3.7%
Nov 2, 2017 53.56 221.077 2 873 527.68 1 632 8 840 7 610 159 875 4.8%
Nov 1, 2017 55.74 112.759 2 989 438.3 1 152 7 342 4 757 154 518 3.1%
Oct 31, 2017 56.37 99.3811 3 022 449.37 344 7 527 3 168 149 810 2.1%
Oct 30, 2017 56.84 129.287 3 046 458.45 796 7 679 3 064 149 461 2.1%
Oct 29, 2017 54.67 138.34 2 929 420.47 2 002 7 042 5 614 141 820 4.0%

Table 1.3 shows the key events of the week (November 6-12, 2017) having an influence on the exchange rates of the dominant cryptocurrencies and on the cryptocurrency market in general, with an indication of the nature and degree of their impact.

Table 1.3. Key events of the week having an influence on cryptocurrency exchange rates, November 6-12, 2017

Table 1.3. Key events of the week having an influence on cryptocurrency exchange rates, November 6-12, 2017

Factors and events

(link to source)

Date of news Date of event* Description Nature of impact Degree of impact
1.                     New Vulnerability Discovered in the Parity Ethereum Wallet

https://techcrunch.com/2017/11/07/a-major-vulnerability-has-frozen-hundreds-of-millions-of-dollars-of-ethereum/

November 7, 2017 November 7, 2017 The new problems with the Ethereum wallet might create negative publicity for this cryptocurrency, which will have an adverse impact on its exchange rate over the short term.

ETH 

 

Unfavorable

 

2.                     Possible Creator of Bitcoin Joins the Adversaries of the SegWit2x Hard Fork

https://hype.codes/possible-bitcoin-creator-says-no-segwit2x

November 8, 2017 November 8, 2017 Increasing rumors concerning the further development of bitcoin and its hard fork keep the blockchain community on the edge of their seats. BTC ⇑ ⇓ Uncertain, in the end it resulted in a fall in the BTC exchange rate.
3.                     It’s Official: Bitcoin SegWit2x Hard Fork to Be Cancelled

https://news.bitcoin.com/breaking-news-segwit2x-fork-cancelled/

November 8, 2017 November 8, 2017 The impact of this news on the bitcoin exchange rate is complex. On the one hand, the cancellation of the hard fork is a positive event, since it excludes the risks associated with a division of bitcoin. On the other hand, the authors of this news item feel it is necessary to point out that the issues of increasing the throughput capacity of the network used in the existing blockchain must inevitably be resolved, and with each passing day this need is becoming more obvious. BTC ⇑ ⇓ Uncertain, in the end it resulted in a fall in the BTC exchange rate.
4.                     Capitalization of Bitcoin Cash Overtakes Ethereum. Price Crosses $2,400 Threshold

https://www.forbes.com/sites/laurashin/2017/11/12/bitcoin-cash-skyrockets-bitcoin-price-drops-as-civil-war-continues/

November 12, 2017 November 12, 2017 Such rapid growth in one of the cryptocurrencies with the largest capitalization cannot be natural, and is most likely tied in with the desire of the people behind Bitcoin Cash to overtake bitcoin itself. Some believe that this is the largest Pump & Dump in the history of cryptocurrencies. It is possible that the date for such a major injection of capital into Bitcoin Cash was chosen based on the announcement of the SegWit2x hard fork and the subsequent adjustment of the bitcoin price, which placed it in a vulnerable position.

BCH 

BTC 

Uncertain
5.                     Waves Intends to Become World’s Fastest Blockchain Platform

https://www.forbes.com/sites/rogeraitken/2017/11/08/waves-set-to-become-fastest-decentralized-blockchain-platform-globally/

November 8, 2017 November 9, 2017 Trying to become the fastest decentralized platform in the world, the Russian blockchain platform Waves launched the stress testing of a new technology for processing “thousands of transactions” a minute. The NG protocol allows delay time to be minimized by increasing the throughput capacity of the block. Waves  Favorable
6.                     VanEck Investment Fund Adds 16 Cryptocurrency Indices

https://www.bloomberg.com/news/articles/2017-11-06/vaneck-launches-16-crypto-indexes-after-withdrawing-bitcoin-etf

 

November 6, 2017 November 6, 2017 The investment company, which controls assets worth $38 billion, launches 16 indices related to the sale of cryptocurrencies. This recognition of cryptocurrencies will have a favorable impact on the market over the long term. Market   Favorable
7.                     Launch Date of Bitcoin Gold Announced

https://bitcoingold.org/bitcoin-gold-launch/

November 9, 2017 November 12, 2017 Thanks to the use of the Equihash algorithm, which makes it easier to mine bitcoins using graphics cards, bitcoin mining will become accessible to a larger number of participants, reducing the influence of large companies and, consequently, increasing decentralization. This is a new potential challenger to bitcoin.

BTC, BCH 

 

 

Bitcoin Gold

 

Uncertain

* Event already took place

The high trading volume (Volume 24h) relative to market capitalization contributes to increased volatility and wild price changes on the cryptocurrency market. Figure 1 shows the relative trends in the Bitcoin and Ethereum exchange rates from the start of November (Fig. 1; Tables 1.4.a and 1.4.b).

Figure 1. Price trends of Bitcoin, Ethereum

monthly-cryptocurrency-and-ico-market-analysis-november-6-12-2017-figure-1

As can be seen in Figure 1, during the anticipation of the upcoming Bitcoin hard fork, up to and including November 8, 2017, a growth in this cryptocurrency was seen. However, after the announcement of the cancellation of this event there was a sharp drop in the Bitcoin exchange rate against the backdrop of abrupt changes in the Ethereum exchange rate.

The price trends of Bitcoin and Bitcoin Cash are shown below (see Tables 1.4.a, 1.4.c; Fig. 2).

Figure 2. Price trends of Bitcoin, Bitcoin Cash

monthly-cryptocurrency-and-ico-market-analysis-november-6-12-2017-figure-2

 Figure 2 illustrates the heightened interest of market participants in the alternative cryptocurrency Bitcoin Cash and the fall in demand for Bitcoin. The changes in the exchange rates of the currencies became most noticeable after the news on the cancellation of the hard fork appeared. Tom Zander’s statement that in the future Bitcoin Cash will lose the second word in its name and will become simply “bitcoin”, and the news from the website bitcoinclassic.com that “Bitcoin Classic closing its doors. Bitcoin Classic was started in early 2016 with the clear intention of coming back to the coin that Satoshi indicated as his goal. Now this goal has been reached we will step down” also affected the exchange rate.

Below is an analysis of the daily changes in the Bitcoin, Bitcoin Cash, and Ethereum exchange rates over the past two weeks (Tables 1.4.a, 1.4.b, 1.4.c).

Table 1.4.а. Daily change in the Bitcoin (BTC) exchange rate, trading volume (Volume 24h) and capitalization, USD (from October 29, 2017, to November 12, 2017)

Date Open, $ High, $ Low, $ Range, $ Close, $ DoD, % D, % Index, rate to start of year Volume (24h), USD million Market cap, USD million
Nov 12, 2017 6295.45 6625.1 5519.01 1106.0 5950.07 93.6% -6.4 5.96 8 957 104 980
Nov 11, 2017 6618.61 6873.2 6204.22 668.9 6357.60 96.1% -3.9 6.37 4 909 110 362
Nov 10, 2017 7173.73 7312.0 6436.87 875.1 6618.14 92.6% -7.4 6.63 5 208 119 607
Nov 9, 2017 7446.83 7446.8 7101.52 345.3 7143.58 95.8% -4.2 7.16 3 226 124 146
Nov 8, 2017 7141.38 7776.4 7114.02 662.4 7459.69 104.4% 4.4 7.47 4 602 119 041
Nov 7, 2017 7023.10 7253.3 7023.10 230.2 7144.38 101.7% 1.7 7.16 2 326 117 056
Nov 6, 2017 7403.22 7445.8 7007.31 438.5 7022.76 94.8% -5.2 7.03 3 112 123 379
Nov 5, 2017 7404.52 7617.5 7333.19 284.3 7407.41 100.4% 0.4 7.42 2 380 123 388
Nov 4, 2017 7164.48 7492.9 7031.28 461.6 7379.95 102.4% 2.4 7.39 2 484 119 376
Nov 3, 2017 7087.53 7461.3 7002.94 458.4 7207.76 101.8% 1.8 7.22 3 370 118 084
Nov 2, 2017 6777.77 7367.3 6758.72 608.6 7078.50 104.6% 4.6 7.09 4 654 112 910
Nov 1, 2017 6440.97 6767.3 6377.88 389.4 6767.31 104.6% 4.6 6.78 2 870 107 287
Oct 31, 2017 6132.02 6470.4 6103.33 367.1 6468.40 105.5% 5.5 6.48 2 311 102 130
Oct 30, 2017 6114.85 6215.0 6040.85 174.1 6130.53 99.6% -0.4 6.14 1 772 101 833
Oct 29, 2017 5754.44 6255.7 5724.58 531.1 6153.85 107.0% 7.0 6.16 2 859 95 820

* Data as of November 13, 2017, 00:00 UTC

Data source: coinmarketcap.com

Table 1.4.b. Daily change in the Ethereum (ETH) exchange rate, trading volume (Volume 24h) and capitalization, USD (from October 29, 2017, to November 12, 2017)

Date Open, $ High, $ Low, $ Range, $ Close, $ DoD, % D, % Index, rate to start of year Volume (24h), USD million Market cap, USD million
Nov 12, 2017 314.69 319.2 298.51 20.6 307.91 97.8% -2.2 37.69 1 613 30 106
Nov 11, 2017 298.59 319.5 298.19 21.3 314.68 105.2% 5.2 38.52 842 28 559
Nov 10, 2017 320.67 324.7 294.54 30.2 299.25 93.3% -6.7 36.63 886 30 665
Nov 09, 2017 308.64 329.5 307.06 22.4 320.88 103.8% 3.8 39.28 893 29 509
Nov 08, 2017 294.27 318.7 293.10 25.6 309.07 104.9% 4.9 37.83 968 28 129
Nov 07, 2017 298.57 304.8 290.77 14.1 294.66 98.6% -1.4 36.07 541 28 533
Nov 06, 2017 296.43 305.4 293.72 11.7 298.89 100.9% 0.9 36.58 579 28 323
Nov 05, 2017 300.04 301.4 295.12 6.3 296.26 98.6% -1.4 36.26 338 28 662
Nov 04, 2017 305.48 305.5 295.80 9.7 300.47 98.3% -1.7 36.78 416 29 175
Nov 03, 2017 288.50 308.3 287.69 20.6 305.71 106.4% 6.4 37.42 646 27 547
Nov 02, 2017 290.73 293.9 281.17 12.7 287.43 98.5% -1.5 35.18 905 27 754
Nov 01, 2017 305.76 306.4 290.58 15.8 291.69 95.4% -4.6 35.70 554 29 184
Oct 31, 2017 307.38 310.6 305.88 4.7 305.88 99.4% -0.6 37.44 370 29 332
Oct 30, 2017 304.78 310.5 304.35 6.1 307.75 100.9% 0.9 37.67 331 29 078
Oct 29, 2017 296.38 313.8 296.38 17.4 305.09 103.0% 3.0 37.34 552 28 270

* Data as of November 13, 2017, 00:00 UTC

Data source: coinmarketcap.com

During the first two weeks of November, the Bitcoin exchange rate increased from $5,754.44 to $5,950.07, and the Ethereum exchange rate from $296.38 to $307.91 (Tables 1.4.a, 1.4.b). The largest appreciation in the Bitcoin exchange rate (to $7,617.50) was seen prior to the receipt on November 8, 2017, of the news on the cancellation of the hard fork, and the highest exchange rate of Ethereum was recorded on November 9, 2017, and equaled $329.50. The largest fluctuations in the daily range (Range) of the Bitcoin and Ethereum exchange rates were $1,106 (on November 12, 2017) and $30.20 (on November 10, 2017), respectively. Since the start of 2017, the Bitcoin and Ethereum exchange rates have increased by 5.96 and 37.69 times, respectively (see Tables 1.4.a, 1.4.b).

The price trends of Bitcoin, Ethereum, and Bitcoin Cash in November 2017 are given in figures 3, 4, and 5.

Figures 3, 4, 5. Price trends of Bitcoin, Ethereum, and Bitcoin Cash

monthly-cryptocurrency-and-ico-market-analysis-november-6-12-2017-figure-3

monthly-cryptocurrency-and-ico-market-analysis-november-6-12-2017-figure-4

monthly-cryptocurrency-and-ico-market-analysis-november-6-12-2017-figure-5

 

According to the data given in figure 5, intensive growth in the Bitcoin Cash exchange rate has been seen in the first two weeks of November. This attests to the fact that some market participants preferred to temporarily transfer their funds to this cryptocurrency. The Bitcoin Cash exchange rate during the analyzed period (October 29-November 12, 2017) appreciated from $420.50 to $1,388.90 (Table 1.4.c), i.e. by more than threefold. The largest daily fluctuations equaled $1,262.10 (on November 12, 2017).

Last week the Bitcoin Cash hard fork, which undoubtedly had an impact on the demand for this cryptocurrency, was widely discussed (according to bitcoinabc.org, the hard fork of the Bitcoin Cash network took place on Monday, November 13, 2017.

Table 1.4.c. Daily change in the Bitcoin Cash (BCH) exchange rate, trading volume (Volume 24h) and capitalization, USD (from October 29, 2017, to November 12, 2017)

Date Open, $ High, $ Low, $ Range, $ Close, $ DoD, % D, % Index, rate to Aug 1, 2017 Volume (24h), USD million Market cap, USD million
Nov 12, 2017 1347.0 2477.7 1215.6 1262.1 1388.9 103.6% 3.6 3.65 8 371 22 614
Nov 11, 2017 1001.6 1403.7 910.7 492.9 1340.5 133.1% 33.1 3.53 5 140 16 807
Nov 10, 2017 651.8 1034.8 651.8 383.0 1007.4 154.0% 54.0 2.65 5 195 10 933
Nov 9, 2017 622.3 670.1 619.3 50.9 654.3 105.1% 5.1 1.72 710 10 438
Nov 8, 2017 615.2 646.4 565.6 80.8 622.5 101.0% 1.0 1.64 838 10 318
Nov 7, 2017 602.7 626.2 602.5 23.8 616.3 102.3% 2.3 1.62 375 10 105
Nov 6, 2017 630.3 657.3 602.7 54.7 602.7 95.6% -4.4 1.59 794 10 567
Nov 5, 2017 619.9 635.7 579.1 56.6 630.7 101.7% 1.7 1.66 816 10 391
Nov 4, 2017 635.4 642.1 571.1 70.9 620.5 99.2% -0.8 1.63 1 161 10 647
Nov 3, 2017 587.3 684.5 577.9 106.7 625.3 106.5% 6.5 1.65 1 682 9 840
Nov 2, 2017 527.7 610.4 514.5 95.9 587.2 110.4% 10.4 1.55 1 632 8 840
Nov 1, 2017 438.3 538.3 437.9 100.4 531.8 121.1% 21.1 1.40 1 152 7 342
Oct 31, 2017 449.4 454.1 431.8 22.3 439.1 98.0% -2.0 1.16 344 7 527
Oct 30, 2017 458.5 478.4 417.6 60.8 448.2 99.2% -0.8 1.18 796 7 679
Oct 29, 2017 420.5 526.1 408.4 117.7 451.9 106.7% 6.7 1.19 2 002 7 042

* Data as of November 13, 2017, 00:00 UTC

Data source: coinmarketcap.com

The overall Bitcoin Cash exchange rate index from August 1, 2017, equaled 3.65 (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 265%, with most of this growth taking place over the past two weeks.

The developers of Bitcoin Gold also officially announced the date and time of the launch of the project’s main network. This took place on Sunday, November 12, at 19:00 UTC. The maximum growth in the exchange rate, to $496.61, was seen the day before, on November 11, 2017. As of 12:00 UTC on November 13, the exchange rate equaled $277.60 (see Figure 6).

Figure 6. Price trends of Bitcoin Gold

monthly-cryptocurrency-and-ico-market-analysis-november-6-12-2017-figure-6

Data source: coinmarketcap.com

Table 1.5. Key events of the week (November 6-12, 2017) that could have an influence on cryptocurrency exchange rates in the future

 

Factors and events

(link to source)

Date of news Date of event* Description Nature of impact Degree of impact
1. Iranian Authorities Intend to Legalize Bitcoin and Create Infrastructure

https://www.cryptocoinsnews.com/iran-lays-groundwork-bitcoin-adoption-soon-possible/

November 6, 2017 n/a The official announcement of the Ministry of Information and Communications Technology of Iran on its intention to provide the country with the infrastructure necessary to perform universal payments in bitcoins may attest to its slow but steady deployment of the technology. This is favorable news in the long term.

Market 

BTC 

Favorable

 

2. China’s Central Bank Has Announced Need for Quickest Possible Launch of National Cryptocurrency

http://www.scmp.com/business/companies/article/2118468/chinas-central-bank-studying-its-own-digital-currency-even-it/2118468/chinas-central-bank-studying-its-own-digital-currency-even-it

 

November 5, 2017 n/a Will have a favorable impact in the long term on the entire market, thanks to the recognition of the technology as effective and necessary at the highest level in one of the most progressive countries. Market  Favorable
3. Buterin Plans to “Burn” Ethereum to Create Cryptocurrency Deficit

https://www.bloomberg.com/news/articles/2017-11-08/ethereum-creator-wonders-whether-his-currency-should-be-scarcer

November 8, 2017 n/a The burning of Ethereum will lead to an artificial deficit, and could trigger a growth in price. ETH  Uncertain, may lead to a growth in exchange rate.

* Event will happen in the future (date, year, n/a – not available)

    1.2 Market trends

The weekly cryptocurrency and digital asset market trends from July 2, 2017, to November 12, 2017, are presented as graphs (Fig. 1.1-1.5)*.

Table 1.6. 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 November 12, 2017, this number had already reached 1,208.
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 November 13, 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-november-6-12-2017-figure-1-1

** Average daily data

Figure 1.1 shows a graph of the weekly cryptocurrency market change from July 2, 2017, to November 12, 2017. Over this period, the market capitalization increased from $94,716 million to $200,964 million, a growth of 1,035% relative to the start of the year. Over the past week the total market capitalization grew from $199,892 million to $200,964 million (as of November 12, 2017). This growth was primarily due to the increase in the market capitalization of Altcoins from $76.12 to $95.6 billion, against the backdrop of a significant decrease in Bitcoin capitalization from $123.39 to $104.98 billion. In this regard, one can conclude that market participants have partially transferred their funds to alternative cryptocurrencies, in particular to Bitcoin Cash.

Figure 1.2. Change in market capitalization

monthly-cryptocurrency-and-ico-market-analysis-november-6-12-2017-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 were seen during the week of July 9-16, 2017 (-28%), and 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. The highest growth rate in Q3 was 39% (the week of July 16-23, 2017). Over the past week (November 6-12, 2017), total cryptocurrency market capitalization increased by $1.072 million or 1%.

Figure 1.3. Number of cryptocurrencies and digital assets

monthly-cryptocurrency-and-ico-market-analysis-november-6-12-2017-figure-1-3

The total number of cryptocurrencies and digital assets listed on exchanges has grown since July from 881 to 1,208. Their number increased by 38 over the past week alone, from 1,170 to 1,208. At the same time, the average cryptocurrency and digital asset capitalization decreased from $170.8 to $166.4 million over the analyzed period.

Figures 1.4 and 1.5. Forecast of total cryptocurrency market capitalization

monthly-cryptocurrency-and-ico-market-analysis-november-6-12-2017-figure-1-4

monthly-cryptocurrency-and-ico-market-analysis-november-6-12-2017-figure-1-5

Over the four weeks of October (October 1-29, 2017) the cryptocurrency market grew from $146,924 million to $170,353 million, and over the following two weeks (October 30-November 12, 2017) it reached $200,964 million. In this regard, total market capitalization exceeded $200 billion for the first time on November 3. Last week (November 6-12, 2017) was characterized by market growth of 1%, but a substantial change in the structure of the cryptocurrency market in favor of Altcoins took place. Many experts predict a further significant change in the exchange rates of the main cryptocurrencies in connection with the cancellation of the Bitcoin hard fork. A high risk of market fluctuations due to a change in the exchange rates of key cryptocurrencies remains.

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

     2.1Brief market overview, news of the week

  • The SEC and Regulated ICOs: Be Careful What You Wish For [source: Crowdfundinsider.com]
  • PlayKey Platform Declared Investment-Friendly by ICORating [source: Newsbtc.com]
  • How blockchain technology has medieval roots [source: EconoTimes]
  • Blockchain Solutions Company Offering Shares [source: Einpresswire.com]
  • Guardiums’ Emergency Response Platform Receives Top Honors at the 11th edition of the d10e Conference in Gibraltar [source: Financialbuzz.com]
  • Hewlett Packard Enterprise Introduces Blockchain as-a-Service Solution for Enterprises [source: Financialbuzz.com]
  • Germany’s Securities Regulator Warns ICOs Pose “Numerous Risks” [source: Coindesk.com]
  • ICO Vulnerable to Price Manipulation, Says SEC Head Jay Clayton [source: The Cointelegraph ]
  • Hong Kong Fintech Innovation Lab Led with Blockchain and AI [source: Forbes]
  • ICO 2.0 After Hard Fork Called Off – Venture Capitalists Beware [source: Forbes]
  • “Very Young” ICO Market Poses No Threat, Yet: Nasdaq Executive [source: Cryptocoinsnews.com]
  • Micro-Lending Startup Ripio Credit Network ICO Hits $37 Million Target [source: Cryptocoinsnews.com]
  • SEC Chairman: ICO Trading Susceptible to Price Manipulation [source: Coindesk.com]
  • China and Australia Unite in Fintech Pact, Despite ICO Differences [source: Cryptocoinsnews.com]
  • ICO Funds Among Millions Frozen in Parity Wallets [source: Coindesk.com]
  • Singapore Central Banker: Regulators Have ‘Duty’ to Learn from ICOs [source: Coindesk.com]

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

A 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. Tools to access the market 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 August

2017 г.

September

2017 г.

October

2017 г.

Nov 1-5,

2017

 

Nov 6-12,

2017

 

Total amount of funds collected, USD million1 330.0 802.9 794.2 96.2 156.7
Number of companies that completed an ICO1 35 48 68 5 4
Maximum collected, USD million (ICO name) 54.6 (Salt) 257.0 (Filecoin) 144.3 (Polkadot) 37 (Ripio) 108.2 (QASH)
Average collected funds, USD million 9.4 16.7 11.7 19.2 39.2
Max token reward (ICO name) 22.76 (Neblio) 3.86x (Internxt) 4.9x (Electroneum) 2.57x (Raiden Network) n/a
Average token reward (ATR)2 2.28x 1.44x 1.34x 2.04 n/a
Weighted average current reward on funds (WACRF)3 1.35x 1.10x 1.45x 2 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 currently be incomplete (for instance, the amount of funds collected).

2 Average token reward for ICO projects was calculated as of November 8, 2017. Consequently, the performance of purchases 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 the 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 November 1, 2017, are incomplete or non-existent.

The data for the first five days of November (November 1-5, 2017) were adjusted to account for the appearance of more complete information on completed ICOs. The total amount of funds collected was $96.2 million. The amount collected through ICOs last week (November 6-12, 2017) equaled $156.7 million. This total includes the results of the four most successful completed ICOs, with the highest collected amount equaling around $108.2 million (QASH ICO). The average amount of funds collected per project was $39.2 million. More detailed information on last week’s four main ICOs is given in Table 2.5. 

    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 (November 12, 2017) 228
The number of projects planning an ICO as of the current date (November 12, 2017) 273
The number of projects planning an ICO between November 13-19, 2017 14

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

The number of projects conducting active ICOs as of the current date (November 12, 2017) is 228. At present, there is information available on 273 planned ICOs to be conducted after November 12, 2017, including at least 14 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 794.2 68 11.7
November 1-5, 2017 96.2 5 19.2
November 6-12, 2017 156.7 4 39.2

* 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 (November 6-12, 2017) may be adjusted as information on the amounts of funds collected via ICOs is finalized.

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

monthly-cryptocurrency-and-ico-market-analysis-november-6-12-2017-figure-2-1

 

        2.Top ICOs

Table 2.5. Top 4 ICOs in terms of the amount of funds collected (November 6-12, 2017)

Name of ICO*** Category** Collected, $ million Date
1 QASH Trading & Investing* 108.2 November 8, 2017
2 Gridplus Energy & Utilities* 45.7 November 11, 2017
3 Altocar Commerce & Advertising* 2.3 November 9, 2017
4 Pally Travel & Tourism* 0.6 November 12, 2017
Total collected funds 156.7
Average collected funds, $ 39.2

* 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 last week and collected the greatest amounts of funds. The leader was the QASH project, which is developing a single platform that will make it possible to combine a network of cryptocurrency exchanges. This platform will ensure a high level of liquidity when dealing with cryptocurrencies and provide a quick and convenient trading interface for traders and professional brokers.

Figure 2.2. Top 4 ICOs in terms of the amount of funds collected (November 6-12, 2017)

monthly-cryptocurrency-and-ico-market-analysis-november-6-12-2017-figure-2-2

 

        3.Top ICOs in their categories

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

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

Name of ICO Category** Collected, $ million Date Token performance
1 QASH Trading & Investing* 108.2 November 8, 2017 n/a
2 Enigma Catalyst Trading & Investing 45 September 11, 2017 0.69x
3 Stox Trading & Investing 33.3 August 4, 2017 0.48x
4 Airswap Trading & Investing* 32.7 October 11, 2017 0.95x
5 Blackmooncrypto Trading & Investing 30 September 13, 2017 0.83x
6 0x Trading & Investing 24 August 16, 2017 0.52x
7 Finshi Capital Trading & Investing 21.4 October 6, 2017 n/a
8 CoinDash Trading & Investing 20 August 17, 2017 n/a
9 openANX Trading & Investing 18.8 July 4, 2017 0.51x
10 Binance Trading & Investing 15 July 3, 2017 n/a

* 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 Trading & Investing category. All of these projects were performed in 2017. More than half of them involved an exchange listing, but for most of the projects the current token price does not exceed the token sale price at the ICO. For example, the tokens of the Airswap project could be acquired during the token sale for $0.242, while their current price on the cryptoexchange is $0.230, i.e. a token performance of 0.95x. The total market capitalization of Airswap tokens as of November 12, 2017, was $35.2 million.

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

monthly-cryptocurrency-and-ico-market-analysis-november-6-12-2017-figure-2-3

 

Four ICO projects were successfully completed over the past period (November 6-12, 2017), each of which collected more than $100,000, with a total amount of funds collected of at least $156.7 million. The week’s leader was the QASH project ($108.2 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). At least another 14 ICOs are planned to take place next week.

The Glossary is given in Annex 1.

Annex 1Glossary

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 sale 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 coin that 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 previous period), 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 return Performance of funds spent on buying tokens or the ratio of the current token price to the token sale price, i.e. performance 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 then it was 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 then it was 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 have spent 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 have spent his funds on BTC.
ZAK-n Crypto index The index is calculated as a percentage and represents a ratio between the 24-hour trading 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 trading 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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