Coinspeaker partnered with ICOBox to present weekly analysis covering data on cryptocurrency and digital assets markets over November 13-19, 2017, conducted by Professor Dima Kornilov and Dima Zaitsev.

Information as of November 19, 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, including over the last week (November 13-19, 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 19, 2017

#Parameter1-Sep-171-Oct-17MoM, %1-Nov-17MoM, %5-Nov-17DoD, %12-Nov-17DoD, %19-Nov-17DoD, %
1Total market capitalization, USD billion171.64147.87-13.85%182.6523.52%199.519.23%200.580.54%233.6316.47%
2Altcoin market capitalization, USD billion95.1175.91-20.19%75.36-0.72%76.121.01%95.6025.59%104.038.82%
Altcoin dominance, %55.41%51.34%-7.35%41.3%-19.63%38.15%-7.53%47.7%24.92%44.5%-6.57%
3Bitcoin price, $4627.234341.05-6.18%6441.048.37%7404.5214.96%6295.5-14.98%7766.023.36%
Bitcoin market capitalization, USD billion76.5372.05-5.86%107.2948.91%123.3915.01%104.98-14.92%129.6023.45%
Bitcoin dominance, %44.59%48.66%9.13%58.7%20.72%61.85%5.29%52.3%-15.37%55.5%5.99%
4Ethereum price, $355.64301.55-15.21%305.81.40%300.04-1.87%314.74.88%347.410.39%
Ethereum market capitalization, USD billion33.5728.62-14.76%29.181.99%28.66-1.79%30.115.04%33.2810.56%
Ethereum dominance, %19.56%19.39%-0.87%16.0%-17.60%14.37%-10.09%15.0%4.48%14.2%-5.08%
5Bitcoin Cash price, $588.4433.38-26.35%438.31.14%619.9141.44%1346.97117.28%1260.95-6.39%
Bitcoin Cash market capitalization, USD billion9.747.21-26.00%7.341.87%10.3941.52%22.61117.64%21.20-6.27%
Bitcoin Cash dominance, %5.7%4.9%-14.11%4.0%-17.53%5.21%29.56%11.3%116.47%9.1%-19.53%
6Litecoin price, $79.9755.14-31.05%55.741.09%55.03-1.27%62.3113.23%69.5111.56%
Litecoin market capitalization, USD billion4.212.93-30.36%2.991.96%2.95-1.18%3.3513.45%3.7511.77%
Litecoin dominance, %2.45%1.98%-19.18%1.6%-17.35%1.48%-9.53%1.7%12.85%1.6%-4.04%
7Smith + Crown Index103459147-11.58%1208332.10%1377113.97%12246-11.07%1454818.80%
8Volume (24h) 3 crypto, USD million37571566-58.32%3492123.03%35341.20%18942435.98%5617-70.35%
Market cap 3 crypto, USD million123740108240-12.53%14418633.21%16244012.66%157701-2.92%18407616.73%
ZAK-3 Crypto index**3.04%1.45%-52.36%2.4%67.43%2.18%-10.17%12.0%452.09%3.1%-74.60%
9Volume (24h) 5 crypto, USD million57021830-67.90%4757159.92%3665-22.95%19516432.45%6054-68.98%
Market cap 5 crypto, USD million137216118380-13.73%15451830.53%17322712.11%169152-2.35%19663316.25%
ZAK-5 Crypto index4.16%1.55%-62.80%3.1%99.13%2.12%-31.27%11.5%445.28%3.1%-73.32%

* Data as of November 19, 2017, 00:00 UTC

** After November 2, 2017, the structure of the cryptocurrency market changed, so the subsequent figures of the ZAK-3 index were calculated using the following three dominant cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash.

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

During the period from November 1-19, 2017, total cryptocurrency market capitalization increased from $182.65 billion to $233.63 billion (see Table 1.1). Over the past week (November 13-19, 2017) market capitalization grew by $33 billion, mainly due to Bitcoin, the capitalization of which increased from $104.98 to $129.6 billion, i.e. by $24.6 billion. Altcoin capitalization increased over the week by $8.4 billion (from $95.6 to $104 billion). The growth in altcoin capitalization was driven primarily by the exchange rates of Ethereum, Ripple, Litecoin, NEO, Dash, Monero, IOTA, Ethereum Classic, etc.; the capitalization of nearly all the top ten cryptocurrencies (except Bitcoin Cash) increased.

During the period from November 13-19, the exchange rates of Bitcoin, Ethereum, and Litecoin increased by 23.36%, 10.39%, and 11.56%, respectively. The Bitcoin Cash exchange rate fell by 6.39% over the same period, from $1,346.97 to $1,260.95.

Due to the renewed growth in the Bitcoin exchange rate, the price of which had increased from $6,295.50 to $7,766 by November 19, 2017, Bitcoin dominance increased from 52.3% to 55.5%. The Bitcoin exchange rate exceeded $8,000 for the first time on November 17, 2017.

Since the start of the month, the Bitcoin exchange rate has ranged from $5,519.01 (on November 12, 2017) to $8,101.91 (on November 19, 2017), i.e. the range equals around $2,600 (Table 1.4.a), while over the same period the Bitcoin Cash exchange rate has fluctuated by more than $2,200. The main reasons for the changes in the exchange rates of the leading cryptocurrencies over the week are shown in Table 1.3.

The Smith + Crown Index increased over the past week from 12,246 to 14,548.

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 the three dominant cryptocurrencies (Bitcoin, Ethereum, Bitcoin Cash) exceeded $18 billion for the first time, reaching $18,942 million (Table 1.2.a). The value of the ZAK-3 Crypto reached a record 12%, which attests to the high liquidity and market dynamism of the dominant cryptocurrencies.

Table 1.2.а. Daily ZAK-3 Crypto index calculation (from November 2, 2017, to November 19, 2017)

Crypto Bitcoin (BTC)Ethereum (ETH)Bitcoin Cash (BCH)3 Crypto
 Price OpenVolume (24h)Market capPrice OpenPrice OpenVolume (24h)Market capVolume (24h)Market capVolume (24h) 3 cryptoMarket cap 3 cryptoZAK-3 Crypto index
Date$USD millionUSD million$$USD millionUSD millionUSD millionUSD millionUSD millionUSD million%
Nov 19, 20177766.03 149129 595347.41 18233 2851260.951 28621 1965 617184 0763.1%
Nov 18, 20177697.23 667128 425332.065031 8011197.433 05420 1267 371180 3524.1%
Nov 17, 20177853.64 652131 026330.262231 620909.163 20315 2798 477177 9254.8%
Nov 16, 20177323.25 124122 164333.479731 9271202.172 03520 2027 956174 2934.6%
Nov 15, 20176634.84 201110 667338.072332 3531269.791 32221 3366 245164 3563.8%
Nov 14, 20176561.53 197109 434316.81 07030 3171346.731 69822 6265 965162 3783.7%
Nov 13, 20175938.36 26399 029307.01 04229 3791381.824 85123 21512 156151 6238.0%
Nov 12, 20176295.58 957104 980314.71 61330 1061346.978 37122 61418 942157 70112.0%
Nov 11, 20176618.64 909110 362298.684228 5591001.645 14016 80710 891155 7297.0%
Nov 10, 20177173.75 208119 607320.788630 665651.775 19510 93311 290161 2057.0%
Nov 9, 20177446.83 226124 146308.689329 509622.3171010 4384 830164 0932.9%
Nov 8, 20177141.44 602119 041294.396828 129615.2483810 3186 408157 4874.1%
Nov 7, 20177023.12 326117 056298.654128 533602.6837510 1053 242155 6952.1%
Nov 6, 20177403.23 112123 379296.457928 323630.3179410 5674 485162 2682.8%
Nov 5, 20177404.52 380123 388300.033828 662619.9181610 3913 534162 4402.2%
Nov 4, 20177164.52 484119 376305.541629 175635.351 16110 6474 062159 1992.6%
Nov 3, 20177087.53 370118 084288.564627 547587.321 6829 8405 698155 4713.7%
Nov 2, 20176777.84 654112 910290.790527 754527.681 6328 8407 191149 5044.8%

* Data as of November 19, 2017, 00:00 UTC

** After November 2, 2017, the structure of the cryptocurrency market changed, so the subsequent figures of the ZAK-3 index were calculated using the following three dominant cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash

Data source: coinmarketcap.com

The 24-hour trading volumes (Volume 24h) for the five dominant cryptocurrencies (Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash) reached $6,054 million at the end of the past week (Table 1.2.b), i.e. 3.1% 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.

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

CryptoRipple (XRP)Litecoin (LTC)5 Crypto
 Price OpenVolume (24h)Market capPrice OpenVolume (24h)Market capVolume (24h)

5 crypto

Market cap

5 crypto

ZAK-5 Crypto index
Date$USD millionUSD million$USD millionUSD millionUSD millionUSD million%
Nov 19, 20170.22811948 81169.512433 7466 054196 6333.1%
Nov 18, 20170.22651448 75067.411743 6317 689192 7334.0%
Nov 17, 20170.22483978 68170.453513 7949 224190 4014.8%
Nov 16, 20170.21271 0238 21363.814183 4369 396185 9425.1%
Nov 15, 20170.20891008 07062.781953 3796 540175 8053.7%
Nov 14, 20170.20371277 86761.641743 3176 266173 5623.6%
Nov 13, 20170.19751337 60959.182373 18412 526162 4157.7%
Nov 12, 20170.21022518 10062.313233 35119 516169 15211.5%
Nov 11, 20170.20591357 93559.352723 19111 298166 8556.8%
Nov 10, 20170.21831418 41064.442923 46411 722173 0796.8%
Nov 9, 20170.21791488 39662.492803 3585 257175 8473.0%
Nov 8, 20170.21071578 11861.113493 2836 914168 8884.1%
Nov 7, 20170.20511147 90354.994032 9533 759166 5512.3%
Nov 6, 20170.20201027 78254.761342 9404 722172 9912.7%
Nov 5, 20170.2033477 83255.03842 9543 665173 2272.1%
Nov 4, 20170.2081748 01856.22843 0174 219170 2332.5%
Nov 3, 20170.20623737 94554.581502 9286 222166 3453.7%
Nov 2, 20170.19461987 49853.562212 8737 610159 8754.8%

 

Table 1.3 shows the key events of the week (November 13-19, 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 13-19, 2017

Factors and events

(link to source)

Date of newsDate of event*DescriptionNature of impactDegree of impact
1.                    European Financial Watchdog Warns of ICO Risks [source: Bloomberg]November 13, 2017November 13, 2017The European Securities and Market Authority officially announced that participation in an ICO is very risky, since this area is not regulated by legislation and participants are left without legal protection. Also, ICOs are often used by swindlers and serve as tools for illegal activity. This is the first statement of the European agency concerning ICOs, and it gives a negative assessment of this instrument.Market

 

 

 

 

Unfavorable

 

2.                    Mastercard Seeks Patent for Instant Blockchain Payments Processing [source: Coindesk]November 14, 2017November 9, 2017The filing by Mastercard of this application demonstrates the financial giant’s favorable attitude to blockchain, and shows that major corporations are already developing their own blockchain technology. This is good news for the market in general, as blockchain technology is gaining more widespread recognition.Market Favorable
3.                    Morgan Stanley: Bitcoin is Speculative, and Doesn’t Deserve the Attention It Is Getting [source: CNBC]November 15, 2017November 15, 2017The CEO of Morgan Stanley, whose opinion carries a lot of weight in banking circles, has announced that bitcoin does not deserve the attention it is currently getting.BTC Unfavorable
4.                    American Express Joins RippleNet [source: Ripple.com]November 16, 2017November 16, 2017Another major financial services company will use Ripple for transfers between the USA and the United Kingdom.Ripple Favorable
5.                    First Atomic Swap Between Bitcoin and Litecoin Performed on Lightning Network [source: Blog.Lightning.Engineering]November 16, 2017November 16, 2017The successful implementation of projects involving the upgrade of cryptocurrency infrastructure and the process of cryptocurrency use is having a positive effect on the cryptocurrency markets’ overall position.Market Favorable
6.                    Bitcoin Support Added to South Korean ATMs [source: Bitcoin.com]November 17, 2017November 17, 2017Hyosung, a major industrial manufacturer, has added the ability to purchase bitcoins to its ATMs, thereby facilitating the purchase of the cryptocurrency.Bitcoin

 

Favorable

* 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

weekly-cryptocurrency-and-ico-market-analysis-november-13-19-2017-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, and then, after the few days required for the market to stabilize (up to November 15, 2017), the growth in Bitcoin resumed.

For its part, the Ethereum exchange rate has grown from $305 to $347 since the beginning of November.

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

weekly-cryptocurrency-and-ico-market-analysis-november-13-19-2017-figure-2

Figure 2 illustrates the struggle for market share taking place between cryptocurrency market veteran Bitcoin and the young cryptocurrency Bitcoin Cash. On some days, the growth in Bitcoin Cash was accompanied by a fall in the Bitcoin exchange rate, and vice versa. This trend could be seen most clearly during the period after the cancellation of the Bitcoin hard fork.

Below is an analysis of the daily changes in the Bitcoin, Bitcoin Cash, and Ethereum exchange rates since the start of the month (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, USD (from November 1, 2017, to November 19, 2017)

DateOpen, $High, $Low, $Range, $Close, $DoD, %D, %Index, rate to start of yearVolume (24h), USD millionMarket cap, USD million
Nov 19, 20177766.038101.97694.10407.88036.49103.2%3,28.053 149129 595
Nov 18, 20177697.217885.07463.44421.67790.15101.1%1.17.803 667128 425
Nov 17, 20177853.578004.67561.09443.57708.9997.9%-2.17.724 652131 026
Nov 16, 20177323.247967.47176.58790.87871.69107.6%7.67.885 124122 164
Nov 15, 20176634.767342.36634.76707.57315.54110.2%10.27.334 201110 667
Nov 14, 20176561.486765.06461.75303.26635.75101.2%1.26.653 197109 434
Nov 13, 20175938.256811.25844.29966.96559.49110.2%10.26.576 26399 029
Nov 12, 20176295.456625.15519.011106.05950.0793.6%-6.45.968 957104 980
Nov 11, 20176618.616873.26204.22668.96357.6096.1%-3.96.374 909110 362
Nov 10, 20177173.737312.06436.87875.16618.1492.6%-7.46.635 208119 607
Nov 9, 20177446.837446.87101.52345.37143.5895.8%-4.27.163 226124 146
Nov 8, 20177141.387776.47114.02662.47459.69104.4%4.47.474 602119 041
Nov 7, 20177023.107253.37023.10230.27144.38101.7%1.77.162 326117 056
Nov 6, 20177403.227445.87007.31438.57022.7694.8%-5.27.033 112123 379
Nov 5, 20177404.527617.57333.19284.37407.41100.4%0.47.422 380123 388
Nov 4, 20177164.487492.97031.28461.67379.95102.4%2.47.392 484119 376
Nov 3, 20177087.537461.37002.94458.47207.76101.8%1.87.223 370118 084
Nov 2, 20176777.777367.36758.72608.67078.50104.6%4.67.094 654112 910
Nov 1, 20176440.976767.36377.88389.46767.31104.6%4.66.782 870107 287

* Data as of November 20, 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 November 1, 2017, to November 19, 2017)

DateOpen, $High, $Low, $Range, $Close, $DoD, %D, %Index, rate to start of yearVolume (24h), USD millionMarket cap, USD million
Nov 19, 2017347.40371.3344.7426.6354.39102.0%2.043.381 18233 285
Nov 18, 2017331.98349.6327.6921.9347.61104.6%4.642.5565031 801
Nov 17, 2017330.17335.0327.527.4332.39100.4%0.440.6862231 620
Nov 16, 2017333.44336.2323.6112.6330.9299.3%-0.740.5079731 927
Nov 15, 2017337.96340.9329.8111.1333.3698.7%-1.340.8072332 353
Nov 14, 2017316.76340.2316.7623.4337.63106.6%6.641.331 07030 317
Nov 13, 2017307.02328.4307.0221.4316.72102.9%2.938.771 04229 379
Nov 12, 2017314.69319.2298.5120.6307.9197.8%-2.237.691 61330 106
Nov 11, 2017298.59319.5298.1921.3314.68105.2%5.238.5284228 559
Nov 10, 2017320.67324.7294.5430.2299.2593.3%-6.736.6388630 665
Nov 9, 2017308.64329.5307.0622.4320.88103.8%3.839.2889329 509
Nov 8, 2017294.27318.7293.1025.6309.07104.9%4.937.8396828 129
Nov 7, 2017298.57304.8290.7714.1294.6698.6%-1.436.0754128 533
Nov 6, 2017296.43305.4293.7211.7298.89100.9%0.936.5857928 323
Nov 5, 2017300.04301.4295.126.3296.2698.6%-1.436.2633828 662
Nov 4, 2017305.48305.5295.809.7300.4798.3%-1.736.7841629 175
Nov 3, 2017288.50308.3287.6920.6305.71106.4%6.437.4264627 547
Nov 2, 2017290.73293.9281.1712.7287.4398.5%-1.535.1890527 754
Nov 1, 2017305.76306.4290.5815.8291.6995.4%-4.635.7055429 184

* Data as of November 20, 2017, 00:00 UTC

Data source: coinmarketcap.com

Since the start of November, the Bitcoin exchange rate has appreciated from $6,440.97 to $8,036.49, and the Ethereum exchange rate has increased from $305.76 to $354.39 (Tables 1.4.a and 1.4.b). The largest appreciation in the Bitcoin exchange rate (to $8,101.90) and the Ethereum exchange rate (to $371.30) was recorded on November 19, 2017. 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 a factor of 8.05 and 43.38, 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

weekly-cryptocurrency-and-ico-market-analysis-november-13-19-2017-figure-3

weekly-cryptocurrency-and-ico-market-analysis-november-13-19-2017-figure-4

weekly-cryptocurrency-and-ico-market-analysis-november-13-19-2017-figure-5

According to the data given in figure 3, a growing sine wave can be seen in the fluctuations of the Bitcoin exchange rate. Approximately a three-day appreciation and depreciation cycle can be seen in the Ethereum exchange rate (Fig. 4). The Bitcoin Cash exchange rate is characterized by possible drastic fluctuations (November 12, 2017). All of this attests to the fact that some market participants are periodically changing their preferences. For example, over the week following the Bitcoin Cash hard fork (which, according to information from bitcoinabc.org, took place on November 13, 2017) there was a sharp depreciation in its exchange rate to $863.98 (on November 16, 2017), with a subsequent stabilization of the exchange rate (as of November 19, 2017) at the level of $1,144-$1,262 (see Table 1.4.c).

Table 1.4.c. Daily change in the Bitcoin Cash (BCH) exchange rate, trading volume (Volume 24h) and capitalization, USD (from November 1, 2017, to November 19, 2017)

DateOpen, $High, $Low, $Range, $Close, $DoD, %D, %Index, rate to Aug 1, 2017Volume (24h), USD millionMarket cap, USD million
Nov 19, 20171261.01262.31144.1118.31172.193.4%-6.63.081 28621 196
Nov 18, 20171197.41388.11197.4190.71254.5105.8%5.83.303 05420 126
Nov 17, 2017909.21217.4864.0353.41185.5131.6%31.63.123 20315 279
Nov 16, 20171202.21210.4876.6333.8900.874.3%-25.72.372 03520 202
Nov 15, 20171269.81326.41192.0134.41212.495.2%-4.83.191 32221 336
Nov 14, 20171346.71390.21211.4178.81273.594.1%-5.93.351 69822 626
Nov 13, 20171381.81501.21043.0458.21354.097.5%-2.53.564 85123 215
Nov 12, 20171347.02477.71215.61262.11388.9103.6%3.63.658 37122 614
Nov 11, 20171001.61403.7910.7492.91340.5133.1%33.13.535 14016 807
Nov 10, 2017651.81034.8651.8383.01007.4154.0%54.02.655 19510 933
Nov 9, 2017622.3670.1619.350.9654.3105.1%5.11.7271010 438
Nov 8, 2017615.2646.4565.680.8622.5101.0%1.01.6483810 318
Nov 7, 2017602.7626.2602.523.8616.3102.3%2.31.6237510 105
Nov 6, 2017630.3657.3602.754.7602.795.6%-4.41.5979410 567
Nov 5, 2017619.9635.7579.156.6630.7101.7%1.71.6681610 391
Nov 4, 2017635.4642.1571.170.9620.599.2%-0.81.631 16110 647
Nov 3, 2017587.3684.5577.9106.7625.3106.5%6.51.651 6829 840
Nov 2, 2017527.7610.4514.595.9587.2110.4%10.41.551 6328 840
Nov 1, 2017438.3538.3437.9100.4531.8121.1%21.11.401 1527 342

* Data as of November 20, 2017, 00:00 UTC

Data source: coinmarketcap.com

The overall index of Bitcoin Cash exchange rate change from August 1, 2017, equaled 3.08 (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 208%, with most of this growth taking place since the beginning of November.

The Bitcoin Gold exchange rate increased significantly prior to the launch of the project’s main network (November 12, 2017). Moreover, two growth peaks were seen on November 12, 2017, alone. The exchange rate reached its maximum indicator of $496.61 on November 12, 2017. As of 12:00 UTC on November 20, the exchange rate equaled $130, and total capitalization approximately $21.5 million (see Fig. 6).

Figure 6. Price trends of Bitcoin Gold

weekly-cryptocurrency-and-ico-market-analysis-november-13-19-2017-figure-6

 

Data source: coinmarketcap.com

Table 1.5 gives a list of events, information on which appeared last week, which could impact both the exchange rates of specific cryptocurrencies and the market in general.

Table 1.5. Events that could have an influence on cryptocurrency exchange rates in the future

 

Factors and events

(link to source)

Date of newsDate of event*DescriptionNature of impactDegree of impact
1.CME Group Announces Dates of Launch of Bitcoin Futures  [source: CNBC]November 13, 2017Second week of December 2017Company CEO, Terry Duffy, announced the launch date of bitcoin futures. It will take place in the second week of December 2017. This news confirms that bitcoin is taken seriously at the upper level of the financial community, and that major institutional players may take their first steps toward working with it after the launch of the futures.Market

BTC

 

Favorable

 

2.Singapore Central Bank Publishes Details on Ubin Blockchain Initiative [source: Coindesk]November 14, 2017n/aThe support of the Singaporean authorities for blockchain technology has a favorable effect on the entire blockchain community.Market Favorable
3.Nasdaq and Reality Shares Launch Growth Index of Blockchain Companies [source: Businesswire]November 13, 2017n/aThis news confirms the growing interest in the blockchain industry and cryptocurrencies.Market

 

Favorable
4.Twenty Banks Likely to Join Blockchain System for Settlements Between Hong Kong and Singapore [source: Businesstimes]November 17, 2017Start in 2019The willingness of major banks to participate in the system for settlements between the two countries shows the potential of blockchain technology. If this project is successful, other countries will also be able to use this technology.Market Favorable

* 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 19, 2017, are presented as graphs (Fig. 1.1-1.5)*.

Table 1.6. 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 19, 2017, this number had already reached 1,239.
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 20, 2017, 00:00 UTC

** The figures below present average data for 24 hours

Data source: coinmarketcap.com

Figure 1.1. Total cryptocurrency market capitalization**

weekly-cryptocurrency-and-ico-market-analysis-november-13-19-2017-figure-1-1

** Average daily data

Figure 1.1 shows a graph of the weekly cryptocurrency market change from July 2, 2017, to November 19, 2017. Over this period, the market capitalization increased from $94,716 million to $233,808 million, a growth of 1,221% relative to the start of the year. Over the past week the total market capitalization grew from $200,964 million to $233,808 million (as of November 19, 2017). This growth was primarily due to the increase in the market capitalization of Bitcoin by $24.6 billion, as well as a certain amount of growth in the capitalization of altcoins.

Figure 1.2. Change in market capitalization

weekly-cryptocurrency-and-ico-market-analysis-november-13-19-2017-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 13-19, 2017), total cryptocurrency market capitalization increased by $32,844 million, or 16%.

Figure 1.3. Number of cryptocurrencies and digital assets

weekly-cryptocurrency-and-ico-market-analysis-november-13-19-2017-figure-1-3

The total number of cryptocurrencies and digital assets listed on exchanges has grown since July from 881 to 1,239. Their number increased by 31 over the past week alone, from 1,208 to 1,239. At the same time, the average cryptocurrency and digital asset capitalization increased from $166.4 to $188.7 million over the analyzed period.

Figures 1.4 and 1.5. Forecast of total cryptocurrency market capitalization

weekly-cryptocurrency-and-ico-market-analysis-november-13-19-2017-figure-1-4

weekly-cryptocurrency-and-ico-market-analysis-november-13-19-2017-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. Total market capitalization exceeded $200 billion for the first time on November 3. Last week (November 13-19, 2017) was characterized by market growth of 16%, with growth being seen in all major cryptocurrencies (except Bitcoin Cash). The structure of the cryptocurrency market changed in favor of Bitcoin, the market dominance of which is currently 55.5%.

Many experts predict a further growth in the exchange rates of the main cryptocurrencies, however there is a high risk of related market fluctuations.

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

    2.1 Brief market overview, news of the week

  • Tezos Founders Face Second Class Action Lawsuit Over $232 Million ICO [source: Сryptocoinsnews]
  • Singapore’s Central Bank Issues New Guidelines on ICO Securities Laws [source: Сryptocoinsnews]
  • ICOs Have “Huge Potential” for Investments: Russian Central Bank Official [source: Сryptocoinsnews]
  • More ICO Warnings as EU Issues Two Regulatory Statements [source: Сointelegraph]
  • According to Key European Regulator, ICOs Could be Derivative Activities [source: Сointelegraph]
  • Dutch Regulator: ICO Environment Is a ‘Dangerous Cocktail’ [source: Сoindesk]
  • Wealth Manager Canaccord: ICOs Could Become Commonplace [source: Сoindesk]

    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

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

 

November 6-12, 2017

 

November 13-19, 2017

 

Total amount of funds collected, USD million1330.0802.9794.297.9258.9138.2
Number of companies that completed an ICO13548686613
Maximum collected, USD million (ICO name)54.6 (Salt)257.0 (Filecoin)144.3 (Polkadot)37 (Ripio)108.2 (QASH)46.5 (WAX)
Average collected funds, USD million9.416.711.716.343.210.6
Max token reward (ICO name)22.76 (Neblio)3.86x (Internxt)4.9x (Electroneum)3.16x (Raiden Network)Confido5 (14.56x)n/a
Average token reward (ATR)22.28x1.44x1.34x2.0414.56xn/a
Weighted average current reward on funds (WACRF)31.35x1.10x1.45x214.56xn/a

Notes:

1 Data source: tokendata.io, icodrops.com, 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 for August-October 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 $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 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.

5 Maximum token reward on the tokens of the Confido ICO was recorded at the level of 14.56x on November 19, 2017, although just one day later, on November 20, 2017, it equaled only around 4x due to a sharp change in the token price.

The data since November 1, 2017, were adjusted to account for the appearance of more complete information on completed ICOs. The total amount of funds collected was $97.9 million (November 1-5, 2017) and $258.9 million (November 6-12, 2017). The amount collected through ICOs last week (November 13-19, 2017) equaled $138.2 million. This total includes the results of the 13 most successful completed ICOs, with the largest amount collected equaling around $46.5 million (WAX ICO). The average amount of funds collected per project was $10.6 million. More detailed information on last week’s 13 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

IndicatorValue 
The number of projects conducting an active ICO as of the current date (November 19, 2017)221
The number of projects planning an ICO as of the current date (November 19, 2017)251
The number of projects planning an ICO between November 20-26, 201729

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

The number of projects conducting active ICOs as of November 19, 2017, is 221. At present, there is information available on 251 planned ICOs to be conducted after November 19, 2017, including at least 29 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, 201797.9616.3
November 6-12, 2017258.9643.2
November 13-19, 2017138.21310.6

* 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 13-19, 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

weekly-cryptocurrency-and-ico-market-analysis-november-13-19-2017-figure-2-1

        2. Top ICOs

Table 2.5. Top 13 ICOs in terms of the amount of funds collected (November 13-19, 2017)

#Name of ICO***Category**Collected, $ millionDate
1WaxCommerce & Advertising*46.5November 15, 2017
2QuantstampInfrastructure*31.3November 19, 2017
3Oracles NetworkInfrastructure*12.7November 17, 2017
4MicromoneyPayments*10.5November 18, 2017
5B2BXTrading & Investing*8.1November 17, 2017
6SpankchainCommerce & Advertising*7.2November 13, 2017
7SomaCommerce & Advertising*6November 15, 2017
8IndaHashCommerce & Advertising*4.8November 14, 2017
9HydroMinerMining*2.9November 15, 2017
10Genesis VisionTrading & Investing*2.8November 15, 2017
11PrivatixInfrastructure*2.4November 16, 2017
12MatryxCommerce & Advertising*2November 15, 2017
13PublicaCommerce & Advertising*1November 15, 2017
Total collected funds138.2
Average collected funds, $10.6

* The category was established based on expert opinions.

** When compiling the lists of top ICOs, information from the websites tokendata.io, icodrops.com, coinschedule.com and other specialized sources was used. The ICO project categories correspond to the information 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 13 ICOs which were successfully completed last week and collected the greatest amounts of funds. The leader was the Wax project, which is developing a decentralized platform for trading in virtual goods in the online game industry. WAX could become a safe area for the exchange, purchase, and sale of virtual assets for a huge number of game enthusiasts worldwide.

Figure 2.2. Top 13 ICOs in terms of the amount of funds collected (November 13-19, 2017)

weekly-cryptocurrency-and-ico-market-analysis-november-13-19-2017-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, Commerce & Advertising category

 

 

#

Name of ICOCategory**Collected, $ millionDateToken performance
1WaxCommerce & Advertising*46.5November 15, 2017n/a
2Basic Attention TokenCommerce & Advertising35.0May 31, 20174.51x
3AirtokenCommerce & Advertising15.0October 7, 20170.70x
4AdExCommerce & Advertising11.4June 30, 20174.18x
5SpankchainCommerce & Advertising*7.2November 13, 2017n/a
6SomaCommerce & Advertising*6November 15, 2017n/a
7IndaHashCommerce & Advertising*4.8November 14, 2017n/a
8AltocarCommerce & Advertising*2.3November 9, 2017n/a
9MatryxCommerce & Advertising*2November 15, 2017n/a
10PublicaCommerce & Advertising*1November 15, 2017n/a

* The category was established based on expert opinions.

** When compiling the lists of top ICOs, information from the websites tokendata.io, icodrops.com, coinschedule.com and other specialized sources was used. The ICO project categories correspond to the information 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 Commerce & Advertising category. All of these projects were performed in 2017. More than half of them completed their ICO in November 2017, so to date there is no data on the performance of their exchange listing. The Wax project, which completed its ICO last week, is the leader in this category in terms of the amount of funds collected. In second place is the Basic Attention Token project, which collected approximately $35 million through the sale of 1,000,000,000 tokens in 30 seconds at a price of approximately $0.036 per token. The tokens are currently selling on the cryptoexchange for about $0.162. Therefore, token performance equals 4.51x. The total market capitalization of the tokens of Basic Attention Token as of November 19, 2017, was $161.3 million.

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

weekly-cryptocurrency-and-ico-market-analysis-november-13-19-2017-figure-2-3

The ratings of ICOs in the Infrastructure & Trading category were presented in previous reports. The ratings of ICOs in the Payments and Mining categories are given below.

Table 2.7. Top 10 ICOs in terms of the amount of funds collected, Payments category

 

#

Name of ICOCategory**Collected, $ millionDateToken performance
1TenXPayments64.0June 24, 20172.07x
2DomRaiderPayments42.0October 11, 20170.33x
3MonethaPayments36.6August 31, 20170.39x
4Request NetworkPayments33.3October 16, 20170.75x
5MonacoPayments26.6June 18, 20171.97x
6OmiseGoPayments25.0July 5, 201724.43x
7Centra TechPayments18.5August 25, 20170.83x
8ChangePayments*15.7October 16, 20171.31x
9TokenCardPayments12.7May 2, 20172.35x
10MicromoneyPayments*10.5November 18, 2017n/a

* The category was established based on expert opinions.

All projects in the top 10 of the Payments category currently have a token performance indicator ranging from 0.33x to 24.43x. The OmiseGo ICO can be considered one of the most successful exchange listings, as this project has a current token price to token sale price ratio of 24.4x. When considering this indicator, it is important to remember that the OmiseGo ICO was completed on July 5, 2017, i.e. the growth by a factor of 24.43 took place over the course of approximately four months, and the market capitalization of OmiseGo currently exceeds $800 million.

Figure 2.4. Top 10 ICOs in terms of the amount of funds collected, Payments category

weekly-cryptocurrency-and-ico-market-analysis-november-13-19-2017-figure-2-4

Table 2.8. Top 3 ICOs in terms of the amount of funds collected, Mining category

#Name of ICOCategory**Collected, $ millionDateToken performance
1Giga WattMining20.2July 31, 20171.44x
2HydroMinerMining2.9November 15, 2017n/a
3EasymineMining*1.1October 25, 2017n/a

* The category was established based on expert opinions.

Table 2.8 shows the top three ICOs in the Mining category. One of the presented projects in this category, the Giga Watt ICO, has already performed its exchange listing. This project has a current token price to token sale price ratio of 1.44x.

Figure 2.5. Top 3 ICOs in terms of the amount of funds collected, Mining category

weekly-cryptocurrency-and-ico-market-analysis-november-13-19-2017-figure-2-5

Over the past period (November 13-19, 2017), 13 ICO projects were successfully completed, each of which collected more than $100,000, with a total amount of funds collected of at least $138.2 million. The week’s leader was the Wax project ($46.5 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 29 ICOs are planned to take place next week.

The Glossary is given in Annex 1.

Annex 1Glossary

 

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 sale 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 coin that 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 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 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 returnPerformance 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 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 then it was 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 then it was sold at the current BTC rate.
Token/ETH rewardThis 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 rewardThis 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 indexThe 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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