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 over the last week (December 11-17, 2017).

Information as of December 17, 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 December 2017, including over the last week (December 11-17, 2017).

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

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

Table 1.1. Trends in the capitalization of the cryptocurrency market and main cryptocurrencies from November 1, 2017, to December 17, 2017

Parameter1-Nov-171-Dec-17MoM, %3-Dec-17DoD, %10-Dec-17DoD, %17-Dec-17DoD, %
1Total market capitalization, USD billion182.6305.167.1%329.17.8%416.926.7%579.539.0%
2Altcoin market capitalization, USD billion75.4134.778.7%143.86.8%163.113.4%253.455.4%
Altcoin dominance, %41.3%44.1%7.0%43.7%-1.0%39.1%-10.5%43.7%11.8%
3Bitcoin price, $6 441.010 198.658.3%11 082.78.7%15 168.436.9%19 475.828.4%
Bitcoin market capitalization, USD billion107.3170.458.9%185.38.7%253.837.0%326.128.5%
Bitcoin dominance, %58.7%55.9%-4.9%56.3%0.8%60.9%8.1%56.3%-7.6%
4Ethereum price, $305.8445.245.6%463.74.2%472.82.0%696.247.3%
Ethereum market capitalization, USD billion29.242.846.5%44.64.2%45.52.1%67.147.5%
Ethereum dominance, %16.0%14.0%-12.3%13.5%-3.4%10.9%-19.4%11.6%6.1%
5Bitcoin Cash price, $438.31 381.8215.3%1 435.43.9%1 411.8-1.6%1 812.328.4%
Bitcoin Cash market capitalization, USD billion7.323.3216.8%24.23.9%23.8-1.6%30.628.5%
Bitcoin Cash dominance, %4.0%7.6%89.6%7.3%-3.7%5.7%-22.3%5.3%-7.6%
6Litecoin price, $55.788.057.9%100.213.9%155.655.3%301.893.9%
Litecoin market capitalization, USD billion3.04.859.2%5.413.9%8.455.7%16.494.3%
Litecoin dominance, %1.6%1.6%-4.7%1.6%5.6%2.0%22.9%2.8%39.8%
7Smith + Crown Index12 08318 05849.4%20 45613.3%25 89126.6%34 98935.1%
8Volume (24h) 4 crypto, USD billion3.59.29.20.3%15.972.9%17.38.6%
Market cap 4 crypto, USD billion144.2246.1263.97.2%332.626.0%453.036.2%
ZAK-4 Crypto index2.4%3.7%3.5%-6.4%4.8%37.1%3.8%-20.3%
9Volume (24h) 8 crypto, USD billion10.39.9-3.4%17.980.5%20.413.6%
Market cap 8 crypto, USD billion263.5282.77.3%363.828.7%498.237.0%
ZAK-8 Crypto index3.9%3.5%-9.9%4.9%40.3%4.1%-17.0%

* Data as of December 17, 2017, 00:00 UTC
** After December 1, 2017, the structure of the cryptocurrency market changed, so the subsequent figures of the ZAK-4 index were calculated using the cryptocurrencies Bitcoin, Ethereum, Bitcoin Cash, and Ripple.
*** Due to changes in the top eight cryptocurrencies by capitalization since December 1, 2017, the ZAK-8 index was calculated using the cryptocurrencies Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, Dash, IOTA and Cardano.
Data source: coinmarketcap.com, https://www.smithandcrown.com

During the period from December 1-17, 2017, total cryptocurrency market capitalization increased by more than $270 billion, from $305.1 billion to $579.5 billion (as of December 17, 2017, 00:00 UTC, see Table 1.1).

Figure 1 shows how the anticipation of the launch of Bitcoin futures affected the change in total market capitalization.

Figure 1. Trends in total cryptocurrency market capitalization during the period December 10-18, 2017

weekly-cryptocurrency-and-ico-market-analysis-december-11-17-2017-figure-1

Data source: coinmarketcap.com

We give an analysis of the change in demand for cryptocurrency on December 10, 2017 (prior to the commencement of trading in Bitcoin futures on the CBOE (Chicago)).

At 00:00 UTC on December 10, 2017, cryptocurrency capitalization equaled $416.9 billion (see Table 1.1). Over the next four hours market capitalization fell by more than $50 billion, and by 04:00 UTC on December 10, 2017, equaled $363.6 billion (see fig. 1). However, by the start of the day on Monday (December 11, 2017, 00:00 UTC), the market had rebounded to $411 billion, and a significant increase in capitalization growth to $579.5 billion was subsequently seen (December 17, 2017, 00:00 UTC, see Table 1.1, fig. 1).

Over the past week (December 11-17, 2017) market capitalization increased by approximately $160 billion, with Bitcoin, the capitalization of which increased from $253.8 billion to $326.1 billion, accounting for $70 billion of this increase. The growth in altcoin capitalization over the week equaled approximately $90 billion, from $163.1 billion to $253.4 billion.

During the period from December 10-17, the exchange rates of Bitcoin, Ethereum, Bitcoin Cash, and Litecoin increased by 28.4%, 47.3%, 28.4%, and 93.9%, respectively.

Last week saw the appreciation of all cryptocurrencies in the top 20, except IOTA. Special mention should be made of the significant increase in the capitalization of Litecoin and Cardano, which took 5th and 6th place in the list of cryptocurrencies by capitalization.

The Litecoin exchange rate, for example, increased from $98 to $300-320 over the space of ten days (December 8-18, 2017), i.e. it more than tripled (fig. 2), while the Cardano exchange rate increased by 350% over the space of four days (December 14-18, 2017), from $0.13 to $0.59 (fig. 3).

Figure 2. Price trends of Litecoin from December 8-18, 2017

weekly-cryptocurrency-and-ico-market-analysis-december-11-17-2017-figure-2

Data source: coinmarketcap.com

Figure 3. Price trends of Cardano from December 14-18, 2017

weekly-cryptocurrency-and-ico-market-analysis-december-11-17-2017-figure-3

Data source: coinmarketcap.com

According to the data of CoinTelegraph, the Bloomberg Terminal system has added Ripple (XRP), Ethereum (ETH), and Litecoin (LTC), in other words users can now analyze their financial indicators in real time. Banks in Japan and South Korea are testing Ripple blockchain-based payments (see Table 1.5). As a result, the Ripple (XRP) exchange rate appreciated over the week (December 11-17, 2017) by a factor of three, from $0.25 to $0.75, and the Ethereum (ETH) exchange rate increased from $450 to $700.

In general, the appearance on the cryptocurrency market of new risk hedging mechanisms (futures contracts) has had a favorable effect on market trends. However, total trading in Bitcoin futures on the CBOE over the past week was not large compared to total cryptocurrency capitalization. Therefore, it will be interesting to see how the start of trading in bitcoin futures on the largest commodities exchange in the world, CME Group, which is planned for December 18, will affect the bitcoin exchange rate. At the same time, news concerning the possible launch of Ethereum and Litecoin futures has also appeared (see Table 1.5).

Two hard forks took place somewhat unnoticed against the backdrop of all these events and the significant growth in the cryptocurrency market: Super Bitcoin and ECIP 1017 (fig. 4). The website of the Super Bitcoin project notes that the hard fork is “experimental”. The ECIP 1017 hard fork took place in the Ethereum Classic network. Now, as expected, the total supply of this cryptocurrency will be reduced by 20 million units, to 210 million, thanks to the implementation of a deflationary monetary policy model.

Figure 4. Hard Fork

weekly-cryptocurrency-and-ico-market-analysis-december-11-17-2017-figure-4

You will recall that prior to this, on November 24th, a Bitcoin hard fork was performed that resulted in the appearance of the Bitcoin Diamond cryptocurrency.

The main reasons for the changes in the exchange rates of the leading cryptocurrencies over the last week are given in Table 1.3.

The Smith + Crown Index increased over the indicated period from 25,891 to 34,989.

To analyze trading activity on cryptocurrency exchanges, the ZAK-n Crypto index is calculated (see the Glossary). The values of the ZAK-4 Crypto and ZAK-8 Crypto indices are presented in Tables 1.1, 1.2.a, and 1.2.b. For example, on December 14, 2017, the 24-hour trading volumes (Volume 24h) for the four dominant cryptocurrencies (Bitcoin, Ethereum, Bitcoin Cash, and Ripple) exceeded $26.7 billion (Table 1.2.a). The value of the ZAK-4 Crypto equaled 6.9%, which attests to the extremely high liquidity and market dynamism of the dominant cryptocurrencies.

Table 1.2.a. Daily ZAK-4 Crypto index calculation (from December 1, 2017, to December 17, 2017)

CryptoBitcoin (BTC)Ethereum (ETH)Bitcoin Cash (BCH)Ripple (XRP)4 Crypto
 Price Open Volume (24h)Market capPrice Open Volume (24h)Market capPrice OpenVolume (24h)Market capPrice OpenVolume (24h)Market capVolume (24h) 4 cryptoMarket cap 4 cryptoZAK-4 Crypto index
Date$USD billionUSD billion$USD billionUSD billion$USD billionUSD billion$USD billionUSD billionUSD billionUSD billion%
Dec 17, 201719 47613.3326.16962.167.118121.030.60.7540.829.217.3453.03.8%
Dec 16, 201717 76012.7297.46862.266.118251.030.80.7551.329.317.2423.54.1%
Dec 15, 201716 60114.3277.96962.867.119751.533.30.8623.233.421.7411.75.3%
Dec 14, 201716 38513.8274.37013.867.516012.727.00.4716.418.226.7387.06.9%
Dec 13, 201717 50013.0292.96454.562.116171.227.20.3732.714.421.5396.75.4%
Dec 12, 201716 92014.6283.25225.250.314271.424.10.2521.69.822.7367.36.2%
Dec 11, 201715 42712.2258.14401.842.413200.922.20.2370.29.215.0331.94.5%
Dec 10, 201715 16813.4253.84731.445.514120.923.80.2460.29.515.9332.64.8%
Dec 9, 201716 52313.9276.44572.044.014651.124.70.2520.29.817.2354.94.8%
Dec 8, 201717 80321.1297.84352.341.813292.622.40.2240.78.726.7370.77.2%
Dec 7, 201714 26618.0238.64262.141.014311.324.10.2330.39.021.6312.76.9%
Dec 6, 201711 92312.7199.44632.044.514981.225.20.2450.39.516.1278.65.8%
Dec 5, 201711 6866.9195.44701.245.215801.026.60.2540.29.89.3277.03.4%
Dec 4, 201711 3156.1189.24661.044.815600.826.30.2530.19.88.0270.03.0%
Dec 3, 201711 0836.6185.34641.044.614351.524.20.2560.19.99.2263.93.5%
Dec 2, 201710 9785.1183.54670.944.914620.624.60.2560.19.96.8262.82.6%
Dec 1, 201710 1996.8170.44451.242.813821.023.30.2500.29.79.2246.13.7%

* Data as of December 18, 2017, 00:00 UTC
** Data source: coinmarketcap.com

The 24-hour trading volumes (Volume 24h) for the eight dominant cryptocurrencies (Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, Dash, IOTA, and Cardano) reached $20.4 billion at the end of last week (Table 1.2.b), i.e. 4.1% of their market capitalization. The ZAK-4 Crypto and ZAK-8 Crypto indices are considered in more detail in Tables 1.2.a and 1.2.b.

Table 1.2.b. Daily ZAK-8 Crypto index calculation (continuation of Table 1.2.а)

CryptoIOTA (MIOTA)Cardano (ADA)Dash (DASH)Litecoin (LTC)8 Crypto
 Price OpenVolume (24h)Market capPrice OpenVolume (24h)Market capPrice OpenVolume (24h)Market capPrice OpenVolume (24h)Market capVolume (24h)Market capZAK-8 Crypto index
Date$USD billionUSD billion$USD billionUSD billion$USD billionUSD billion$USD billionUSD billionUSD billionUSD billion%
Dec 17, 20173.650.310.90.3870.610.010150.57.93021.716.420.4498.24.1%
Dec 16, 20173.910.410.50.2130.65.59010.27.02991.316.319.7462.84.3%
Dec 15, 20173.770.611.30.2330.26.09430.27.32812.615.325.3451.65.6%
Dec 14, 20174.060.513.10.1340.33.58840.36.93012.116.429.9426.77.0%
Dec 13, 20174.720.711.90.1340.13.59250.37.23153.417.125.9436.35.9%
Dec 12, 20174.260.411.50.1210.13.17660.45.92127.011.530.5399.47.6%
Dec 11, 20174.140.612.90.1090.02.86890.25.31482.98.018.8361.15.2%
Dec 10, 20174.660.714.00.1200.03.17230.25.61561.18.417.9363.84.9%
Dec 9, 20175.050.911.50.1150.13.07280.25.61272.46.920.8381.95.5%
Dec 8, 20174.141.312.40.1060.12.87010.35.4981.55.329.8396.67.5%
Dec 7, 20174.472.110.60.1180.13.17000.25.41000.65.424.7337.27.3%
Dec 6, 20173.811.47.80.1270.13.37560.25.81020.55.518.4301.16.1%
Dec 5, 20172.801.15.30.1360.13.57750.26.01040.35.611.0297.43.7%
Dec 4, 20171.890.44.00.1320.13.47710.26.01010.35.59.0288.93.1%
Dec 3, 20171.440.13.90.1320.03.47790.26.01000.45.49.9282.73.5%
Dec 2, 20171.420.13.60.1320.13.47980.26.2990.45.47.6281.42.7%
Dec 1, 20171.310.23.50.1170.13.07870.36.1880.64.810.3263.53.9%

 

Table 1.3 shows the key events of the week (December 11-17, 2017) having an influence on the exchange rates of the dominant cryptocurrencies and on the cryptocurrency market in general, with an indication of their nature and type of impact.

 

Table 1.3. Key events of the week having an influence on cryptocurrency exchange rates, December 11-17, 2017

Factors and events

(link to source)

Date of newsDate of event*DescriptionNature of impactType of impact
1.                    Bitcoin Price Recovers from a Low of $13K as CBOE’s Future Contracts Go Live [source: Coinspeaker]December 11, 2017December 11, 2017Right before the launch of the futures, the bitcoin price fell almost to $13,500 due to uncertainty. However, the CBOE website crashed immediately after the launch of the futures due to the colossal number of visitors, and the bitcoin price increased over the course of the day to $16,500, showing the highest five-minute growth spurt in its history.BTC

Market

 

Favorable
2.                    Company Halts ICO After SEC Raises Registration Concerns [source: SEC]December 11, 2017December 11, 2017The SEC identified a number of violations of US securities law during the Munchee ICO, and suspended the ICO. The Commission noted that the company quickly halted the ICO after its intervention, immediately returned all funds, and cooperated with the investigation, and consequently a decision was taken not to impose a fine. This news shows that the SEC is beginning to regulate ICOs more and more, and that certain standards are being put in place. However, it is still early to talk about any consequences for the ICO market.Cryptocurrency marketUncertain
3.                    Market Capitalization of All Cryptocurrencies Surpasses Half Trillion Dollars [source: Coinspeaker]December 13, 2017December 13, 2017The cryptocurrency market has passed half a trillion dollars, thereby asserting its credibility and attracting ever growing attention from both serious players on the financial markets and the general public.Market

 

Favorable
4.                    Litecoin Passes Threshold of $340 [source: Coinmarketcap]December 13, 2017December 13, 2017Litecoin reached its record high after a sharp growth over several days, and retook its place among the top five cryptocurrencies by capitalization.Litecoin Favorable
5.                    Ethereum Sets New Record Price of $750 [source: Coinmarketcap]December 14, 2017December 14, 2017The new record price of Ethereum attests to the possibility for a further reduction in the gap with bitcoin caused by the latter’s rapid growth.ETH

 

Favorable
6.                    Malaysia Issues Proposed Digital Currency Regulations for Public Review [source: News Bitcoin]December 15, 2017December 15, 2017Malaysia has provided the public with a possible version of cryptocurrency regulations, stipulating the need for cryptocurrency exchanges to collect information on their users and to track incoming and outgoing transactions on the exchanges. Clearly, this method of control over cryptocurrencies will have a more favorable impact on the market than a ban on cryptocurrencies, and demonstrates that the Malaysian government sees that cryptocurrencies have a future.Market

 

Uncertain, but most likely favorable
7.                    Bitcoin Price Reaches $20,000 on Many Major Exchanges [source: Coinmarketcap]December 17, 2017December 17, 2017A new record high was reached, and a psychological barrier was overcome, against the backdrop of the launch of bitcoin futures on another cryptocurrency exchange.BTC 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.

Below is an analysis of the daily changes in the Bitcoin, Ethereum, and Bitcoin Cash exchange rates since the start of December (Tables 1.4.a, 1.4.b, and 1.4.c).

Table 1.4.a. Daily change in the Bitcoin (BTC) exchange rate, trading volume (Volume 24h) and capitalization, USD (from December 1, 2017, to December 17, 2017)

DateOpen, $High, $Low, $Range, $Close, $DoD, %D, %Index, rate to start of yearVolume (24h), USD millionMarket cap, USD million
Dec 17, 201719 475.820 089.018 974.11 114.919 140.898.2%-1.819.1713 315326 141
Dec 16, 201717 760.319 716.717 515.32 201.419 497.4110.1%10.119.5312 741297 376
Dec 15, 201716 601.318 154.116 601.31 552.817 706.9106.9%6.917.7414 310277 936
Dec 14, 201716 384.617 085.816 185.9899.916 564.0100.9%0.916.5913 777274 269
Dec 13, 201717 500.017 653.116 039.71 613.416 408.294.2%-5.816.4412 977292 900
Dec 12, 201716 919.817 781.816 571.61 210.217 415.4102.8%2.817.4414 604283 155
Dec 11, 201715 427.417 513.915 404.82 109.116 936.8109.6%9.616.9712 154258 147
Dec 10, 201715 168.415 850.613 226.62 624.015 455.4101.8%1.815.4813 433253 782
Dec 9, 201716 523.316 783.013 674.93 108.115 178.291.6%-8.415.2013 911276 415
Dec 8, 201717 802.918 353.414 336.94 016.516 569.492.6%-7.416.6021 136297 787
Dec 7, 201714 266.117 899.714 057.33 842.417 899.7125.2%25.217.9317 951238 600
Dec 6, 201711 923.414 369.111 923.42 445.714 291.5119.9%19.914.3212 656199 390
Dec 5, 201711 685.712 032.011 604.6427.411 916.7102.2%2.211.946 895195 389
Dec 4, 201711 315.411 657.211 081.8575.411 657.2102.9%2.911.686 132189 172
Dec 3, 201711 082.711 858.710 862.0996.711 323.2102.2%2.211.346 608185 258
Dec 2, 201710 978.311 320.210 905.1415.111 074.6100.9%0.911.095 139183 490
Dec 1, 201710 198.611 046.79 694.71 352.110 975.6107.3%7.310.996 783170 436

* Data as of December 18, 2017, 00:00 UTC
Data source: coinmarketcap.com

The Bitcoin exchange rate surpassed $20,000 for the first time on December 17, 2017.

Table 1.4.b. Daily change in the Ethereum (ETH) exchange rate, trading volume (Volume 24h) and capitalization, USD (from December 1, 2017, to December 17, 2017)

DateOpen, $High, $Low, $Range, $Close, $DoD, %D, %Index, rate to start of yearVolume (24h), USD millionMarket cap, USD million
Dec 17, 2017696.24735.8696.2439.6719.98103.4%3.488.122 14767 106
Dec 16, 2017686.19718.4680.7937.6696.21101.7%1.785.222 16666 124
Dec 15, 2017696.38697.1621.0676.1684.4598.4%-1.683.782 75967 091
Dec 14, 2017700.59753.1664.9988.1695.8299.0%-1.085.173 82267 483
Dec 13, 2017644.91748.0597.80150.2702.77107.9%7.986.024 52562 106
Dec 12, 2017522.29657.3504.49152.8651.43126.5%26.579.735 18050 286
Dec 11, 2017440.36517.0439.1077.9515.14116.6%16.663.051 77142 389
Dec 10, 2017472.79472.8429.5143.3441.7293.3%-6.754.071 40445 501
Dec 9, 2017457.34504.2456.2547.9473.50103.8%3.857.962 00444 006
Dec 8, 2017434.99466.1422.3743.7456.03105.0%5.055.822 33641 846
Dec 7, 2017426.37441.4414.4127.0434.41101.4%1.453.172 13041 008
Dec 6, 2017462.60462.7420.2142.5428.5992.5%-7.552.461 99844 483
Dec 5, 2017470.29473.6457.6615.9463.2898.5%-1.556.711 21745 213
Dec 4, 2017466.05474.8453.3121.5470.20100.9%0.957.551 00644 796
Dec 3, 2017463.70482.8451.8531.0465.85100.5%0.557.0299144 561
Dec 2, 2017466.85476.2456.6519.6463.4599.3%-0.756.7394444 853
Dec 1, 2017445.21472.6428.3144.3466.54104.3%4.357.101 24842 765

* Data as of December 18, 2017, 00:00 UTC
Data source: coinmarketcap.com

Since the start of December (December 1-17, 2017), the Bitcoin exchange rate has appreciated from $10,198.60 to $19,140.80, and the Ethereum exchange rate from $445.21 to $719.98 (Tables 1.4.a and 1.4.b). The highest Bitcoin and Ethereum exchange rates ($20,089 and $735.80, respectively) were recorded on December 17, 2017. The largest fluctuations in the daily range (Range) of the exchange rates of Bitcoin ($4,016.50) and Ethereum ($152.80) were recorded on December 8, 2017, and December 12, 2017, respectively. Since the start of 2017, the Bitcoin and Ethereum exchange rates have increased by a factor of 19.17 and 88.12, respectively (see Tables 1.4.a, 1.4.b).

The price trends of Bitcoin, Ethereum, Bitcoin Cash, and Ripple (the top four by capitalization) in December 2017 are given in figures 5, 6, 7 and 8.

Figures 5, 6, 7, 8. Price trends of Bitcoin, Ethereum, Bitcoin Cash, and Ripple

weekly-cryptocurrency-and-ico-market-analysis-december-11-17-2017-figure-5

weekly-cryptocurrency-and-ico-market-analysis-december-11-17-2017-figure-6

weekly-cryptocurrency-and-ico-market-analysis-december-11-17-2017-figure-7

weekly-cryptocurrency-and-ico-market-analysis-december-11-17-2017-figure-8

According to the data given in figures 5, 6, 7, 8, the intensive growth in the Bitcoin exchange rate during December 6-7, 2017, was accompanied by a drop in the exchange rates of Ethereum and Bitcoin Cash, while the downward adjustment of the Bitcoin exchange rate on December 8, 2017, led to an increase in Ethereum and Bitcoin Cash. Over the 2-4 days after December 11, 2017, there was intensive growth in the presented cryptocurrencies, followed by a downward adjustment of the exchange rate.

Table 1.4.c. Daily change in the Bitcoin Cash (BCH) exchange rate, trading volume (Volume 24h) and capitalization, USD (from December 1, 2017, to December 17, 2017)

DateOpen, $High, $Low, $Range, $Close, $DoD, %D, %Index,

rate to Aug 1, 2017

Volume (24h), USD millionMarket cap, USD million
Dec 17, 20171812.31939.91806.7133.31862.9103.4%3.44.901 02130 555
Dec 16, 20171824.91890.11769.5120.61801.999.3%-0.74.7497130 763
Dec 15, 20171974.71974.71678.1296.61815.492.3%-7.74.781 45733 285
Dec 14, 20171600.72080.41593.2487.31966.1122.3%22.35.172 71726 978
Dec 13, 20171617.01702.51497.9204.61607.799.5%-0.54.231 24527 250
Dec 12, 20171427.41638.31427.4210.91615.0113.5%13.54.251 38624 052
Dec 11, 20171320.01453.51316.9136.61423.4107.6%7.63.7592322 240
Dec 10, 20171411.81411.81226.2185.61323.193.8%-6.23.4888623 785
Dec 9, 20171464.61526.41353.9172.51410.196.3%-3.73.711 06024 672
Dec 8, 20171329.21731.31247.9483.41464.1110.0%10.03.852 55422 387
Dec 7, 20171430.71454.71323.8131.01330.993.1%-6.93.501 28524 096
Dec 6, 20171498.51530.71396.2134.51430.195.2%-4.83.761 15525 234
Dec 5, 20171580.21623.21498.0125.21501.995.2%-4.83.951 03326 607
Dec 4, 20171560.21580.11499.081.11576.9101.1%1.14.1578126 267
Dec 3, 20171435.41649.31420.6228.71559.9108.7%8.74.101 47724 164
Dec 2, 20171462.11502.41415.586.91435.098.1%-1.93.7857524 611
Dec 1, 20171381.81482.71300.5182.21462.7105.2%5.23.8596523 257

* Data as of December 18, 2017, 00:00 UTC
Data source: coinmarketcap.com

The overall index of Bitcoin Cash exchange rate change from August 1, 2017, equaled 4.9 (the rate of $380 at the close of the day on August 1, 2017, was taken as the basis for the calculation), i.e. during the period after the Bitcoin hard fork and the appearance of the new Bitcoin Cash cryptocurrency its exchange rate has increased by 390%, with most of this growth taking place since the beginning of November. In December the exchange rate has ranged from $1,226.20 to $1,939.90. As mentioned earlier, Bitcoin Cash now holds third place in terms of capitalization, which equals $30.5 billion.

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 impactType of impact
1.Roger Ver Announces the Issue of Bitcoin Cash Visa Debit Cards [source: Twitter]December 11, 2017n/aOne of the creators of Bitcoin Cash has announced the forthcoming issue of Bitcoin Cash Visa debit cards. Although the specific properties of the cards are not yet being disclosed, this is positive news and could be a new step in the development of all cryptocurrencies.Bitcoin Cash

 

Favorable
2.South Korea Joins Asian Trend as It Mulls Ban on Bitcoin [source: Asia Nikkei]December 12, 2017n/aThe Ministry of Justice of South Korea is considering the possibility of a full ban on all cryptocurrencies in the country due to the high risks of fraudulent schemes. Although this is only one of the possible ways that the situation could develop, in any case this news will have negative consequences for the market, since it shows that progressive countries such as South Korea are also entertaining the possibility of a ban on all cryptocurrencies.Market Unfavorable
3.Japan-South Korea Blockchain Payments Enter Trials Friday [source: Asia Nikkei]December 13, 2017December 15, 2017SBI Holdings (Japan) and two of the largest South Korean banks have announced their intention to test Ripple-based bank transfers between countries in the near future. This technology will make it possible to forego global clearing, thereby increasing the speed of transfers and lowering their cost by approximately 40%.Ripple

Market

 

Favorable
4.                    CME Group Self-Certifies Bitcoin Futures to Launch Dec. 18 [source: CME Group]December 1, 2017December 18, 2017CME Group plans to commence trading in bitcoin futures on December 18. CME Group also presented the course “Introduction to Bitcoin”, on completion of which a certificate will be issued.BTCUncertain
5.                    Exclusive: CBOE and CME Group Rumoured to be Mulling Ethereum and Litecoin Futures [source: Financemagnates]December 12, 2017n/aTheoretically, the smooth launch of bitcoin futures and futures tied to other key cryptocurrencies should strengthen cryptocurrencies as an asset class.Market

Ethereum and Litecoin Possible

Favorable
6.Sorry Vitalik but Kik’s Cryptocurrency Moves from Ethereum to Stellar [source: Coinspeaker]December 15, 20172018The popular mobile messenger Kik has announced its intention to switch to the Stellar platform, as it is faster, cheaper, and can be modified for each project separately. This news shows that competitors to Ethereum are emerging that are capable of wooing away potential Ethereum users.ETH

 

Stellar

Favorable (growth in competition)
7.EU Agrees Clampdown on Bitcoin Platforms to Tackle Money Laundering [source: Reuters]December 15, 2017n/aThe EU government has adopted a decision to introduce new rules for cryptocurrency exchanges to prevent money laundering and tax evasion schemes. Pursuant to the new rules, each user of cryptocurrency exchange and online wallets will be required to provide information on his or her identity. This news shows the intention of the EU government to combat violations associated with cryptocurrencies without taking radical measures such as a ban on cryptocurrencies.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 December 17, 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 December 17, 2017, this number had already reached 1,325.
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 December 18, 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-december-11-17-2017-figure-1-1

** Average daily data
For example, at 00:00 UTC on December 10, 2017, cryptocurrency market capitalization equaled $416.9 billion (see Table 1.1), but by 04:00 UTC it had fallen to $363.6 billion, so the average daily value equaled $383 billion. Therefore, average daily values are given in fig. 1.1 (based on the data of coinmarketcap.com).

Figure 1.1 shows a graph of the weekly cryptocurrency market change from July 2, 2017, to December 17, 2017. Over this period, market capitalization increased from $94.7 billion to $590.2 billion, a growth of 3,234% relative to the start of the year. Over the past week (December 11-17, 2017), total market capitalization grew from $383 billion to $590.2 billion (as of December 17, 2017).

 Figure 1.2. Change in market capitalization

weekly-cryptocurrency-and-ico-market-analysis-december-11-17-2017-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 $25.2 billion (-15.1%) and $20.8 billion (-15%), respectively. The highest growth rate in Q3 was 39% (the week of July 16-23, 2017).

For the third week in a row the weekly growth in market capitalization equaled around $50 billion (from November 19, 2017, to December 10, 2017). Over the past week (December 11-17, 2017), total cryptocurrency market capitalization increased by a record $207.1 billion, or 54% (using average daily data).

 Figure 1.3. Number of cryptocurrencies and digital assets

weekly-cryptocurrency-and-ico-market-analysis-december-11-17-2017-figure-1-3

The total number of cryptocurrencies and digital assets listed on exchanges has grown since July from 881 to 1,325. Their number increased by 51 over the past week alone, from 1,274 to 1,325. Average cryptocurrency and digital asset capitalization increased from $300.6 million to $445.4 million over the analyzed period.

Figures 1.4 and 1.5. Forecast of total cryptocurrency market capitalization

weekly-cryptocurrency-and-ico-market-analysis-december-11-17-2017-figure-1-4

weekly-cryptocurrency-and-ico-market-analysis-december-11-17-2017-figure-1-5

Over the four weeks of October (October 1-29, 2017) the cryptocurrency market grew by $23 billion, from $147 billion to $170 billion, and over the following four weeks of November (October 30-November 26, 2017) it reached $283 billion, i.e. it increased by another $113 billion. During the first two weeks of December (November 27-December 10, 2017) the growth totaled another $100 billion, bringing it to $383 billion (average value on December 10, 2017).

Last week (December 11-17, 2017) was characterized by very significant market growth of 54%, with this growth being driven primarily by altcoins. Bitcoin dominance fell somewhat over the week, from 60.9% to 56.3%.

Overall, the cryptocurrency market grew significantly, with its capitalization increasing by a factor of 33 since the start of the year (from $17.7 billion to $590.2 billion on December 17, 2017).

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

    2.1 Brief market overview, news of the week

  • New Class-Action Suit Filed Against Tezos Founders [source: Сoindesk]
  • Class-Action Suit Targets ICO Promoted by Floyd Mayweather, Jr. [source: Сoindesk]
  • Goodbye Ethereum: Kik Plans to Move Its ICO Tokens to Stellar [source: Сoindesk]
  • Kickstarter ICO? Don’t Count On It Says Crowdfunding Leader [source: Сoindesk]
  • Mexican Authorities Call ICOs Illegal, Cryptocurrencies Risky [source: Сryptocoinsnews]
  • Crowdfunding Giant Indiegogo Looks to Make ICOs Mainstream [source: Сryptocoinsnews]
  • Your Utility Token ICO Is Probably a Securities Offering: SEC Chairman [source: Сryptocoinsnews]

    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 assess 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

IndicatorSeptember

2017

October

2017

November

2017

December 1-

10, 2017

December 11-

17, 2017 г.

Total amount of funds collected, USD million1802.9822.6683.5304.2345.9
Number of companies that completed an ICO14872502218
Maximum collected, USD million (ICO name)257

(Filecoin)

144.3 (Polkadot)108.2

(QASH)

52.0 (Blockstack)60.0

(Nebulas)

Average collected funds, USD million16.711.413.713.819.2
Max token reward (ICO name)6.86x

(ICON)

8.11x (Electroneum)7.99x

(Genesis Vision)

3.21х (SmartMesh)n/a
Average token reward (ATR)21.94x1.89x2.72x2.30xn/a
Weighted average current reward on funds (WACRF)31.83x2.08x2.76x2.89xn/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-November as of December 2, 2017. Consequently, token reward 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 $2.72 for projects completed in November 2017. To calculate this ratio, the authors used the data from 50 ICOs completed between November 1 and December 1, 2017. The maximum token reward for projects completed in November was 7.99x for the Genesis Vision ICO (based on the assessment made on December 2, 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 December 1, 2017, are incomplete or non-existent.

The data since the start of December (December 1-10, 2017) were adjusted to account for the appearance of more complete information on past ICOs. In all, the total amount of funds collected equaled $304.2 million. Last week (December 11-17, 2017) the amount of funds collected via ICOs equaled 345.9 million. This amount includes the results of the 18 most successful completed ICOs, with the largest amount collected equaling around $60 million (Nebulas ICO). The average amount of funds collected per project was $19.2 million. More detailed information on the 18 ICOs completed last week 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 (December 17, 2017)269
The number of projects planning an ICO as of the current date (December 17, 2017)267
The number of projects planning an ICO between December 18-24, 201710

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

The number of projects conducting active ICOs as of December 17, 2017, is 269. There is presently information available on at least 267 planned ICOs to be conducted after December 17, 2017, including more than 10 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
November683.55013.7
December 1-10, 2017304.22213.8
December 11-17, 2017345.91819.2
Total5060.734814.5

* 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 equaled $33.17 million.

The data for last week (December 11-17, 2017) may be adjusted as information on the amounts of funds collected by completed 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-december-11-17-2017-figure-2-1

        2. Top ICOs

Table 2.5. Top 18 ICOs in terms of the amount of funds collected (December 11-17, 2017)

Name of ICO***Category**Collected, $ millionDate
1NebulasInfrastructure*60December 16, 2017
2NagaFinance*45.3December 15, 2017
3DreamTeamGaming & VR*45December 15, 2017
4WalaFinance*30.0December 11, 2017
5SophiaTXInfrastructure*22December 17, 2017
6MediblocDrugs & Healthcare*21.2December 15, 2017
7BreadPayments20December 16, 2017
8UPTokenFinance*18.9December 15, 2017
9GUTS TicketsEvents & Entertainment*17.5December 13, 2017
10NeuFundTrading & Investing*14.8December 17, 2017
11CoinlancerInfrastructure*11.9December 16, 2017
12DeepBrain ChainMachine Learning & AI*11.8December 15, 2017
13GIFTOInfrastructure*10December 14, 2017
14ProtosTrading & Investing*5.7December 15, 2017
15AigangFinance*4.1December 15, 2017
16VLB TokenInfrastructure*3.5December 17, 2017
17CloutInfrastructure*2.6December 17, 2017
18Bounty0xInfrastructure*1.6December 16, 2017
 Total collected funds345.9 
 Average collected funds, $19.2 

* 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 18 ICOs which were successfully completed during the past week (December 11-17, 2017). The leader was the Nebulas project, which is a decentralized search platform for blockchain. The ICO was built on the principles of the value of information, self-development and incentivization. Traditional tools will also be sold under the project: smart contracts, a domain name system, wallets, etc.

Figure 2.2 presents the ten largest ICOs completed during the past week of December 2017.

Figure 2.2. Top 10 ICOs in terms of the amount of funds collected (December 11-17, 2017)

weekly-cryptocurrency-and-ico-market-analysis-december-11-17-2017-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, Infrastructure category

Name of ICOCategory**Collected, $ millionDateToken performance
1TezosInfrastructure232.3July 13, 2017n/a
2EOSInfrastructure185July 1, 20178.53х
3The DAOInfrastructure168May 28, 2016n/a
4BancorInfrastructure153June 12, 20171.06x
5PolkadotInfrastructure*144.3October 27, 2017n/a
6KinInfrastructure97September 26, 20171.48x
7StatusInfrastructure90June 20, 20174.93x
8NebulasInfrastructure*60December 16, 2017n/a
9BlockstackInfrastructure*52December 1, 2017n/a
10ICONInfrastructure42.8September 20, 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.
*** The projects in the Top 10 of this category completed in December 2017 are highlighted in red.

Table 2.6 lists the top 10 ICOs in the Infrastructure category. Nearly all of these projects were performed in 2017. The highest token performance indicator, i.e. the ratio of current token price to token sale price, is 8.53x for the EOS ICO. Its current market capitalization equals more than $4.6 billion.

Figure 2.3. Top 10 ICOs in terms of the amount of funds collected, Infrastructure category

weekly-cryptocurrency-and-ico-market-analysis-december-11-17-2017-figure-2-3

The ratings of ICOs in the Finance and Gaming & VR categories are given below.

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

 Name of ICOCategoryCollected, $ millionDateToken performance
1KyberNetworkFinance48.0September 15, 20176.80x
2NagaFinance*45.3December 15, 2017n/a
3PeerBanksFinance42.6September 22, 2017n/a
4PolybiusFinance31.7July 5, 20170.52x
5WalaFinance*30December 11, 2017n/a
6Bankera Pre-ICOFinance29.6September 19, 2017n/a
7EverexFinance26.5August 31, 20171.00x
8LATokenFinance19.6October 10, 20170.66x
9UPTokenFinance*18.9December 15, 2017n/a
10CoFound.itFinance14.8June 6, 20171.63x

* The category was established based on expert opinions.
** The projects in the Top 10 of this category completed in December 2017 are highlighted in red.

At present, all projects from the top 10 in the Finance category have a token performance indicator of 1x to 6.8x. The exchange listing of the KyberNetwork ICO can be considered one of the most successful, as this project has a current token price to token sale price ratio of 6.8x. When considering this indicator, it is important to remember that the KyberNetwork ICO was completed on September 15, 2017, i.e. the 6.8x growth took place over approximately three months, and the market capitalization of KyberNetwork currently exceeds $370 million.

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

weekly-cryptocurrency-and-ico-market-analysis-december-11-17-2017-figure-2-4

 

Table 2.8. Top 10 ICOs in terms of the amount of funds collected, Gaming & VR category

 Name of ICOCategoryCollected, $ millionDateToken performance
1MobileGOGaming & VR53.1May 24, 20170.86x
2DreamTeamGaming & VR*45December 15, 2017n/a
3DecentralandGaming & VR26.2August 17, 20172.51x
4DMarketGaming & VR19August 21, 2017n/a
5Enjin Pre-SaleGaming & VR10.8September 18, 20171.49x
6PlaykeyGaming & VR10.5December 1, 2017n/a
7GameCoinGaming & VR8.9September 29, 2017n/a
8NEVERDIE & TELEPORTGaming & VR6.1August 31, 2017n/a
9FirstBloodGaming & VR5.5September 25, 20165.55x
10SportyFiGaming & VR*5.1December 10, 2017n/a

* The category was established based on expert opinions.
** The projects in the Top 10 of this category completed in December 2017 are highlighted in red.

Table 2.8 shows the top 10 ICOs in the Gaming & VR category. Half of the projects presented are selling their tokens on cryptoexchanges. The capitalization of the leader in this category (the MobileGO project) is currently $65.5 million.

Figure 2.5. Top 10 ICOs in terms of the amount of funds collected, Gaming & VR category

weekly-cryptocurrency-and-ico-market-analysis-december-11-17-2017-figure-2-5

Over the past period (December 11-17, 2017), 18 ICO projects were successfully completed, each of which collected more than $100,000, with a total amount of funds collected of at least $345.9 million. The week’s leader was the Nebulas project ($60 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).

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-4 Crypto index calculations include four dominant cryptocurrencies with the greatest market capitalization: Bitcoin, Ethereum, Bitcoin Cash, and Ripple.

ZAK-8 Crypto index calculations include the trading volume and market capitalization for eight cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, DASH, Cardano, and IOTA.


Disclaimer: While the information in this document is believed to be accurate, ICOBox makes no representations or warranties, express or implied, with respect to the completeness or accuracy of the information contained herein. The information presented in this document may include certain statements, estimates and projections. Such statements, estimates and projections reflect various assumptions by ICOBox concerning anticipated trends, which assumptions may or may not materialize. No representations are made as to the accuracy of such statements, estimates or projections, and actual performance may be materially different from that set forth in such statements, estimates or projections. Prospective financial results may be affected by fluctuating economic and political conditions and are dependent upon the occurrence of future events that cannot be assured. ICOBox makes no warranty or assurance regarding the achievability of projections or the data, information and assumptions relied upon herein. Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. This document is for information purposes only and is not intended as an offer to sell securities, cryptocurrency or tokens, nor does it contain any recommendations or advice on any investments in any particular company or named assets. ICOBox expressly disclaims any and all liability for any representations, expressed or implied, contained in, or omitted from, this material. ICOBox is a provider of SaaS solutions for companies seeking to sell their products via distribution of tokens (ICO). ICOBox does and seeks to do business with companies covered in its research reports and buy any named assets.