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 taken place since the beginning of January 2018, including over the last week (January 8-14, 2018).

Information as of January 14, 2018

This report was created by:

This report presents data on the cryptocurrency and ICO market changes during 2017-2018, with special emphasis on an analysis of the changes that have taken place since the beginning of January 2018, including over the last week (January 8-14, 2018).

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 capitalization of the cryptocurrency market and main cryptocurrencies from November 1, 2017, to January 14, 2018

Parameter 1-Nov-17 1-Dec-17 1-Jan-18 MoM, % 7-Jan-18 DoD, % 14-Jan-18 DoD, %
1 Total market capitalization, USD billion 182.6 305.1 612.9 100.9% 815.2 33.0% 744.3 -8.7%
2 Altcoin market capitalization, USD billion 75.4 134.7 376.2 179.3% 520.9 38.5% 502.8 -3.5%
Altcoin dominance, % 41.3% 44.1% 61.4% 63.9% 67.6%
3 Bitcoin price, $ 6 441.0 10 198.6 14 112.2 38.4% 17 527.3 24.2% 14 370.8 -18.0%
Bitcoin market capitalization, USD billion 107.3 170.4 236.7 38.9% 294.2 24.3% 241.4 -17.9%
Bitcoin dominance, % 58.7% 55.9% 38.6% 36.1% 32.4%
4 Ethereum price, $ 305.8 445.2 755.8 69.8% 1 043.0 38.0% 1 397.5 34.0%
Ethereum market capitalization, USD billion 29.2 42.8 73.1 70.9% 101.0 38.2% 135.5 34.2%
Ethereum dominance, % 16.0% 14.0% 11.9% 12.4% 18.2%
5 Bitcoin Cash price, $ 438.3 1 381.8 2 534.8 83.4% 2 784.7 9.9% 2 687.1 -3.5%
Bitcoin Cash market capitalization, USD billion 7.3 23.3 42.8 84.1% 47.1 9.9% 45.4 -3.4%
Bitcoin Cash dominance, % 4.0% 7.6% 7.0% 5.8% 6.1%
6 Litecoin price, $ 55.7 88.0 231.7 163.3% 296.1 27.8% 260.6 -12.0%
Litecoin market capitalization, USD billion 3.0 4.8 12.6 165.6% 16.2 28.0% 14.3 -11.8%
Litecoin dominance, % 1.6% 1.6% 2.1% 2.0% 1.9%
7 Smith + Crown Index 12 083 18 058 27 543 52.5% 34 190 24.1% 33 556 -1.9%
8 Volume (24h) 4 crypto, USD billion 9.2 15.7 71.1% 25.3 61.0% 18.9 -25.2%
Market cap 4 crypto, USD billion 246.1 441.6 79.4% 562.1 27.3% 500.6 -10.9%
ZAK-4 Crypto index 3.7% 3.6% 4.5% 3.8%
4 crypto dominance, % 80.7% 72.0% 69.0% 67.3%
9 Volume (24h) 8 crypto, USD billion 10.3 17.2 67.5% 27.0 57.0% 20.1 -25.6%
Market cap 8 crypto, USD billion 263.5 488.6 85.4% 632.4 29.4% 563.3 -10.9%
ZAK-8 Crypto index 3.9% 3.5% 4.3% 3.6%
8 crypto dominance, % 86.4% 79.7% 77.6% 75.7%

* Data as of January 14, 2018, 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.
*** The top 8 cryptocurrencies by capitalization are used to calculate the ZAK-index. At present (January 14, 2018), the cryptocurrencies Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, Cardano, NEM, and Stellar are used.
Data source: coinmarketcap.com, https://www.smithandcrown.com

During the period from January 1-7, 2018, total cryptocurrency market capitalization increased significantly, but over the past week a downward adjustment was seen. In the end, over the first two weeks of January the cryptocurrency market grew by $130 billion, from $612.9 billion to $744.3 billion (as of January 14, 2018, 00:00 UTC; see Table 1.1).

Figure 1 clearly shows a sharp decrease in total cryptocurrency market capitalization on January 8, 2018. This decrease was caused by the exclusion of the indicators of several South Korean cryptoexchanges from the calculation of the overall statistical data averaged and summarized by the well-known resource coinmarketcap.com, as well as a series of events in South Korea. More detailed information on these events is given below (under Table 1.6, fig. 1.5).

Figure 1. Trends in total cryptocurrency market capitalization during the period January 1-14, 2018

weekly-cryptocurrency-and-ico-market-analysis-january-1-14-2018-figure-1

Data source: coinmarketcap.com

Thus, over the past two weeks (January 1-14, 2017) there was a reduction in the market capitalization and prices of some key cryptocurrencies: Bitcoin (-18%), Ripple (-33%), Bitcoin Cash (-3.5%), Litecoin (-12.0%), NEM (-9%), Cardano (-14%), and Stellar (-5%), according to the average data of Coinmarketcap. The fall in the price and capitalization of Ripple was especially notable, after a month of rapid growth from $0.25 to $3.82 (see fig. 2).

Figure 2. Price trends of Ripple from January 1-14, 2018

weekly-cryptocurrency-and-ico-market-analysis-january-1-14-2018-figure-2

Data source: coinmarketcap.com

Ripple’s cooperation with several banks heightened the interest in this token in late 2017, which increased its capitalization considerably. However, information once again emerged on Ripple that led to a downward adjustment. According to information from Reuters, pursuant to a submitted statement of claim two companies (Ripple and the R3 Holdco LLC consortium) entered into an agreement in September 2016 giving R3 the right to purchase up to 5 billion XRP at a price of $0.0085 per unit at any point before September 2019. It should also be noted that the company Ripple temporarily deposited 55 billion XRP tokens in an escrow account, which was frozen with the help of smart contracts, and these tokens will only be gradually released as demand for the currency grows. As of January 2017, around 38.7 billion of the 100 billion XRP that were created in the initial stages of the protocol’s existence were in circulation. The Ripple token differs from decentralized cryptocurrencies such as Bitcoin. Therefore, the Ripple token cannot be considered a decentralized cryptocurrency. You can read what Joseph Young and Charlie Lee wrote about this situation in Twitter.

The Ripple price also suffered the most on January 8, 2018, when Coinmarketcap excluded trading in this token on South Korean exchanges from the average prices of cryptocurrencies, and since a considerable share of the trading volume in this token takes place on this cryptocurrency market, the XPR price fell from $3.20 to $2.14 over a span of 11 hours.

Against the backdrop of these events and major fluctuations on the cryptocurrency market, the performance of several hard forks passed virtually unnoticed:

  • December 31, 2017 — Bitcoin Uranium (BUM).
  • January 2,2018 — Bitcoin Cash Plus (BCP).
  • January 12, 2018 — World Bitcoin (WBTC).

There were quite a few Bitcoin hard forks in 2017, from the fairly successful Bitcoin Gold and Bitcoin Cash hard forks, to the less known Dark, Z, Red, Planet, Scrypt, etc. It is entirely possible that interest in hard forks of other major cryptocurrencies may grow in 2018. In particular, information has surfaced that a hard fork called EtherZero (ETZ) will take place in the Ethereum network on block 4936270. The tentative date is January 19, 2018. Each ETH will be equal to 1 ETZ, but 20 million ETZ will be reserved for subsequent development. All ETH holders will receive the same amount of ETZ.

One can conjecture that the ETH price will begin to rise as a result of this news. Unlike most of the Top 10 cryptocurrencies, the Ethereum price did not fall last week, but instead showed a 34% gain in price. The appearance of news on the support of major banks for the hard fork could very well spur additional growth in ETH (see fig. 3).

Figure 3. Price trends of Ethereum from January 1-14, 2018

weekly-cryptocurrency-and-ico-market-analysis-january-1-14-2018-figure-3

Data source: coinmarketcap.com

The Smith + Crown Index has increased since the start of the year from 27,543 to 33,556.

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 January 4, 2018, the 24-hour trading volumes (Volume 24h) for the four dominant cryptocurrencies (Bitcoin, Ethereum, Bitcoin Cash, and Ripple) exceeded $40 billion (Table 1.2.a). The value of the ZAK-4 Crypto equaled 8.1%, 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 January 1, 2018, to January 14, 2018)

Crypto Bitcoin (BTC) Ethereum (ETH) Bitcoin Cash (BCH) Ripple (XRP) 4 Crypto
  Price Open Volume (24h) Market cap Price Open Volume (24h) Market cap Price Open Volume (24h) Market cap Price Open Volume (24h) Market cap Volume (24h) 4 crypto Market cap 4 crypto ZAK-4 Crypto index
Date $ USD billion USD billion $ USD billion USD billion $ USD billion USD billion $ USD billion USD billion USD billion USD billion %
Jan 14, 2018 14 371 11.1 241.4 1397 4.8 135.5 2687 1.0 45.4 2.020 2.0 78.2 18.9 500.6 3.8%
Jan 13, 2018 13 952 12.8 234.4 1270 5.7 123.2 2618 1.2 44.3 2.050 2.1 79.5 21.9 481.3 4.5%
Jan 12, 2018 13 454 12.1 226.0 1158 5.2 112.3 2476 1.1 41.9 1.940 3.3 75.2 21.7 455.3 4.8%
Jan 11, 2018 14 968 16.5 251.4 1268 7.2 122.9 2892 1.9 48.9 1.980 6.3 76.7 32.0 499.9 6.4%
Jan 10, 2018 14 589 18.5 245.0 1300 9.2 126.0 2390 2.6 40.4 2.130 4.8 82.5 35.1 493.9 7.1%
Jan 9, 2018 15 124 16.7 253.9 1146 8.0 111.0 2412 1.1 40.8 2.440 3.7 94.7 29.4 500.4 5.9%
Jan 8, 2018 16 476 18.4 276.6 1158 8.5 112.2 2787 1.4 47.1 3.360 3.3 130.3 31.6 566.2 5.6%
Jan 7, 2018 17 527 15.9 294.2 1043 5.6 101.0 2785 1.4 47.1 3.090 2.4 119.8 25.3 562.1 4.5%
Jan 6, 2018 17 462 18.3 293.1 995 4.7 96.3 2584 1.7 43.7 3.020 2.8 117.0 27.4 550.1 5.0%
Jan 5, 2018 15 477 23.8 259.7 976 6.7 94.4 2401 2.1 40.6 3.300 6.3 127.9 38.9 522.6 7.4%
Jan 4, 2018 15 271 21.8 256.3 962 6.5 93.0 2609 5.4 44.1 3.120 8.1 120.8 41.8 514.1 8.1%
Jan 3, 2018 14 978 16.9 251.3 886 5.1 85.7 2701 4.7 45.6 2.460 6.6 95.5 33.3 478.1 7.0%
Jan 2, 2018 13 625 16.8 228.6 772 5.8 74.7 2435 1.8 41.1 2.370 3.2 91.8 27.6 436.2 6.3%
Jan 1, 2018 14 112 10.3 236.7 756 2.6 73.1 2535 0.9 42.8 2.300 1.9 88.9 15.7 441.6 3.6%

* Data as of January 15, 2018, 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, NEM, Stellar, and Cardano) equaled $20.1 billion at the end of last week (Table 1.2.b), i.e. 3.6% 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)

Crypto (XEM) Cardano (ADA) Stellar (XLM) Litecoin (LTC) 8 Crypto
  Price Open Volume (24h) Market cap Price Open Volume (24h) Market cap Price Open Volume (24h) Market cap Price Open Volume (24h) Market cap Volume (24h) Market cap ZAK-8 Crypto index
Date $ USD billion USD billion $ USD billion USD billion $ USD billion USD billion $ USD billion USD billion USD billion USD billion %
Jan 14, 2018 1.51 0.04 13.6 0.882 0.2 22.9 0.67 0.12 12.0 261 0.9 14.3 20.1 563.3 3.6%
Jan 13, 2018 1.46 0.06 13.1 0.917 0.3 23.8 0.68 0.19 12.2 237 1.0 13.0 23.4 543.4 4.3%
Jan 12, 2018 1.31 0.07 11.8 0.696 0.4 18.0 0.56 0.39 10.0 230 0.7 12.6 23.2 507.7 4.6%
Jan 11, 2018 1.45 0.09 13.0 0.792 0.2 20.5 0.56 0.33 10.1 252 1.1 13.8 33.7 557.3 6.1%
Jan 10, 2018 1.55 0.09 13.9 0.816 0.2 21.2 0.59 0.25 10.5 248 1.0 13.6 36.7 553.0 6.6%
Jan 9, 2018 1.67 0.08 15.0 0.898 0.2 23.3 0.63 0.21 11.2 255 0.9 13.9 30.8 563.8 5.5%
Jan 8, 2018 1.83 0.08 16.5 0.999 0.3 25.9 0.70 0.25 12.4 288 1.2 15.7 33.4 636.7 5.2%
Jan 7, 2018 1.66 0.12 14.9 1.020 0.2 26.6 0.71 0.35 12.7 296 1.1 16.2 27.0 632.4 4.3%
Jan 6, 2018 1.58 0.10 14.2 0.997 0.3 25.8 0.66 0.44 11.9 250 2.3 13.6 30.5 615.7 5.0%
Jan 5, 2018 1.69 0.18 15.2 1.170 0.5 30.4 0.74 0.73 13.2 241 1.7 13.2 42.0 594.5 7.1%
Jan 4, 2018 1.84 0.33 16.5 1.090 0.6 28.4 0.89 0.89 16.0 245 3.5 13.4 47.1 588.4 8.0%
Jan 3, 2018 1.15 0.27 10.3 0.780 0.7 20.2 0.56 1.51 10.1 256 3.2 14.0 38.9 532.7 7.3%
Jan 2, 2018 1.04 0.11 9.4 0.725 0.3 18.8 0.50 0.68 8.9 229 1.2 12.5 29.9 485.7 6.2%
Jan 1, 2018 1.04 0.06 9.3 0.719 0.2 18.6 0.36 0.67 6.4 232 0.6 12.6 17.2 488.6 3.5%

Table 1.3 shows the key events of the past two weeks (January 1-14, 2018) having an influence on the prices 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 prices, January 1-14, 2018

Factors and events

(link to source)

Date of news Date of event* Description Nature of impact Type of impact
1.                     Peter Thiel’s Founders Fund Makes Monster Bet on Bitcoin [source: WSJ] January 2, 2018 January 2, 2018 The investment fund of Peter Thiel, of Silicon Valley fame, is buying up bitcoins, making the cryptocurrency the largest asset in its portfolio. This shows that major players see bitcoin’s potential, and expect it to continue its growth in 2018. BTC

Market

 

Favorable
2.                     Crypto Market Capitalization Surpasses $700B, Bitcoin Dominance Drops to Record Low [source: Coinspeaker] January 3, 2018 January 3, 2018 The new record capitalization of the cryptocurrency market suggests that the market will continue its upward trend in 2018, and we will see even more impressive figures. Market Favorable
3.                     Ethereum Over $1000 and $100B Market Cap, BTC Dominance at 32% Record Low [source: Bitcoin.com] January 4, 2018 January 4, 2018 The new record Ethereum price highlights the fact that the gap between bitcoin may continue to shrink, with the corresponding reduction in the dominance of the latter. ETH

 

Favorable
4.                     Stellar Rockets into the Cryptocurrency Top 10 After Tripling in a Week [source: Bitcoin.com] January 5, 2018 January 5, 2018 Stellar Lumens has shown a growth of 28,000% for the year, and reached a price of $0.75, earning itself a place in the top 10 cryptocurrencies. This coin could become an alternative and competitor to Ethereum. Stellar Lumens Favorable
5.                     Chinese Authorities Ask Local Miners to Submit Monthly Status Reports [source: Bitcoin.com] January 8, 2018 January 8, 2018 The Chinese government has set out to regulate mining in the country. So far, the exact position it plans to take regarding the mining industry is unknown. It is assumed that the government would like to limit the supply of electricity to companies engaged in mining. This could have a negative impact on the bitcoin price. BTC Unfavorable
6.                     Binance Re-opens Limited User Registrations and Adjusts Referral Program Terms [source: Binance] January 9, 2018 January 9, 2018 The largest cryptoexchange has resumed the registration of new users, to allow an even larger number of interested parties to trade in cryptocurrencies. However, now a minimum of $10,000 must be contributed to start trading. Market Favorable
7.                     Indian Banks Are Choking Bitcoin Exchanges by Blocking Payments and Withdrawals [source: QZ] January 9, 2018 January 9, 2018 Stricter control by the Reserve Bank of India over the crypto industry is forcing major Indian banks to stop servicing cryptoexchanges. This is bad news for the national crypto industry, and confirms reports that the Indian government is very serious about its intention to take it under its control. Market Unfavorable
8.                     Venezuela Unveils Mining, Trading, and Launch Details of National Cryptocurrency [source: Bitcoin.com] January 1, 2018 January 1, 2018 Nicolás Maduro has signed a document pursuant to which the state will set aside 5.3 billion barrels of oil worth a total of $267 billion to support the national cryptocurrency. This news could mean that Venezuela will soon be the first country to issue its own national cryptocurrency. If this undertaking is successful, other countries can also be expected to start similar projects. Market Favorable
9.                     Venezuela’s Congress Declares Nicolas Maduro’s ‘Petro’ Cryptocurrency Illegal [source: Coinspeaker] January 10, 2018 January 10, 2018 Bad news for the President of Venezuela, who wanted to issue a national cryptocurrency – the country’s parliament has rejected the corresponding draft law. It would seem that the country is still not ready to issue its own cryptocurrency, and this innovation will be postponed indefinitely. Market

 

Unfavorable
10.                  Strict Regulations Force South Korean Banks to Stop Servicing Cryptocurrency Exchanges [source: Allcryptoupdate] January 12, 2018 January 12, 2018 Since the South Korean government has started to actively regulate the work of the crypto industry, the cryptoexchanges in the country are running into more and more difficulties, causing several South Korean market participants to sell their cryptocurrency. Market

 

Unfavorable
11.                  Bitcoin Exchange Kraken Down for More Than 48 Hours [source: Twitter] January 13, 2018 January 13, 2018 One of the largest cryptoexchanges has resumed its work after a crash lasting 48 hours, which confirms the thesis that many cryptoexchanges are still not technically underdeveloped and are not ready to service a large number of users. Market 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, Ripple, and Bitcoin Cash prices since the start of January (Tables 1.4.a, 1.4.b, 1.4.c, and 1.4.d).

Table 1.4.a. Daily change in the Bitcoin (BTC) price, trading volume (Volume 24h) and capitalization, USD (from January 1, 2018, to January 14, 2018)

Date Open, $ High, $ Low, $ Range, $ Close, $ DoD, % D, % Index, rate to start of 2017 Volume (24h), USD million Market cap, USD million
Jan 14, 2018 14 370.8 14 511.8 13 268.0 1 243.8 13 772.0 95.9% -4.1 13.80 11.1 241.4
Jan 13, 2018 13 952.4 14 659.5 13 952.4 707.1 14 360.2 102.7% 2.7 14.38 12.8 234.4
Jan 12, 2018 13 453.9 14 229.9 13 158.1 1 071.8 13 980.6 104.3% 4.3 14.00 12.1 226.0
Jan 11, 2018 14 968.2 15 018.8 13 105.9 1 912.9 13 405.8 89.5% -10.5 13.43 16.5 251.4
Jan 10, 2018 14 588.5 14 973.3 13 691.2 1 282.1 14 973.3 102.6% 2.6 15.00 18.5 245.0
Jan 9, 2018 15 123.7 15 497.5 14 424.0 1 073.5 14 595.4 96.2% -3.8 14.62 16.7 253.9
Jan 8, 2018 16 476.2 16 537.9 14 208.2 2 329.7 15 170.1 92.1% -7.9 15.20 18.4 276.6
Jan 7, 2018 17 527.3 17 579.6 16 087.7 1 491.9 16 477.6 94.0% -6.0 16.51 15.9 294.2
Jan 6, 2018 17 462.1 17 712.4 16 764.6 947.8 17 527.0 100.6% 0.6 17.56 18.3 293.1
Jan 5, 2018 15 477.2 17 705.2 15 202.8 2 502.4 17 429.5 111.7% 11.7 17.46 23.8 259.7
Jan 4, 2018 15 270.7 15 739.7 14 522.2 1 217.5 15 599.2 102.6% 2.6 15.63 21.8 256.3
Jan 3, 2018 14 978.2 15 572.8 14 844.5 728.3 15 201.0 101.5% 1.5 15.23 16.9 251.3
Jan 2, 2018 13 625.0 15 444.6 13 163.6 2 281.0 14 982.1 109.7% 9.7 15.01 16.8 228.6
Jan 1, 2018 14 112.2 14 112.2 13 154.7 957.5 13 657.2 96.5% -3.5 13.68 10.3 236.7

* Data as of January 15, 2018, 00:00 UTC
Data source: coinmarketcap.com

Table 1.4.b. Daily change in the Ethereum (ETH) price, trading volume (Volume 24h) and capitalization, USD (from January 1, 2018, to January 14, 2018)

Date Open, $ High, $ Low, $ Range, $ Close, $ DoD, % D, % Index, rate to start of 2017 Volume (24h), USD million Market cap, USD million
Jan 14, 2018 1397.48 1 400.6 1286.21 114.4 1366.77 97.9% -2.1 167.29 4.8 135.5
Jan 13, 2018 1270.47 1 432.9 1270.47 162.4 1396.42 109.7% 9.7 170.92 5.7 123.2
Jan 12, 2018 1158.29 1 296.0 1120.09 176.0 1273.20 110.2% 10.2 155.84 5.2 112.3
Jan 11, 2018 1268.09 1 337.3 1135.17 202.1 1154.93 92.0% -8.0 141.36 7.2 122.9
Jan 10, 2018 1300.34 1 417.4 1226.60 190.8 1255.82 96.6% -3.4 153.71 9.2 126.0
Jan 9, 2018 1146.00 1 321.0 1145.49 175.5 1299.74 113.2% 13.2 159.09 8.0 111.0
Jan 8, 2018 1158.26 1 266.9 1016.05 250.9 1148.53 99.6% -0.4 140.58 8.5 112.2
Jan 7, 2018 1043.01 1 153.2 1043.01 110.2 1153.17 110.7% 10.7 141.15 5.6 101.0
Jan 6, 2018 995.15 1 060.7 994.62 66.1 1041.68 104.4% 4.4 127.50 4.7 96.3
Jan 5, 2018 975.75 1 075.4 956.33 119.1 997.72 101.7% 1.7 122.12 6.7 94.4
Jan 4, 2018 961.71 1 045.1 946.09 99.0 980.92 101.9% 1.9 120.06 6.5 93.0
Jan 3, 2018 886.00 974.5 868.45 106.0 962.72 108.9% 8.9 117.84 5.1 85.7
Jan 2, 2018 772.35 914.8 772.35 142.5 884.44 114.5% 14.5 108.25 5.8 74.7
Jan 1, 2018 755.76 782.5 742.00 40.5 772.64 102.1% 2.1 94.57 2.6 73.1

* Data as of January 15, 2018, 00:00 UTC
Data source: coinmarketcap.com

Since the start of January (January 1-14, 2018), the Ethereum price has increased from $755.76 to $1,366.77, while the Bitcoin price has fallen from $14,112.20 to $13,772 (Tables 1.4.a, 1.4.b). On January 10, 2018, the Ethereum price passed $1,400 for the first time. In this regard, the highest prices for Bitcoin ($17,579.60) and Ethereum ($1,432.90) were recorded on January 7, 2018, and January 13, 2018, respectively. The largest fluctuations in the daily range (Range) of the prices of Bitcoin ($2,502.40) and Ethereum ($250.90) were seen on January 5, 2018, and January 8, 2018, respectively. Thus, since the start of the year the Bitcoin and Ethereum prices have increased by a factor of 13.8 and 167.29, respectively (see Tables 1.4.a, 1.4.b).

Table 1.4.c. Daily change in the Ripple (XRP) price, trading volume (Volume 24h) and capitalization, USD (from January 1, 2018, to January 14, 2018)

Date Open, $ High, $ Low, $ Range, $ Close, $ DoD, % D, % Index, rate to start of 2017 Volume (24h), USD million Market cap, USD million
Jan 14, 2018 2.0200 2.0200 1.8100 0.2100 1.8600 92.1% -7.9 292.1 1.98 78.2
Jan 13, 2018 2.0500 2.1200 1.9800 0.1400 2.0200 99.0% -1.0 317.2 2.1 79.5
Jan 12, 2018 1.9400 2.1600 1.8700 0.2900 2.0400 104.6% 4.6 320.4 3.3 75.2
Jan 11, 2018 1.9800 2.2500 1.6200 0.6300 1.9500 99.0% -1.0 306.2 6.3 76.7
Jan 10, 2018 2.1300 2.1600 1.7000 0.4600 1.9700 93.8% -6.2 309.4 4.8 82.5
Jan 9, 2018 2.4400 2.5300 1.9800 0.5500 2.1000 85.4% -14.6 329.8 3.7 94.7
Jan 8, 2018 3.3600 3.3600 2.0700 1.2900 2.4600 72.8% -27.2 386.3 3.3 130.3
Jan 7, 2018 3.0900 3.4900 3.0800 0.4100 3.3800 109.4% 9.4 530.8 2.40 119.8
Jan 6, 2018 3.0200 3.2400 2.9900 0.2500 3.0900 101.3% 1.3 485.2 2.8 117.0
Jan 5, 2018 3.3000 3.5600 2.8300 0.7300 3.0500 95.3% -4.7 479.0 6.3 127.9
Jan 4, 2018 3.1200 3.8400 3.1200 0.7200 3.2000 102.9% 2.9 502.5 8.1 120.8
Jan 3, 2018 2.4600 3.2800 2.4400 0.8400 3.1100 125.4% 25.4 488.4 6.6 95.5
Jan 2, 2018 2.3700 2.4900 2.2500 0.2400 2.4800 103.8% 3.8 389.4 3.2 91.8
Jan 1, 2018 2.3000 2.3900 2.1500 0.2400 2.3900 103.9% 3.9 375.3 1.89 88.9

* Data as of January 15, 2018, 00:00 UTC
Data source: coinmarketcap.com

Table 1.4.d. Daily change in the Bitcoin Cash (BCH) exchange rate, trading volume (Volume 24h) and capitalization, USD (from January 1, 2018, to January 14, 2018)

Date Open, $ High, $ Low, $ Range, $ Close, $ DoD, % D, % Index, rate to start of 2017 Volume (24h), USD million Market cap, USD million
Jan 14, 2018 2687.1 2 746.6 2490.0 256.6 2553.3 95.1% -4.9 6.72 1.0 45.4
Jan 13, 2018 2617.7 2 850.3 2589.0 261.2 2685.3 102.5% 2.5 7.07 1.2 44.3
Jan 12, 2018 2475.9 2 648.2 2413.3 234.9 2621.0 106.4% 6.4 6.90 1.1 41.9
Jan 11, 2018 2891.6 2 976.5 2396.8 579.7 2462.6 85.1% -14.9 6.48 1.9 48.9
Jan 10, 2018 2390.0 2 961.2 2332.5 628.7 2895.4 121.1% 21.1 7.62 2.6 40.4
Jan 9, 2018 2412.4 2 502.9 2346.7 156.2 2391.6 98.8% -1.2 6.29 1.1 40.8
Jan 8, 2018 2786.6 2 810.3 2275.1 535.3 2421.5 86.9% -13.1 6.37 1.4 47.1
Jan 7, 2018 2784.7 3 071.2 2730.3 340.9 2786.9 100.0% 0.0 7.33 1.4 47.1
Jan 6, 2018 2583.7 2 829.7 2481.4 348.3 2786.7 107.8% 7.8 7.33 1.7 43.7
Jan 5, 2018 2400.7 2 648.3 2370.6 277.7 2584.5 106.3% 6.3 6.80 2.1 40.6
Jan 4, 2018 2608.9 2 610.2 2359.3 250.9 2430.2 93.2% -6.8 6.40 5.4 44.1
Jan 3, 2018 2700.6 2 958.5 2592.6 365.9 2608.7 96.2% -3.8 6.86 4.7 45.6
Jan 2, 2018 2434.5 2 867.1 2434.5 432.6 2711.0 111.4% 11.4 7.13 1.8 41.1
Jan 1, 2018 2534.8 2 534.9 2389.5 145.3 2432.5 96.0% -4.0 6.40 0.9 42.8

* Data as of January 15, 2018, 00:00 UTC
Data source: coinmarketcap.com

The reasons for the change in the Ripple and Bitcoin Cash prices after January 8, 2018, were given above. In the end, the overall index of the Bitcoin Cash price change from August 1, 2017, equaled 6.72 (the price 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 price has increased by 572%, with most of this growth taking place since the beginning of November.

From the start of 2017 to January 14, 2018, Ripple has grown by 292.1 times (see Table 1.4.c).

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 news Date of event* Description Nature of impact Type of impact
1. Explanation of DAICOs [source: Ethresear.ch] January 7, 2018 n/a The founder of Ethereum, Vitalik Buterin, has proposed a new model of decentralized franchising which he calls DAICO. He uses this term to signify a combination of the best features of ICOs and the concept of decentralized autonomous organizations (DAO). In his words, this model will give more power to project participants and adherents, since it allows them to come to a consensus within the community concerning the part of the funds collected that developers can set aside for their own needs. Buterin also believes that this will create a strong defense against a “51% attack”. This innovation could lead to a new stage of development of the crypto industry. Market

ETH

Favorable
2. South Korea Urges 23 Countries, EU, and IMF to Collaborate on Curbing Crypto Trading [source: Bitcoin.com] January 9, 2018 n/a The South Korean government has called upon financial regulators and bankers from 24 countries and the 12 member organizations of the Financial Stability Board (FSB) to collaborate to curb cryptocurrency trading. The government announced that “virtual currency is too risky to ignore. We will improve transparency, prevent the spread of speculative transactions, and prevent money laundering.” Market Unfavorable
3. Goldman Sachs Recognizes Bitcoin’s Future Potential [source: Bitcoin.com] January 11, 2018 n/a After the pronouncement by JP Morgan Chase recognizing the legitimacy of bitcoin, Goldman Sachs has announced that bitcoin and other cryptocurrencies can indeed be used like money. Goldman Sachs also stated that bitcoin will become even more widespread in 2018. 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 October 1, 2017, to January 14, 2018, are presented as graphs (Fig. 1.1-1.5)*.

Table 1.6. Legends and descriptions of the figures

Global Figures Figure** Description
Total cryptocurrency market capitalization, USD million Fig. 1.1 This figure shows cryptocurrency and digital asset market capitalization trends from October 1, 2017.
The rate of market change (as a % compared to the beginning of the year) Fig. 1.1 This figure shows the % change in cryptocurrency and digital asset market capitalization compared to January 1, 2017.
Change in the market capitalization (in USD million compared to the previous period) Fig. 1.2 This figure shows the weekly change in USD million (increase or decrease) in cryptocurrency and digital asset market capitalization from October 1, 2017.
The rate of market change (as a % compared to the previous period) Fig. 1.2 This figure shows the % of weekly change (increase or decrease) in cryptocurrency and digital asset market capitalization from October 1, 2017.
Number of cryptocurrencies and digital assets Fig.1.3 This figure shows the trends in the increase of the number of cryptocurrencies and digital assets circulating on cryptocurrency exchanges. On January 1, 2017, their number was 617, and as of January 14, 2018, this number had already reached 1,391.
Average market capitalization, USD million Fig. 1.3 This figure reflects the growth in the average cryptocurrency and digital asset market capitalization from October 1, 2017, i.e. the ratio between the market capitalization of all cryptocurrencies and digital assets and their number.
Forecast of total cryptocurrency market capitalization Fig. 1.4, 1.5 This figure shows the time trend (forecast) change in cryptocurrency and digital asset market capitalization.

* Data as of January 15, 2018, 00:00 UTC
** The figures below present average data for 24 hours
Data source: coinmarketcap.com

At the beginning of last week, Coinmarketcap.com excluded the trading volumes of a number of South Korean exchanges from its analytics, specifically those of Bithumb (the second largest cryptoexchange in the world), Coinone and Korbit. Moreover, the trading results of Upbit and Coinnest are also no longer taken into account. As a result, the indicators of nearly all cryptocurrencies and digital assets changed, causing a wave of sales and a significant fall in total cryptocurrency capitalization.

The main reason that these exchanges were excluded from the calculations of the average figures for cryptocurrencies (coins and tokens) was the significant deviation of their prices from other global cryptoexchanges and the limited possibility for resale (exchange arbitrage) of cryptocurrencies in connection with the strict registration requirements on South Korean cryptoexchanges. However, it should be noted that the share of the South Korean market grew considerably during 2017, and accounts for around 20% of the worldwide volume of cryptocurrency trading.

Figure 1.1. Total cryptocurrency market capitalization*

weekly-cryptocurrency-and-ico-market-analysis-january-1-14-2018-figure-1-1

* Average daily data (according to the data of coinmarketcap.com).

Figure 1.1 shows a graph of the weekly cryptocurrency market change from October 1, 2017, to January 14, 2018. Over this period, market capitalization increased from $146.9 billion to $725 billion, a growth of nearly 4,000% relative to the start of 2017. Over the first week of January 2018, total market capitalization exceeded $800 billion for the first time, but over the following week (January 8-14, 2018) total market capitalization decreased from $822.5 billion to $725 billion (as of January 14, 2018, based on the average figures from coinmarketcap.com).

 Figure 1.2. Change in market capitalization

weekly-cryptocurrency-and-ico-market-analysis-january-1-14-2018-figure-1-2

Despite the significant growth in cryptocurrency market capitalization in Q3 2017 and over the entire year, the market is susceptible to sudden and drastic fluctuations. The highest growth rate in Q4 2017 was around $200 billion, or 54%, during the week of December 17-24, 2017.

During the first week of January, market capitalization increased by approximately $250 billion, or 44%, but over the following week a decrease of approximately $100 billion was seen (with due account of average daily data).

 Figure 1.3. Number of cryptocurrencies and digital assets

weekly-cryptocurrency-and-ico-market-analysis-january-1-14-2018-figure-1-3

The total number of cryptocurrencies and digital assets listed on exchanges has grown since the start of October from 1,091 to 1,391. Their number increased by 36 over the past week alone, from 1,355 to 1,391. Average cryptocurrency and digital asset capitalization increased from $134.7 million to $521.2 million over the analyzed period.

 Figures 1.4 and 1.5. Forecast of total cryptocurrency market capitalization

weekly-cryptocurrency-and-ico-market-analysis-january-1-14-2018-figure-1-4

weekly-cryptocurrency-and-ico-market-analysis-january-1-14-2018-figure-1-4

Quite a few forecasts have been made recently, ranging from pessimistic to over-optimistic, concerning the changes expected in the cryptocurrency market in 2018 (for example, Goldman Sachs, Wall Street analyst Tom Lee, John McAfee, etc.). However, the unavoidable conclusion is that a lot will depend on the processes of state regulation in major countries with a developed crypto industry such as Japan, the USA, China, and South Korea.

The market remains very sensitive to news related to the regulation process. For example, a series of news items last week from South Korea related to the country’s call for the world community to curb trading in cryptocurrencies (Table 1.5), South Korean banks ceasing to service South Korean exchanges (Table 1.3) and, finally, the publication of the head of the Ministry of Justice of South Korea on the intention to completely ban trading on cryptocurrencies in the country, led to a reduction in total cryptocurrency market capitalization. Even the second official announcement, which followed almost immediately after the first, that the Ministry of Justice did not coordinate its actions with other ministries and government agencies, and the subsequent appearance of the news the South Korea would like to cooperate with China and Japan on regulation of the cryptocurrency market did not change the situation.

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

    2.1 Brief market overview, news of the week

  • Telegram’s $1.2 Billion ICO Could Be the Most Ambitious Token Sale Yet [source: Сoindesk]
  • Malaysia Securities Watchdog Issues ICO Cease-And-Desist [source: Сoindesk]
  • Swiss Government Supports Launch Blockchain Task Force [source: Сoindesk]
  • ICOs: The Tech Is Here, But Where Are the Standards? [source: Сoindesk]
  • Kodak to Launch Major Blockchain Initiative and Cryptocurrency ‘KodakCoin’ [source: Coinspeaker]
  • Best of 2017: Top 10 Initial Coin Offerings (ICOs) [source: Coinspeaker]
  • Messenger Telegram is Launching the Biggest ICO Ever This March [source: Coinspeaker]

    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

Indicator Description
Average collected funds (ACF) Average amount of funds collected per ICO project over the period (month, quarter, year).
Average token performance (ATP)

 

Average performance of funds spent on buying tokens or average ratio between the current token price and token sale price over the period (month, quarter, year), i.e. the average reward per $1 spent on buying tokens during the token sale, if they are traded on exchanges for USD.
Weighted average current reward on ICO funds (WACRF) Average weighted current performance of funds spent on buying tokens over the period (month, quarter, year). This indicator is similar to the previous indicator Average token performance (ATP), but is calculated taking into consideration the weight of the indicator. The parameter “average collected funds” (ACF) is used as a weight.
Weighted average monthly reward on ICO funds (WAMRF) Average weighted monthly performance of funds spent on buying tokens over the period (month, quarter, year). This indicator is similar to the previous indicator, Weighted average current reward on ICO Funds (WACRF), but is calculated based on recalculated average monthly performance.

 

Table 2.2. Aggregated trends and performance indicators of past (completed) ICOs4

Indicator Total

2017

December

2017

January 1-7,

2018

January 8-14,

2018

Total amount of funds collected, USD million1 6 037.7 1 627.1 294.6 301.7
Number of companies that completed an ICO1 382 74 17 17
Maximum collected, USD million (ICO name) 258

(Hdac)

258

(Hdac)

51.8 (Neuromation) 60.3

(Olympus Labs)

Average collected funds, USD million 15.8 22 17.3 17.7
Max token reward (ICO name) 6 398.61x (Spectrecoin) 10.56х

(Aelf)

0.84x

(Trade Token)

n/a
Average token reward (ATR)2 47.86x 13.04x 0.84x n/a
Weighted average current reward on funds (WACRF)3 9.91x 9.03x 0.84x n/a

Notes:
1 Data source: tokendata.io, icodrops.com, icodata.io, coinschedule.com. Only popular and/or successfully completed ICOs (i.e. ICOs which managed to collect the minimum set amount of funds) and/or ICOs listed on exchanges were considered. For some ICOs information may currently be incomplete (for instance, the amount of funds collected).
2 Average token reward on ICO projects during 2017 and 2018. For example, 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, equals $47.86 for projects completed in 2017. To calculate this ratio, the authors used the data from 382 ICOs completed in 2017. The maximum token reward for projects completed in 2017 was 6,398.61x for the Spectrecoin ICO (based on the assessment made on January 4, 2018).
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 are incomplete or non-existent.

The data since the start of January (January 1-7, 2018) were adjusted to account for the appearance of more complete information on past ICOs. In all, the total amount of funds collected equaled $294.6 million. Last week (January 8-14, 2018) the amount of funds collected via ICOs equaled $301.7 million. This amount includes the results of the 17 most successful completed ICOs, with the largest amount collected equaling around $60.3 million (Olympus Labs ICO). The average amount of funds collected per project was $17.7 million. More detailed information on the 34 main ICOs completed over the past two weeks is given in Table 2.5.

    2.3. Aggregated indicators to assess the market of active and planned ICOs

Table 2.3. Aggregated indicators to assess the market of active and planned ICOs

Indicator Value
Number of projects conducting an active ICO as of the current date (January 14, 2018) 252
Number of projects planning an ICO as of the current date (January 14, 2018) 153
Number of projects planning an ICO between January 15-21, 2018 32

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

The number of projects conducting active ICOs as of January 14, 2018, is 252. There is presently information available on at least 153 planned ICOs to be conducted after January 14, 2018, including at least 32 ICOs which will start next week.

    2.4. Quantitative analysis of the ICO market

         2.4.1. Amount of funds collected and number of ICOs

Table 2.4. Amount of funds collected and number of ICOs

Month Collected, $ million Number of ICOs* Average collected, $ million
January 4.5 3 1.5
February 9.7 5 1.94
March 4.7 3 1.57
April 127.8 17 7.52
May 168.4 16 10.53
June 995.2 30 33.17
July 461.3 29 15.91
August 330 35 9.43
September 730.3 45 16.23
October 794.2 68 11.7
November 683.5 50 13.7
December 1 627.1 74 22
January 1-7, 2018 294.6 17 17.3
January 8-14, 2018 301.7 17 17.7
Total 6 634 416 15.9

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

Table 2.4 shows that the greatest amount of funds was collected via ICOs in December 2017. The average funds collected per ICO in that month equaled $22 million.

The data for last week (January 8-14, 2018) 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 2017

weekly-cryptocurrency-and-ico-market-analysis-january-1-14-2018-figure-2-1

        2.4.2 Top ICOs

Table 2.5. Top 10 ICOs in terms of the amount of funds collected (January 1-14, 2018)

Name of ICO*** Category** Collected, $ million Date
1 Olympus Labs Finance 60.3 January 14, 2018
2 Neuromation Data Storage 51.8 January 7, 2018
3 Crypterium Payments 51.7 January 6, 2018
4 SwissBorg Finance 50.9 January 9, 2018
5 Bloom Finance 43.8 January 1, 2018
6 Trade Token Trading & Investment 31.2 January 4, 2018
7 Shipchain Infrastructure 30 January 6, 2018
8 Selfkey Identity & Reputation 21.8 January 14, 2018
9 LALA World Finance 20.2 January 13, 2018
10 Trinity Infrastructure 20 January 14, 2018
10 THETA Infrastructure 20 January 4, 2018
10 Axpire Finance 20 January 12, 2018
  Top 10 ICOs 421.7  
  Total funds collected from January 1-14, 2018 (34 ICOs) 596.3  
  Average funds collected   17.54  

* The category was established based on expert opinions.
** When compiling the lists of top ICOs, information from the websites tokendata.io, icodrops.com, icodata.io, coinschedule.com and other specialized sources is 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 10 ICOs which were successfully completed over the past two weeks (January 1-14, 2018). Three ICOs tied for tenth place, with an identical amount of funds collected (Trinity, THETA, Axpire).

The leader for the first half of January was Olympus Labs, which provides an ecosystem of financial products (futures, options, indices, off-exchange investment funds) with an app for smartphones, wallets and a trading platform. The project’s financial tools are designed for the creation of a diversified portfolio, making it possible to mitigate the financial risks associated with cryptocurrencies. The project is based on blockchain technology and smart contracts.

Figure 2.2 presents the twelve largest ICOs completed during the period from January 1-14, 2018.

Figure 2.2. Top 10 ICOs in terms of the amount of funds collected (January 1-14, 2018)

weekly-cryptocurrency-and-ico-market-analysis-january-1-14-2018-figure-2-2

        2.4.3 Top ICOs in their categories

The list of top ICOs by category is compiled with due account of the categories of the leading ICOs for the week.

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

Name of ICO Category* Collected, $ million Date Token performance
1 Olympus Labs Finance 60.3 January 14, 2018 n/a
2 SwissBorg Finance 50.9 January 9, 2018 n/a
3 Bloom Finance 43.8 January 1, 2018 n/a
4 KyberNetwork Finance 48 September 15, 2017 11.49x
5 Naga Finance 45.3 December 15, 2017 2.29х
6 PeerBanks Finance 42.6 September 22, 2017 n/a
7 Polybius Finance 31.7 July 5, 2017 0.89x
8 Bankera Pre-ICO Finance 29.6 September 19, 2017 n/a
9 Everex Finance 26.5 August 31, 2017 2.89x
10 LAToken Finance 19.6 October 10, 2017 2.3x

* When compiling the lists of top ICOs, information from the websites tokendata.io, icodrops.com, icodata.io, coinschedule.com and other specialized sources is 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 January 2018 are highlighted in red.

At present, all projects from the top 10 in the Finance category have a token performance indicator of 0.89x to 11.49x. The three leaders, Olympus Labs, SwissBorg, and Bloom, completed their ICOs in the current month. The KyberNetwork exchange listing can be considered one of the most successful ICOs, as this project has a current token price to token sale price ratio of 11.49x. When considering this indicator, it is important to remember that the KyberNetwork ICO was completed on September 15, 2017, i.e. the 11.49x growth took place over approximately four months. The market capitalization of KyberNetwork currently exceeds $580 million.

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

weekly-cryptocurrency-and-ico-market-analysis-january-1-14-2018-figure-2-3

The ratings of ICOs in the Gaming & VR, Commerce & Advertising, and Payments categories are given below.

Table 2.7. Top 10 ICOs in terms of the amount of funds collected, Gaming & VR categories

Name of ICO Category* Collected, $ million Date Token performance
1 MobileGO Gaming & VR 53.1 May 24, 2017 1.48x
2 SingularityNet Gaming & VR* 36 December 22, 2017 n/a
3 Decentraland Gaming & VR 26.2 August 17, 2017 5.17x
4 DMarket Gaming & VR 19 August 21, 2017 n/a
5 Enjin Pre-Sale Gaming & VR 10.8 September 18, 2017 10.14x
6 Playkey Gaming & VR 10.5 December 1, 2017 1.57x
7 GameCoin Gaming & VR 8.9 September 29, 2017 n/a
8 Spectiv Gaming & VR 7.6 January 1, 2018 n/a
9 NEVERDIE & TELEPORT Gaming & VR 6.1 August 31, 2017 n/a
10 FirstBlood Gaming & VR 5.5 September 25, 2016 24.83x

* When compiling the lists of top ICOs, information from the websites tokendata.io, icodrops.com, icodata.io, coinschedule.com and other specialized sources is 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 January 2018 are highlighted in red.

Table 2.7 shows the top 10 ICOs in the Gaming & VR category. The MobileGO project can be considered one of the most successful ICOs in this category in terms of the amount of funds collected. Nearly all of the projects presented were performed in 2017. The best token performance indicator, i.e. the best current token price to token sale price ratio, is 24.83x, and belongs to the FirstBlood ICO. Its market capitalization currently equals more than $137 million.

Figure 2.4. Top 10 ICOs in terms of the amount of funds collected, Gaming & VR category

weekly-cryptocurrency-and-ico-market-analysis-january-1-14-2018-figure-2-4

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

Name of ICO Category* Collected, $ million Date Token performance
1 Wax Commerce & Advertising 46.5 November 15, 2017 10.38x
2 Basic Attention Token Commerce & Advertising 35 May 31, 2017 18.56x
3 HOQU Commerce & Advertising 18.8 January 11, 2018 n/a
4 Airtoken Commerce & Advertising 15 October 7, 2017 3.91x
5 Bodhi Commerce & Advertising 14.7 November 22, 2017 3.86x
6 GATCOIN Commerce & Advertising 14.5 January 14, 2018 n/a
7 IndaHash Commerce & Advertising 12.4 December 20, 2017 n/a
8 Adshares Commerce & Advertising 12.1 January 12, 2018 n/a
9 AdEx Commerce & Advertising 11.4 June 30, 2017 10.16x
10 Spankchain Commerce & Advertising 7.2 November 13, 2017 6.98x

* When compiling the lists of top ICOs, information from the websites tokendata.io, icodrops.com, icodata.io, coinschedule.com and other specialized sources is 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 January 2018 are highlighted in red.

Table 2.8 shows the top 10 ICOs in the Commerce & Advertising category, three of which were completed in January 2018. Most of the 2017 projects presented are selling their tokens on cryptoexchanges. The capitalization of the Wax project, the leader in this category in terms of the amount of funds collected via ICO, currently equals $820 million.

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

weekly-cryptocurrency-and-ico-market-analysis-january-1-14-2018-figure-2-5

Table 2.9. Top 10 ICOs in terms of the amount of funds collected, Payments category

Name of ICO Category* Collected, $ million Date Token performance
1 TenX Payments 64 June 24, 2017 4.70x
2 Crypterium Payments 51.7 January 6, 2018 n/a
3 Monetha Payments 36.6 August 31, 2017 2.31x
4 Request Network Payments 33.3 October 16, 2017 11.12x
5 Bread Payments 32 December 19, 2017 6.15x
6 DomRaider Payments 31 October 11, 2017 1.21x
7 Monaco Payments 26.6 June 18, 2017 5.89x
8 Props Payments 25 December 22, 2017 n/a
9 OmiseGo Payments 25 July 5, 2017 72.11x
10 UTRUST Payments 21 November 20, 2017 9.42x

* When compiling the lists of top ICOs, information from the websites tokendata.io, icodrops.com, icodata.io, coinschedule.com and other specialized sources is 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 January 2018 are highlighted in red.

Table 2.9 presents the top 10 ICOs in the Payments category, one of which was completed in January 2018. Most of the 2017 projects presented are selling their tokens on cryptoexchanges. The capitalization of the TenX project, the leader in this category in terms of the amount of funds collected via ICO, currently equals $380 million. The highest token performance indicator is 72.11x, and belongs to the OmiseGo ICO.

Figure 2.6. Top 10 ICOs in terms of the amount of funds collected, Payments category

weekly-cryptocurrency-and-ico-market-analysis-january-1-14-2018-figure-2-6

Over the past period (January 1-14, 2018), 34 ICO projects were successfully completed, each of which collected more than $100,000, with a total amount of funds collected of around $600 million. The leader of the past two weeks of January 2018 was the Olympus Labs project ($60.3 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 1 – Glossary

Key terms Definition
Initial coin offering, ICO A form of collective support of innovative technological projects, a type of presale and attracting of new backers through initial coin offerings to future holders in the form of blockchain-based cryptocurrencies (tokens) and digital assets.
Market capitalization Value of an asset calculated based on its current market (exchange) price. This economic indicator is used to assess the total aggregate value of market instruments, players, and markets. [Source: https://en.wikipedia.org].
Cryptocurrency market capitalization Aggregate market value of cryptocurrencies circulating on the market.
Total cryptocurrency market capitalization Cryptocurrency and digital asset market capitalization, i.e. the aggregate market value of all cryptocurrencies and digital assets circulating on the market.
Token reward Token performance (current token price / token sale price during the ICO), i.e. the reward per $1 spent on buying tokens.
Dominance Market share, i.e. the ratio of market capitalization of a particular cryptocurrency (token) to total cryptocurrency market capitalization. Expressed as a %.
Token sale price

Current token price

Token sale price during the ICO.

Current token price.

Not Mineable

 

A coin that is not mineable. The term is used for cryptocurrencies (tokens) which cannot be mined or issued through mining.
Pre-mined A pre-mined coin. The term is used for cryptocurrencies (tokens) which are issued through mining, and a certain number of coins (tokens) have been created and distributed among certain users at the start of the project.
The rate of market increase (as a % compared to the beginning of the year) The rate of market increase (as a % compared to the start of the year), i.e. by how many % points did market capitalization increase compared to the start of the year.
The growth rate of the market (as a % compared to the beginning of the year) The market growth (as a % compared to the start of the year), i.e. by how many times did market capitalization grow compared to the start of the year.
Increase in market capitalization (in USD million compared to the previous period) Increase in cryptocurrency and digital asset market capitalization (in USD million compared to the previous period), i.e. by how many USD million did market capitalization increase over the period.
The rate of market increase (as a % compared to the previous period) Rate of market increase (as a % compared to the previous period), i.e. by how many % points did market capitalization increase over the period.
The market growth rate (as a % compared to the previous period) Market growth rate (as a % compared to the previous period), i.e. by how many times did market capitalization grow compared to the previous period.
Number of cryptocurrencies and digital assets Number of cryptocurrencies and digital assets. At the time when this glossary was compiled over 1,070 cryptocurrencies and digital assets were circulating on the market.
Average market capitalization Average market capitalization, i.e. the ratio of the market capitalization of all cryptocurrencies and digital assets to their number.
Token return Performance of funds spent on buying tokens or the ratio of the current token price to the token sale price, i.e. performance of $1 spent on buying tokens during the token sale, if listed on an exchange for USD.
ETH reward – current dollar value of $1 spent on buying tokens during the token sale Alternative performance indicator of funds spent on buying tokens during the ICO or the ratio of the current ETH rate to its rate at the start of the token sale, i.e. if instead of buying tokens $1 was spent on buying ETH at its rate at the start of the token sale and then it was sold at the current ETH rate.
BTC reward– current dollar value of $1 spent on buying tokens during the token sale Similar to the above: Alternative performance indicator of funds spent on buying tokens during the token sale, i.e. if instead of buying tokens $1 was spent on buying BTC at its rate at the start of the token sale and then it was sold at the current BTC rate.
Token/ETH reward This ratio describes the backer’s economic benefits and disadvantages resulting from buying tokens during the token sale relative to buying ETH. If the result is over 1, the backer spent his funds more efficiently on buying tokens than if he were to have spent his funds on ETH.
Token/BTC reward This ratio describes the backer’s economic benefits and disadvantages resulting from buying tokens during the token sale relative to buying BTC. If the result is over 1, the backer spent his funds more efficiently on buying tokens than if he were to have spent his funds on BTC.
ZAK-n Crypto index The index is calculated as a percentage and represents a ratio between the 24-hour trading volume (transactions) on cryptocurrency exchanges per day (Volume 24h) for n dominant cryptocurrencies to their total market capitalization.

ZAK-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.


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