Please check out our report delving into crypto market changes over 2017-2018, with special emphasis laid on the period April 9-15, 2018.

Information as of April 16, 2018

This report was created by:

This report presents data on the cryptocurrency market changes during 2017-2018. Special emphasis has been placed on an analysis of the changes that have taken place in April 2018, including over the past week (April 9-15, 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 January 1, 2018, to April 15, 2018*

Parameter 1-Jan-18 1-Feb-18 MoM, % 1-Mar-18 MoM, % 1-Apr-18 MoM, % 8-Apr-18 DoD, % 15-Apr-18 DoD, %
1 Total market capitalization, USD billion 612.9 517.2 -15.6% 440.0 -14.9% 263.9 -40.0% 260.0 -1.5% 319.0 22.7%
2 Altcoin market capitalization, USD billion 376.2 344.8 -8.3% 264.6 -23.3% 145.2 -45.1% 142.6 -1.8% 183.2 28.5%
Altcoin dominance, % 61.4% 66.7% 60.1% 55.0% 54.8% 57.4%
3 Bitcoin price, $ 14 112.2 10 237.3 -27.5% 10 385.0 1.4% 7 003.1 -32.6% 6 920.0 -1.2% 7 999.3 15.6%
Bitcoin market capitalization, USD billion 236.7 172.4 -27.2% 175.4 1.8% 118.7 -32.3% 117.4 -1.1% 135.8 15.7%
Bitcoin dominance, % 38.6% 33.3% 39.9% 45.0% 45.2% 42.6%
4 Ethereum price, $ 755.8 1 119.4 48.1% 856.0 -23.5% 397.3 -53.6% 385.7 -2.9% 502.9 30.4%
Ethereum market capitalization, USD billion 73.1 109.0 49.1% 83.8 -23.1% 39.1 -53.3% 38.1 -2.8% 49.7 30.6%
Ethereum dominance, % 11.9% 21.1% 19.0% 14.8% 14.6% 15.6%
5 Bitcoin Cash price, $ 2 534.8 1 491.1 -41.2% 1 204.8 -19.2% 688.0 -42.9% 640.9 -6.8% 741.9 15.8%
Bitcoin Cash market capitalization, USD billion 42.8 25.3 -41.0% 20.5 -19.0% 11.7 -42.7% 10.9 -6.8% 12.7 15.8%
Bitcoin Cash dominance, % 7.0% 4.9% 4.7% 4.4% 4.2% 4.0%
6 Litecoin price, $ 231.7 163.7 -29.3% 203.1 24.1% 116.9 -42.4% 116.3 -0.5% 126.7 8.9%
Litecoin market capitalization, USD billion 12.6 9.0 -28.8% 11.3 25.0% 6.5 -42.0% 6.5 -0.3% 7.1 9.1%
Litecoin dominance, % 2.1% 1.7% 2.6% 2.5% 2.5% 2.2%
7 Volume (24h) 4 crypto, USD billion 15.7 17.3 10.2% 10.1 -41.4% 6.4 -36.9% 4.9 -22.9% 7.9 60.2%
Market cap 4 crypto, USD billion 441.6 351.6 -20.4% 315.1 -10.4% 189.7 -39.8% 185.5 -2.2% 223.0 20.2%
ZAK-4 Crypto index 3.6% 4.9% 3.2% 3.4% 2.7% 3.5%
4 crypto dominance, % 72.0% 68.0% 71.6% 71.9% 71.3% 69.9%
8 Volume (24h) 8 crypto, USD billion 17.2 19.0 10.2% 11.3 -40.3% 7.2 -36.3% 5.4 -25.7% 9.3 74.0%
Market cap 8 crypto, USD billion 488.6 393.4 -19.5% 349.3 -11.2% 208.7 -40.2% 204.2 -2.2% 246.8 20.9%
ZAK-8 Crypto index 3.5% 4.8% 3.2% 3.5% 2.6% 3.8%
8 crypto dominance, % 79.7% 76.1% 79.4% 79.1% 78.5% 77.4%

* Data as of April 15, 2018 (all figures calculated at 03:00 UTC)
** Since December 1, 2017, the ZAK-4 index has been calculated using the cryptocurrencies Bitcoin, Ethereum, Ripple, and Bitcoin Cash.
*** When calculating the ZAK-8 index, the cryptocurrencies with the largest capitalization are used. At present (April 15, 2018), the cryptocurrencies Bitcoin, Ethereum, Ripple, Bitcoin Cash, Cardano, Litecoin, Stellar, and EOS are used to calculate the ZAK-8 index.
Data source: coinmarketcap.com,smithandcrown.com

Over the past week (April 9-15, 2018) cryptocurrency market capitalization increased, and equaled $319 billion as of 03:00 UTC on April 15 (see Table 1.1, fig. 1). Two-thirds of capitalization growth during the week was due to the growth of altcoins (+$40 billion) and 1/3 was due to the growth of bitcoin (nearly +$20 billion).

The dominance of the four and eight largest cryptocurrencies as of 03:00 UTC on April 15, 2018, equaled 69.9% and 77.4%, respectively, with bitcoin dominance decreasing to 42.6% (see Table 1.1). The fairly robust growth last week in cryptocurrencies from the second (top 100) and third (top 500) echelons by capitalization should be noted. For example, Mithril (+242.17%), BABB (+235.36%), Matchpool (127.42%), Golem (110.29%).

The fluctuation in capitalization over the week equaled $80 billion, from $255.6 billion to $335.6 billion (fig. 1), with growth skyrocketing on April 12 by nearly $30 billion in one hour (including due to growth in the bitcoin price by $16 billion).

Figure 1. Cryptocurrency market capitalization since April 9, 2018

weekly-cryptocurrency-analysis-april-9-15-2018-figure-1

Data source: coinmarketcap.com

During the period from April 9-15, 2018, the price change of cryptocurrencies in the top 500 ranged from -34.75% (Mooncoin) to +1,335.59% (Greencoin). However, the 24-hour trading volume of Greencoin fluctuated this week between $100 and $10,000. Due to the low trading volumes, the price of this currency is extremely volatile. The price of all the cryptocurrencies and digital assets in the top 100 showed growth, and only 22 of the top 500 currencies showed a decreased in price. Overall, cryptocurrency market capitalization increased by approximately 24%, or by $60 billion, over the week.

This past week the number of cryptocurrencies with a capitalization of more than $1 billion increased from 19 to 23, with the change in their prices ranging (not including Tether) from +7.17% (Binance Coin) to +53.13% (IOTA).

The coins and tokens from the top 100 that demonstrated the largest growth in prices are given in fig. 2.

The rise and fall of cryptocurrency prices over the past week (April 9-15, 2018)

The prices of some cryptocurrencies may fluctuate from -50% to +50% over the course of a single day. Therefore, when analyzing cryptocurrency price trends, it is advisable to use their average daily amounts on various cryptoexchanges.

Below we consider the 10 cryptocurrencies that demonstrated the most significant change in price over the past week (fig. 2-3). In this regard, only those coins and tokens included in the top 100 in terms of market capitalization (according to the data of coinmarketcap.com) were considered.

Figure 2. Largest growth in prices over the past week

weekly-cryptocurrency-analysis-april-9-15-2018-figure-2

Data source: coinmarketcap.com
The change in price was calculated based on average daily data

Tables 1.2 and 1.3 show the possible factors or events that might have influenced the fluctuation in prices for certain cryptocurrencies. Table 1.4 shows the possible factors or events that might have influenced the cryptocurrency market in general.

Table 1.2. Factors or events that might have led to a growth in cryptocurrency prices over the past week

Coins and tokens Symbol Price growth over the week, % Average price in $ on April 15, 2018 Market capitalization, USD billion Factors or events that might have led to a growth in cryptocurrency prices over the past week
1 Mithril MITH 242.17% $0.644138 0.20 The price of Mithril appreciated by 240% this week, primarily due to the news on its listing on the major cryptoexchange BitHumb (Twitter).

Golem’s price increased by more than 100% on April 13, after the publication of news on the launch of the product’s main network (Twitter).

Bytom also grew due to positive news items this week. The price increased after the announcement on April 9 that the public release of the algorithm will take place in five days (Twitter).

The Loopring price appreciated by 60% on the back of favorable news concerning its listing on the UpCoin cryptoexchange (Twitter).

This week was also successful for Bytecoin, which launched its Asian community on Wednesday (Twitter).

The best news for WanChain this week was its listing on the major cryptoexchange KuCoin (Twitter).

Early this week DigiByte began its new bounty campaign, which could have led to the buzz around the coin and helped the price to jump by 60% (Twitter).

The AELF price also increased due to its listing on the large exchange BitHumb (Twitter).

Bitcoin Private released SegWit support this week, which raised the public’s interest and helped the price to grow (Twitter).

The week was also positive for SiaCoin, with one of the most important favorable news items being the expansion of the supply of tokenized securities on the French and Israeli markets (Twitter).

2 Golem GNT 110.29% $0.413998 0.35
3 Bytom BTM 72.71% $0.898193 0.89
4 Loopring LRC 61.24% $0.632397 0.36
5 Bytecoin BCN 59.58% $0.003424 0.63
6 Wanchain WAN 58.97% $5.91 0.63
7 DigiByte DGB 58.47% $0.029114 0.29
8 aelf ELF 56.68% $0.994346 0.25
9 Bitcoin Private BTCP 54.79% $25.26 0.52
10 Siacoin SC 54.22% $0.017187 0.58

A depreciation in price was seen for 22 coins and tokens from the top 500 cryptocurrencies and digital assets by capitalization last week. The ten cryptocurrencies from the top 300 that experienced the most noticeable drops in price are shown in fig. 3 (Table 1.3)

Figure 3. Largest fall in prices over the past week

weekly-cryptocurrency-analysis-april-9-15-2018-figure-3

Table 1.3. Factors or events that might have led to a fall in cryptocurrency prices over the past week

Coins and tokens Symbol Fall in price over the week, % Average price in $ on April 15, 2018 Market capitalization, USD billion Factors or events that might have led to a fall in cryptocurrency prices over the past week
1 Bitcoin Atom BCA 24.98% $1.28 0.02 This week only the price of Bitcoin Atom and Oyster depreciated by more than 15%. In the case of Bitcoin Atom, this movement against market trends can be explained by its heightened price volatility due to its small 24-hour trading volume, which did not exceed $15,000. As for Oysters, on April 14 market participants began to sell the coin in connection with the completion of the release of SHL tokens. Everyone who had Oysters coins before April 14 were entitled to receive SHL tokens at a rate of 1 to 1 (https://medium.com/oysterprotocol/oyster-shl-snapshot-complete-e1afb0219146). All the other coins depreciated by less than 14%, which can be explained by market volatility. You will recall that Ravencoin is a cryptocurrency based on the X16R algorithm, the main purpose of which is to transfer assets through blockchain.

Credits (CS) is a digital token for the new financial ecosystem that makes it possible to use smart contracts based on blockchain technology.

Ink is a decentralized solution for the problem of intellectual and other property in creative industries.

MinexCoin is the digital token of a global payment system consisting of MinexBank, MinexPlatform, MinexMarket and MinexExchange.

The cryptocurrency Dropil (DROP) is a token to be used within a cryptocurrency investment platform. The idea behind the project is anonymous investment in cryptocurrencies with minimum risks.

The XBY cryptocurrency is the digital coin of a platform for development of decentralized XTRABYTES applications.

The DAI cryptocurrency is the first project developed on the Maker platform and represents a stable virtual currency (also sometimes referred to as a stablecoin).

2 Oyster PRL 22.83% $0.623089 0.05
3 Ravencoin RVN 13.22% $0.035833 0.03
4 Credits CS 11.97% $0.491327 0.07
5 Ink INK 9.79% $0.056754 0.03
6 MinexCoin MNX 5.37% $20.41 0.07
7 Dropil DROP 3.55% $0.004168 0.08
8 XTRABYTES XBY 3.53% $0.076300 0.03
9 LEOcoin LEO 3.43% $0.243874 0.02
10 Dai DAI 0.43% $0.999297 0.02

Data source: coinmarketcap.com
The change in price was calculated based on average daily data

Table 1.4 shows events that took place from April 9-15, 2018, that had an impact on both the prices of the dominant cryptocurrencies and the market in general, with an indication of their nature and type of impact.

Table 1.4. Key events of the week having an influence on cryptocurrency prices, April 9-15, 2018

Factors and events

(link to source)

Date of news Description Nature of impact Type of impact
1.                  $1.6 Billion Chinese Fund Launches in Support of Blockchain Startups [source: Bitcoinmagazine.com] April 9, 2018 Xiongan Global Blockchain Innovation Fund will contribute to promising Chinese startups working with blockchain technology. One of the founders of the Fund was the Yuhang District Government. Market ⇑

 

Favorable
2.                  ICE CEO Won’t ‘Rule Out’ Crypto Futures Launch [source: Coindesk] April 9, 2018 ICE chief executive Jeffrey Sprecher announced that cryptocurrency-based futures contracts are still in their “early days” as a financial tool, but “the trend can’t be ignored”. Market ⇑

 

Favorable
3.                  Pakistan’s Central Bank Prohibits Crypto Dealings with a Circular [source: news.bitcoin.com] April 11, 2018 The Central Bank issued a circular that prohibits financial institutions from “processing, using, trading, holding, transferring, and investing” in digital coins and tokens. Market ⇓ Unfavorable
4.                  22 European Countries Enter into a Partnership to Boost Blockchain [source: Financemagnates.com] April 11, 2018 A group of countries, including the United Kingdom, France, Germany, Norway, Spain and Netherlands, have signed a declaration on creating a single digital market and on partnership in the blockchain industry. Market ⇑

 

Favorable
5.                  Bitcoin Price Exceeds $8000

Coinmarketcap.com

April 13, 2018 Yesterday the price of the cryptocurrency jumped by more than $1000 in just 20 minutes on several exchanges. So far, no clear explanation for this sudden ascent has been found. Market ⇑

 

Favorable
6.                  Bitcoin Market Opens to 1.6 Billion Muslims as Cryptocurrency Declared Halal Under Islamic Law [source: Independent.co.uk] April 13, 2018 Mufti Muhammad Abu-Bakar, a Sharia law advisor of the Indonesian crowdfunding platform Blossom Finance, has published a document that, in essence, officially permits Muslims to use bitcoin. Market ⇑

 

Favorable

 

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, 1.5.a, and 1.5.b. In early April the 24-hour trading volumes (Volume 24h) for the four dominant cryptocurrencies (Bitcoin, Ethereum, Bitcoin Cash, Ripple) equaled from $4.9 billion to $13.2 billion (Table 1.5.a). The value of the daily ZAK-4 Crypto fluctuated from 2.7% to 6.8% of capitalization. The highest trading volume was seen on April 12-13.

Table 1.5.a. Daily ZAK-4 Crypto index calculation (from April 1, 2018, to April 15, 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 %
Apr 15, 2018 7 999 5.2 135.8 503 1.7 49.7 742 0.3 12.7 0.63 0.6 24.8 7.9 223.0 3.5%
Apr 14, 2018 7 875 5.2 133.7 493 1.5 48.7 739 0.3 12.6 0.64 0.6 24.9 7.6 219.9 3.5%
Apr 13, 2018 7 901 7.8 134.1 493 2.4 48.7 736 0.4 12.6 0.63 1.2 24.7 11.8 220.0 5.4%
Apr 12, 2018 6 955 8.9 118.0 430 2.5 42.5 666 0.4 11.4 0.54 1.3 21.1 13.2 193.0 6.8%
Apr 11, 2018 6 843 4.6 116.1 415 1.4 41.0 649 0.3 11.1 0.49 0.3 19.3 6.7 187.4 3.6%
Apr 10, 2018 6 795 4.3 115.3 399 1.2 39.4 638 0.2 10.9 0.49 0.2 19.2 5.8 184.9 3.2%
Apr 9, 2018 7 044 4.9 119.5 401 1.5 39.6 656 0.3 11.2 0.50 0.3 19.6 6.9 189.9 3.6%
Apr 8, 2018 6 920 3.7 117.4 386 0.9 38.1 641 0.2 10.9 0.49 0.1 19.1 4.9 185.5 2.7%
Apr 7, 2018 6 631 4.0 112.5 370 1.0 36.5 611 0.2 10.4 0.48 0.2 18.6 5.4 178.1 3.0%
Apr 6, 2018 6 816 3.8 115.6 383 1.0 37.8 642 0.2 10.9 0.49 0.2 19.3 5.2 183.6 2.8%
Apr 5, 2018 6 849 5.6 116.1 380 1.2 37.5 649 0.2 11.1 0.50 0.4 19.6 7.5 184.3 4.0%
Apr 4, 2018 7 456 4.9 126.4 416 1.3 41.1 710 0.3 12.1 0.55 0.4 21.7 6.9 201.3 3.4%
Apr 3, 2018 7 102 5.5 120.4 387 1.4 38.2 664 0.3 11.3 0.50 0.6 19.6 7.7 189.5 4.1%
Apr 2, 2018 6 845 4.3 116.0 380 1.1 37.4 644 0.3 11.0 0.49 0.3 19.0 6.0 183.5 3.3%
Apr 1, 2018 7 003 4.5 118.7 397 1.3 39.1 688 0.3 11.7 0.51 0.3 20.1 6.4 189.7 3.4%

* Data as of April 15, 2018, 03:00 UTC
** Data source: coinmarketcap.com

The 24-hour trading volumes (Volume 24h) for the eight dominant cryptocurrencies (Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, Stellar, EOS, and Cardano) equaled $9.3 billion by the end of last week (Table 1.5.b), i.e. 3.8% of their market capitalization, which attests to the gradual resumption of activity on cryptoexchanges. The ZAK-4 Crypto and ZAK-8 Crypto indices are considered in more detail in Tables 1.5.a and 1.5.b.

Table 1.5.b. Daily ZAK-8 Crypto index calculation (continuation of Table 1.5.а)

Crypto Stellar (XLM) Cardano (ADA) EOS (EOS) 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 %
Apr 15, 2018 0.25 0.13 4.7 0.201 0.17 5.2 8.6 0.86 6.8 127 0.27 7.1 9.3 246.8 3.8%
Apr 14, 2018 0.25 0.04 4.6 0.199 0.11 5.2 8.8 0.81 6.9 125 0.26 7.0 8.8 243.5 3.6%
Apr 13, 2018 0.24 0.11 4.5 0.212 0.23 5.5 8.7 0.94 6.9 129 0.46 7.2 13.6 244.1 5.6%
Apr 12, 2018 0.21 0.10 3.9 0.167 0.49 4.3 8.5 1.72 6.7 118 0.59 6.6 16.1 214.5 7.5%
Apr 11, 2018 0.20 0.04 3.7 0.157 0.09 4.1 6.0 1.82 4.7 114 0.23 6.4 8.9 206.3 4.3%
Apr 10, 2018 0.20 0.03 3.7 0.153 0.06 4.0 5.9 0.23 4.6 115 0.20 6.5 6.4 203.5 3.1%
Apr 9, 2018 0.21 0.04 3.8 0.157 0.09 4.1 6.0 0.23 4.7 118 0.26 6.6 7.5 209.0 3.6%
Apr 8, 2018 0.20 0.02 3.7 0.149 0.05 3.9 5.9 0.17 4.6 116 0.19 6.5 5.4 204.2 2.6%
Apr 7, 2018 0.19 0.03 3.6 0.145 0.05 3.8 5.9 0.22 4.6 113 0.21 6.3 5.9 196.3 3.0%
Apr 6, 2018 0.20 0.03 3.7 0.148 0.05 3.8 6.4 0.45 4.9 119 0.23 6.6 5.9 202.7 2.9%
Apr 5, 2018 0.21 0.05 3.8 0.156 0.11 4.0 5.7 0.54 4.4 118 0.29 6.6 8.4 203.2 4.2%
Apr 4, 2018 0.23 0.06 4.3 0.171 0.15 4.4 6.1 0.26 4.7 134 0.38 7.5 7.8 222.3 3.5%
Apr 3, 2018 0.23 0.08 4.2 0.158 0.16 4.1 5.9 0.31 4.5 120 0.38 6.7 8.7 209.0 4.1%
Apr 2, 2018 0.21 0.07 3.8 0.152 0.10 3.9 5.7 0.31 4.3 115 0.27 6.4 6.7 202.0 3.3%
Apr 1, 2018 0.21 0.04 3.9 0.157 0.10 4.1 6.0 0.40 4.6 117 0.27 6.5 7.2 208.7 3.5%

Table 1.6 gives a list of events, information on which appeared last week, which could impact both the prices of specific cryptocurrencies and the market in general.

Table 1.6. Events that could have an influence on cryptocurrency prices in the future

 

Factors and events

(link to source)

Date of news Description Nature of impact Type of impact
1. Coinbase Plans to Obtain Broker License [source: Medium] April 10, 2018 The American cryptocurrency exchange Coinbase has applied to the US Securities and Exchange Commission (SEC) to receive a license as a broker. This step will help Coinbase to significantly expand its list of supported assets, by adding those tokens that the SEC classifies as securities. Market ⇑

 

Favorable
2. UAE Government Launches Blockchain Strategy 2021 [source: Cointelegraph] April 13, 2018 Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE, announced the start of the Blockchain Strategy 2021 program, which should make the country a world leader in blockchain. Market ⇑

 

Favorable

 

    1.2 Market trends

The weekly cryptocurrency and digital asset market trends from December 31, 2017, to April 15, 2018, are presented as graphs (Fig. 1.1-1.5)*.

Table 1.7. Legends and descriptions of the graphs

Global Figures Figure** Description
Total cryptocurrency market capitalization, USD million Fig. 1.1 This figure shows cryptocurrency and digital asset market capitalization trends from December 31, 2017.
The rate of market change (as a % to the beginning of 2017) Fig. 1.1 This figure shows the % change in cryptocurrency and digital asset market capitalization compared to December 31, 2017.
Change in the market capitalization (in USD million compared to 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 December 31, 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 December 31, 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 April 15, 2018, this number had already reached 1,538.
Average market capitalization, USD million Fig. 1.3 This figure reflects the growth in the average cryptocurrency and digital asset market capitalization from December 31, 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 April 15, 2018, 00:00 UTC
** NB! Average daily data are given in the graphs below. For this reason, the figures in the graphs may differ from the data in Table 1.1, where all figures were calculated at 03:00 UTC.
These differences in the values may be significant during periods of high cryptocurrency market volatility.
Data source: coinmarketcap.com

Figure 1.1. Total cryptocurrency market capitalization*

weekly-cryptocurrency-analysis-april-9-15-2018-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 December 31, 2017, to April 15, 2018. Over this period, market capitalization dropped from $572.5 billion to $323.9 billion, i.e. by 57%. Last week (April 9-15, 2018) cryptocurrency market capitalization increased from $262 billion to $323.9 billion (as of April 15, 2018, based on the average figures from coinmarketcap.com).

 Figure 1.2. Change in market capitalization

weekly-cryptocurrency-analysis-april-9-15-2018-figure-1-2

The market is susceptible to sudden and drastic fluctuations. During the first week of January, market capitalization increased by approximately $250 billion, or 44%. The largest weekly fall in the first quarter of 2018 equaled $136 billion, or 23%, during the week of January 28-February 4, 2018.

Nine of the thirteen weeks in the first quarter of 2018 were “in the red”, i.e. capitalization fell based on the results of each of these weeks. The market has grown over the past two weeks, including by $61.9 billion, or 24%, last week (with due account of average daily data, see fig. 1.2).

Figure 1.3. Number of cryptocurrencies and digital assets

weekly-cryptocurrency-analysis-april-9-15-2018-figure-1-3

Data source: coinmarketcap.com

Since December 31, 2017, the total number of cryptocurrencies and digital assets considered when calculating market capitalization has increased from 1,335 to 1,538. Their number increased by 7 from 1,531 to 1,538 over the past week, and average capitalization equaled $210.6 million. Over the past month, 43 new coins and tokens have appeared on coinmarketcap.com, but it should be noted that a number of other coins and tokens were also excluded from the list.

Figures 1.4 and 1.5. Forecast of total cryptocurrency market capitalization

weekly-cryptocurrency-analysis-april-9-15-2018-figure-1-4

weekly-cryptocurrency-analysis-april-9-15-2018-figure-1-5

The process of regulation of cryptocurrencies and ICOs continues to worry millions of traders and token holders. State regulatory policy is being partially adapted based on public demand and is conducted with due account of identified legal violations.

Last week saw the latest hack of a cryptoexchange. According to the information of Coinstaker, this time the target of the hacker attack was one of the most well-known Indian cryptoexchanges Coinsecure (cryptocurrency worth $3.5 million was stolen). The Reserve Bank of India issued strict rules for the exchange, use and development of virtual currencies. A number of exchanges, including BTCXIndia and ETHEXIndia, were forced to shut down trading operations due to increased pressure from the government.

The state regulatory policy in Japan and the USA is also becoming stricter, due to identified cases of theft of financial funds from cryptoexchanges. In particular, in March the FSA (Financial Services Agency) decided to suspend the work of two cryptocurrency exchanges, FSHO and Bit Station, as a result of audits of cryptocurrency exchanges carried out after the hack of the Coincheck exchange. The regulator also compelled six exchanges to improve their security systems.

A possible sharp increase in regulatory measures is possible in Vietnam due to the events surrounding the lack of payments to investors by the company Modern Tech (according to the information of cointelegraph the payments total around $658 million).

Meanwhile, Switzerland, a country with a large concentration of major banks, is steadily becoming a leader in tolerant International regulation of ICO processes and the use of the main cryptocurrencies.

The government of Malta is also actively creating a supportive legal and technical framework to promote exchange trading and positions itself as the “Island of Blockchain” that is geared toward the digital economy and cryptocurrencies.

The popularity of cryptocurrencies in South Korea is expressed in the active position of the country’s citizens. Last year a petition was filed with the government on overturning the ban on trading in cryptocurrencies in the country, and last week citizens submitted a request on the organization in the country of a “free city,” a zone unencumbered by regulation of cryptocurrencies and blockchain.

As a result, capital, technology and companies are gradually migrating to the countries with friendly laws and conditions for the functioning of the crypto industry.

Annex – Glossary 

Key terms Definition
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 The market value of an individual coin or token circulating on the market.
Total cryptocurrency market capitalization The market capitalization of cryptocurrencies and digital assets, i.e. the aggregate market value of cryptocurrencies and digital assets (coins and tokens) circulating on the market.
Dominance Market share, i.e. the ratio of market capitalization of a particular cryptocurrency (coin, token) to total cryptocurrency market capitalization. Expressed as a %.
Not Mineable

 

A coin that is not mineable. The term is used for cryptocurrencies (coins, tokens) which cannot be mined or issued through mining.
Pre-mined A pre-mined coin. The term is used for cryptocurrencies (coins, 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 % to the beginning of the year) The rate of 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) The 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) The 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 beginning of 2018 over 1,300 cryptocurrencies and digital assets (coins and tokens) 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.
ZAK-n Crypto index The index is calculated as a percentage and represents a ratio between the 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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