Check out our report presenting data on the cryptocurrency market movements in 2018, with special attention paid to the analysis of changes taking place over June 2018, most notably June 18-24, 2018.
Information as of June 25, 2018
This report was created by:
- Professor Dmitrii Kornilov, Doctor of Economics, Member of the Russian Academy of Natural Sciences, and Leading Analyst at ICOBox;
- Dima Zaitsev, PhD in Economics, Head of International Public Relations and Business Analytics Department Chief at ICOBox;
- Nick Evdokimov, Co-Founder of ICOBox;
- Mike Raitsyn, Vision Director of Snowfox Technology
- Anar Babaev, Co-Founder of ICOBox;
- Daria Generalova, Co-Founder of ICOBox
This report presents data on cryptocurrency market changes during 2018. Special emphasis has been placed on an analysis of the changes that have taken place in June 2018, including over the past week (June 18-24, 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 April 1, 2018, to June 24, 2018*
|Parameter||1-Apr-18||1-May-18||MoM, %||1-June-18||MoM, %||3-June-18||DoD, %||10-June-18||DoD, %||17-June-18||DoD, %||24-June-18||DoD, %|
|1||Total market capitalization, USD billion||263.9||423.2||60.4%||331.3||-21.7%||343.6||3.7%||335.5||-2.3%||280.0||-16.5%||257.4||-8.1%|
|2||Altcoin market capitalization, USD billion||145.2||265.8||83.1%||203.2||-23.6%||213.3||5.0%||207.4||-2.8%||168.2||-18.9%||151.9||-9.7%|
|Altcoin dominance, %||55.0%||62.8%||–||61.3%||–||62.1%||–||61.8%||–||60.1%||–||59.0%||–|
|3||Bitcoin price, $||7 003.1||9 251.5||32.1%||7 500.7||-18.9%||7 632.1||1.8%||7 499.6||-1.7%||6 545.5||-12.7%||6 164.3||-5.8%|
|Bitcoin market capitalization, USD billion||118.7||157.4||32.6%||128.0||-18.6%||130.3||1.8%||128.1||-1.7%||111.9||-12.7%||105.5||-5.7%|
|Bitcoin dominance, %||45.0%||37.2%||–||38.6%||–||37.9%||–||38.2%||–||40.0%||–||41.0%||–|
|4||Ethereum price, $||397.3||670.5||68.8%||578.7||-13.7%||591.3||2.2%||594.4||0.5%||499.5||-16.0%||474.8||-4.9%|
|Ethereum market capitalization, USD billion||39.1||66.5||69.8%||57.7||-13.1%||59.0||2.2%||59.4||0.7%||50.0||-15.8%||47.6||-4.8%|
|Ethereum dominance, %||14.8%||15.7%||–||17.4%||–||17.2%||–||17.7%||–||17.9%||–||18.5%||–|
|5||Bitcoin Cash price, $||688.0||1 348.6||96.0%||995.7||-26.2%||1 083.1||8.8%||1 087.5||0.4%||853.1||-21.6%||764.6||-10.4%|
|Bitcoin Cash market capitalization, USD billion||11.7||23.1||96.6%||17.1||-25.9%||18.6||8.8%||18.7||0.5%||14.7||-21.5%||13.2||-10.3%|
|Bitcoin Cash dominance, %||4.4%||5.5%||–||5.2%||–||5.4%||–||5.6%||–||5.2%||–||5.1%||–|
|6||Litecoin price, $||116.9||148.3||26.9%||118.0||-20.4%||123.3||4.5%||117.6||-4.6%||97.7||-16.9%||82.7||-15.3%|
|Litecoin market capitalization, USD billion||6.5||8.4||27.9%||6.7||-19.8%||7.0||4.5%||6.7||-4.5%||5.6||-16.7%||4.7||-15.2%|
|Litecoin dominance, %||2.5%||2.0%||–||2.0%||–||2.0%||–||2.0%||–||2.0%||–||1.8%||–|
|7||Volume (24h) 4 crypto, USD billion||6.4||11.8||84.2%||7.7||-35.0%||7.9||2.4%||9.3||18.3%||4.8||-48.1%||8.1||67.2%|
|Market cap 4 crypto, USD billion||189.7||279.7||47.5%||226.9||-18.9%||233.2||2.8%||232.1||-0.4%||197.6||-14.9%||185.5||-6.1%|
|ZAK-4 Crypto index**||3.4%||4.2%||–||3.4%||–||3.4%||–||4.0%||–||2.4%||–||4.3%||–|
|4 crypto dominance, %||71.9%||66.1%||–||68.5%||–||67.9%||–||69.2%||–||70.6%||–||72.1%||–|
|8||Volume (24h) 8 crypto, USD billion||7.2||16.0||121.3%||9.2||-42.4%||10.0||8.5%||12.2||22.1%||5.6||-54.4%||10.0||80.2%|
|Market cap 8 crypto, USD billion||208.7||319.5||53.1%||255.9||-19.9%||264.9||3.5%||261.9||-1.1%||221.3||-15.5%||205.2||-7.2%|
|ZAK-8 Crypto index***||3.5%||5.0%||–||3.6%||–||3.8%||–||4.7%||–||2.5%||–||4.9%||–|
|8 crypto dominance, %||79.1%||75.5%||–||77.2%||–||77.1%||–||78.1%||–||79.0%||–||79.7%||–|
* Data as of June 24, 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 (June 24, 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
When analyzing cryptocurrency market trends, the period from June 17-24, 2018, is used, while the calendar week (June 18-24, 2018) is used for the news overview and the analysis of the ICO market.
Over the analyzed period (June 17-24, 2018) cryptocurrency market capitalization decreased by $22.6 billion, from $280 billion, and as of 03:00 UTC on June 24 equaled $257.4 billion (see Table 1.1). Overall, the fall since the start of the month has equaled around $70 billion.
The dominance of the four and eight largest cryptocurrencies as of 03:00 UTC on June 24, 2018, equaled 72.1% and 79.7%, respectively, with bitcoin dominance increasing to 41% (see Table 1.1). Despite the overall reduction in cryptocurrency market capitalization, considerable growth was seen last week in the prices of certain cryptocurrencies from the third echelon by capitalization (top 500), such as LatiumX (+70%), Envion (+52.64%), Centrality (+42.24%), NANJCOIN (+29.76%), Streamr DATAcoin (+26.66%) and others.
During the period (June 17-24, 2018) cryptocurrency market capitalization fluctuated from $294 billion (max) to $235 billion (min) (Fig. 1a), i.e. within a range of $59 billion. For its part, bitcoin capitalization fluctuated from $116.6 billion (max) to $99.7 billion (min), i.e. within a range of $15.9 billion.
As noted before, there has been a very high correlation between the capitalization of the cryptocurrency market as a whole (Fig. 1a) and bitcoin for more than a month, and the past week was not exception (see Fig. 1b). The maximum and minimum points and the overall configuration of the cryptocurrency market capitalization charts show an almost complete correspondence.
Figure 1a. Cryptocurrency market capitalization since June 17, 2018
Data source: coinmarketcap.com
Figure 1b shows bitcoin capitalization (red line) superimposed on cryptocurrency market capitalization (blue line). The lines are practically identical.
Figure 1b. Capitalization of the cryptocurrency market (blue) and bitcoin (red) since June 17, 2018
Data source: coinmarketcap.com
The main drops in market capitalization took place on June 20, 22, and 24 (see Fig. 1b). The fall in capitalization on June 20 can be partially explained by the news on a hacker attack on the Bithumb cryptoexchange. On June 22 the Japanese Financial Services Authority (JFSA) required the cryptocurrency companies bitFlyer, QUOINE, BTC Box, Bit Bank, Tech Bureau, and Bit Point to improve their AML/KYC procedures and imposed administrative penalties (sanctions) on these companies. The JFSA previously planned to introduce tough registration standards for bitcoin exchanges. The 24-hour trading volume of Tether increased. In fact, from June 23, 2018, it equaled nearly $3.8 billion, i.e. more than Ethereum ($1.7-2.2 billion) and almost as much as Bitcoin (see Table 1.5.a).
The rise and fall of cryptocurrency prices over the past seven days (June 17-24, 2018)
During the period from June 17-24, 2018, the change in the prices of cryptocurrencies in the top 500 ranged from -58.29% (All Sports) to +70% (LatiumX). In particular, LatiumX experienced solid price growth this week thanks primarily to the announcement of the launch of its revolutionary new platform (Twitter). At the same time, All Sports continued its negative trend (downward adjustment) after its impressive growth in May.
The price of only 33 cryptocurrencies and digital assets from the top 500 showed growth, including only three from the top 100.
Over the past week the number of cryptocurrencies with a capitalization of more than $1 billion remained the same at 18, with the price of all of them falling except Tether (the price of which is tied to the US dollar). A downward adjustment was seen for EOS (-28.32%), NEM (-22.05%), Cardano (-20.64%), etc.
The coins and tokens from the top 200 that demonstrated the largest price growth are given in Fig. 2.
Biggest gainers and losers over the week (June 17-24, 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 200 (Fig. 2) and top 100 (Fig. 3) in terms of market capitalization (according to the data of coinmarketcap.com) were considered.
Figure 2. Largest growth in prices over the past week
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 June 24, 2018||Market capitalization, USD billion||Factors or events that might have led to a growth in cryptocurrency prices over the past week|
|1||Centrality||CENNZ||42.24%||$0.158591||0.13||The price of Centrality showed the best result this week among all cryptocurrencies from the top 100 by capitalization. The key news item that triggered the price growth was the announcement of its partnership with AWS Technology (Twitter)
NanjCoin also found itself among the list of leaders this week, despite negative market trends. The key event facilitating this growth was the announcement of an airdrop (Twitter)
The price of Streamr DATAcoin increased on the back of news on its listing on the major Asian cryptoexchange Quoine (Twitter)
SONM, in turn, grew due to news on the coming launch of the project’s main network (Twitter)
The remaining cryptocurrencies did not show any sharp jumps in price.
Endor uses the principles of social physics and effective data analysis, and based on already existing research can determine the most likely behavior of a potential consumer.
Paypex is a platform aimed at both business and regular clients. This is a payment solution based on Ethereum blockchain, with interactions between parties during payments taking place based on smart contracts.
Basic Attention Token is intended for the purchase of services on the new Brave advertising platform and for remuneration of content creators on the platform.
The Enigma cryptocurrency is, first and foremost, an investment platform that allows any trader or investor to create his or her own micro hedge fund.
ODEM is an educational trading platform to be used by students worldwide to choose from a larger number of options related in one way or another to their education.
SMT is part of a local decentralized network for information exchange to be performed between participants through their mobile devices.
|7||Basic Attention Token||BAT||3.82%||$0.254152||0.25|
A depreciation in price was seen last week for 467 coins and tokens from the top 500 cryptocurrencies and digital assets by capitalization. The ten cryptocurrencies from the top 100 that experienced the most noticeable drops in price are shown in Fig. 3 and Table 1.3.
Figure 3. Largest fall in prices over the past week
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 June 24, 2018||Market capitalization, USD billion||Factors or events that might have led to a fall in cryptocurrency prices over the past week|
|1||Bytecoin||BCN||-38.80%||$0.002609||0.48||The market experienced a fall this week, and the prices of most crypto coins fell.
Bytecoin (BCN) is one of the first fully anonymous cryptocurrencies. This is a cryptocurrency created in 2012.
Populous (PPT) is a trading platform built on Ethereum blockchain that makes it possible to create invoices, something that no business can do without.
The cryptocurrency CMT is the internal token of a decentralized site for the online sale of goods.
Elastos (ELA) is the digital token of the eponymous network, which is focused on creating a “new version of the Internet” within which decentralized applications will interact.
The goal of the Bytom project is to bring the outside world into the digital world and to tokenize all assets of the real sector of the economy.
Loom is a digital token created on top of Ethereum blockchain Loom Network. The developers of this network have decided to solve the inherent problems with Ethereum, and have improved the features responsible for scaling of the network.
Ethos (ETHOS) is the digital token of a universal multicurrency wallet intended for the secure storage of digital monetary equivalents.
The Aeternity project is a decentralized platform that will differ in its transaction throughput capacity, smart contracts, and its set of oracles.
The Aelf cryptocurrency is the digital token of a platform that is working to create a site capable of uniting decentralized applications in one place.
PIVX is a decentralized cryptocurrency with open source code, based on the principle of user anonymity.
Data source: coinmarketcap.com
The change in price was calculated based on average daily data
Table 1.4 shows events that took place from June 18-24, 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, June 18-24, 2018
|№||Factors and events
(link to source)
|Date of news||Description||Nature of impact||Type of impact|
|1.||Bitcoin Could Break the Internet, Central Bank Overseer Says [source: Bloomberg]||June 18, 2018||The central bank overseer believes that modern computers and mobile devices are not designed to process the colossal amount of data necessary for blockchain transactions.||Market ⇓||Unfavorable|
|2.||South Korean Crypto Exchange Bithumb Halts Withdrawals After $30 Million Hack [source: Coinspeaker]||June 20, 2018||As a result of an attack on the platform, more than $31 million in cryptocurrency were stolen. Bithumb did not clarify how much of each type of cryptocurrency was stolen by the hackers, but it did promise to refund the losses of users.||Market ⇓||Unfavorable|
|3.||Samsung Marries Blockchain, AI in Cello 3.0 Logistics Platform [source: Cointelegraph]||June 20, 2018||This project was created by a subsidiary of the Korean giant. The new innovation is being called upon to significantly reduce the delivery time of international freight, while improving the reliability of transport.||Market ⇑||Favorable|
|4.||Korean Government to Lead 6 Blockchain Pilots With $9 Million Fund [source: Coindesk]||June 21, 2018||Six blockchain-based projects will be launched in the country before 2019. Here we are talking about such industries as agriculture, trade, and real estate.||Market ⇑||Favorable|
|5.||Mt. Gox Creditors Get New Avenue for Recovering Bitcoin Losses [source: Bloomberg]||June 22, 2018||A court in Tokyo has given the go ahead to civil rehabilitation of the Mt. Gox bitcoin exchange.
Now creditors will be able to receive payments in the cryptocurrency, and not in US dollars at the 2014 exchange rate, as was planned if the company’s bankruptcy process continued.
|6.||Bitcoin in Danger of Falling Below Critical $6,000 Level on Worries Over Exchanges [source: Marketwatch]||June 22, 2018||The first cryptocurrency has fallen to a new low for 2018.||Market ⇓||Unfavorable|
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 June the 24-hour trading volumes (Volume 24h) for the four dominant cryptocurrencies (Bitcoin, Ethereum, Bitcoin Cash, Ripple) equaled from $4.8 billion to $9.3 billion (Table 1.5.a). The value of the daily ZAK-4 Crypto ranged from 2.4% to 4.4% of capitalization. The highest trading volume was seen on June 14.
Table 1.5.a. Daily ZAK-4 Crypto index calculation (from June 1-24, 2018)
|Crypto||Bitcoin (BTC)||Ethereum (ETH)||Bitcoin Cash (BCH)||Ripple (XRP)||4 Crypto|
|Price Open||Volume (24h)||Market cap||Price Open||Volume (24h)||Market cap||Price Open||Volume (24h)||Market cap||Price Open||Volume (24h)||Market cap||Volume (24h) 4 crypto||Market cap 4 crypto||ZAK-4 Crypto index|
|Date*||$||USD billion||USD billion||$||USD billion||USD billion||$||USD billion||USD billion||$||USD billion||USD billion||USD billion||USD billion||%|
|Jun 24, 2018||6 164||4.6||105.5||475||2.5||47.6||765||0.6||13.2||0.49||0.4||19.3||8.1||185.5||4.3%|
|Jun 23, 2018||6 090||3.4||104.2||466||1.7||46.7||755||0.4||13.0||0.49||0.2||19.1||5.7||183.1||3.1%|
|Jun 22, 2018||6 738||5.1||115.3||527||2.2||52.8||875||0.6||15.0||0.54||0.3||21.0||8.2||204.2||4.0%|
|Jun 21, 2018||6 780||3.5||116.0||536||1.5||53.8||891||0.4||15.3||0.54||0.2||21.2||5.5||206.2||2.7%|
|Jun 20, 2018||6 771||3.9||115.8||539||1.6||53.9||906||0.4||15.6||0.55||0.3||21.6||6.2||206.9||3.0%|
|Jun 19, 2018||6 742||4.1||115.3||519||1.7||52.0||886||0.4||15.2||0.54||0.3||21.1||6.4||203.7||3.2%|
|Jun 18, 2018||6 510||4.0||111.3||499||1.5||50.0||850||0.4||14.6||0.53||0.3||20.8||6.2||196.7||3.2%|
|Jun 17, 2018||6 546||3.1||111.9||499||1.3||50.0||853||0.3||14.7||0.54||0.2||21.0||4.8||197.6||2.4%|
|Jun 16, 2018||6 455||3.2||110.4||490||1.3||49.1||847||0.3||14.6||0.54||0.2||21.1||5.0||195.1||2.6%|
|Jun 15, 2018||6 674||4.0||114.1||520||1.8||52.1||896||0.4||15.4||0.56||0.2||22.0||6.4||203.6||3.1%|
|Jun 14, 2018||6 343||5.1||108.4||478||2.5||47.9||844||0.5||14.5||0.54||0.4||21.0||8.5||191.8||4.4%|
|Jun 13, 2018||6 597||5.1||112.7||498||2.1||49.8||877||0.5||15.1||0.56||0.4||22.1||8.0||199.7||4.0%|
|Jun 12, 2018||6 906||4.7||118.0||533||1.9||53.3||957||0.5||16.4||0.60||0.3||23.6||7.4||211.4||3.5%|
|Jun 11, 2018||6 799||4.7||116.2||525||2.0||52.5||938||0.6||16.1||0.59||0.3||23.0||7.7||207.8||3.7%|
|Jun 10, 2018||7 500||5.8||128.1||594||2.2||59.4||1 087||0.8||18.7||0.66||0.5||25.9||9.3||232.1||4.0%|
|Jun 9, 2018||7 633||3.8||130.4||601||1.5||60.1||1 117||0.4||19.2||0.67||0.2||26.5||5.9||236.1||2.5%|
|Jun 8, 2018||7 685||4.2||131.3||605||1.6||60.5||1 145||0.5||19.7||0.68||0.2||26.6||6.6||238.0||2.8%|
|Jun 7, 2018||7 651||4.5||130.7||608||1.9||60.7||1 135||0.6||19.5||0.68||0.2||26.5||7.2||237.4||3.0%|
|Jun 6, 2018||7 626||4.7||130.2||610||1.8||61.0||1 157||0.6||19.9||0.68||0.3||26.6||7.3||237.7||3.1%|
|Jun 5, 2018||7 501||5.0||128.1||593||1.8||59.3||1 110||0.7||19.1||0.66||0.4||26.0||7.9||232.4||3.4%|
|Jun 4, 2018||7 723||5.0||131.8||619||1.9||61.9||1 171||0.9||20.1||0.69||0.6||27.2||8.4||241.0||3.5%|
|Jun 3, 2018||7 632||4.9||130.3||591||1.8||59.0||1 083||0.8||18.6||0.64||0.3||25.2||7.9||233.2||3.4%|
|Jun 2, 2018||7 537||4.9||128.6||580||1.9||57.9||1 003||0.7||17.2||0.62||0.3||24.5||7.8||228.3||3.4%|
|Jun 1, 2018||7 501||4.9||128.0||579||1.9||57.7||996||0.5||17.1||0.61||0.3||24.0||7.7||226.9||3.4%|
All figures given as of 03:00 UTC of the corresponding day
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) increased to $10 billion by the end of last week (Table 1.5.b), or 4.9% of their market capitalization. The ZAK-4 Crypto and ZAK-8 Crypto indices are considered in more detail in Tables 1.5.a and 1.5.b.
Table 1.5.b. Daily ZAK-8 Crypto index calculation (continuation of Table 1.5.а)
|Crypto||Stellar (XLM)||Cardano (ADA)||EOS (EOS)||Litecoin (LTC)||8 Crypto|
|Price Open||Volume (24h)||Market cap||Price Open||Volume (24h)||Market cap||Price Open||Volume (24h)||Market cap||Price Open||Volume (24h)||Market cap||Volume (24h)||Market cap||ZAK-8 Crypto index|
|Date||$||USD billion||USD billion||$||USD billion||USD billion||$||USD billion||USD billion||$||USD billion||USD billion||USD billion||USD billion||%|
|Jun 24, 2018||0.20||0.04||3.8||0.138||0.07||3.6||8.5||1.40||7.6||83||0.45||4.7||10.0||205.2||4.9%|
|Jun 23, 2018||0.20||0.03||3.8||0.140||0.04||3.6||8.7||0.71||7.8||85||0.44||4.9||6.9||203.1||3.4%|
|Jun 22, 2018||0.23||0.04||4.3||0.158||0.08||4.1||10.4||1.26||9.3||97||0.46||5.5||10.1||227.4||4.4%|
|Jun 21, 2018||0.23||0.04||4.3||0.162||0.04||4.2||10.4||0.66||9.3||98||0.26||5.6||6.5||229.7||2.9%|
|Jun 20, 2018||0.24||0.04||4.4||0.167||0.08||4.3||10.7||0.85||9.6||99||0.26||5.6||7.4||230.9||3.2%|
|Jun 19, 2018||0.23||0.03||4.3||0.165||0.07||4.3||10.7||0.72||9.6||99||0.28||5.6||7.5||227.5||3.3%|
|Jun 18, 2018||0.23||0.04||4.3||0.161||0.06||4.2||10.4||0.72||9.4||96||0.28||5.5||7.3||220.0||3.3%|
|Jun 17, 2018||0.23||0.03||4.3||0.163||0.04||4.2||10.6||0.43||9.5||98||0.24||5.6||5.6||221.3||2.5%|
|Jun 16, 2018||0.23||0.03||4.3||0.163||0.04||4.2||10.7||0.68||9.5||97||0.26||5.5||6.0||218.7||2.8%|
|Jun 15, 2018||0.24||0.04||4.5||0.172||0.07||4.5||11.3||0.94||10.1||101||0.29||5.8||7.7||228.4||3.4%|
|Jun 14, 2018||0.22||0.05||4.1||0.160||0.20||4.2||10.2||1.41||9.1||94||0.37||5.4||10.5||214.5||4.9%|
|Jun 13, 2018||0.23||0.05||4.3||0.166||0.10||4.3||10.3||1.27||9.2||101||0.36||5.7||9.8||223.3||4.4%|
|Jun 12, 2018||0.26||0.05||4.7||0.181||0.08||4.7||11.6||1.05||10.3||107||0.33||6.1||8.9||237.3||3.8%|
|Jun 11, 2018||0.25||0.05||4.6||0.176||0.09||4.6||11.3||1.57||10.1||107||0.33||6.1||9.7||233.1||4.2%|
|Jun 10, 2018||0.28||0.05||5.3||0.202||0.14||5.2||14.0||2.32||12.6||118||0.40||6.7||12.2||261.9||4.7%|
|Jun 9, 2018||0.29||0.04||5.3||0.205||0.05||5.3||14.0||1.18||12.6||120||0.24||6.8||7.5||266.2||2.8%|
|Jun 8, 2018||0.29||0.05||5.5||0.211||0.07||5.5||14.6||1.11||13.1||122||0.29||6.9||8.1||268.9||3.0%|
|Jun 7, 2018||0.30||0.05||5.5||0.216||0.08||5.6||14.0||1.02||12.5||121||0.37||6.9||8.7||268.0||3.2%|
|Jun 6, 2018||0.29||0.05||5.5||0.221||0.08||5.7||14.3||1.02||12.8||122||0.32||6.9||8.8||268.5||3.3%|
|Jun 5, 2018||0.29||0.05||5.4||0.214||0.12||5.6||13.6||1.45||12.2||120||0.30||6.8||9.8||262.3||3.7%|
|Jun 4, 2018||0.30||0.06||5.7||0.228||0.12||5.9||14.6||1.30||13.1||125||0.30||7.1||10.1||272.7||3.7%|
|Jun 3, 2018||0.30||0.06||5.5||0.228||0.12||5.9||14.8||1.63||13.3||123||0.32||7.0||10.0||264.9||3.8%|
|Jun 2, 2018||0.29||0.06||5.4||0.223||0.12||5.8||12.3||2.88||11.0||120||0.31||6.8||11.2||257.2||4.4%|
|Jun 1, 2018||0.30||0.06||5.5||0.225||0.13||5.8||12.3||1.06||11.0||118||0.29||6.7||9.2||255.9||3.6%|
Since May 22, Huobi, one of the largest cryptoexchanges, began issuing the new consolidated HUOBI 10 index, which shows the trends of 10 digital assets with a high market value and liquidity. Last week the Huobi index was added to Bloomberg Terminal. The index equaled around 780 points (June 25, 2018, 10:00 UTC/GMT+3). At its lowest point the index equaled 712 points (June 23, 2018). We remind you that the base point of the HUOBI 10 is 1000.
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.||Bitcoin Tumbles 8% After Japan Watchdog Orders Exchanges to Beef Up Practices Against Money Laundering [source: CNBC]||June 22, 2018||The Japanese regulator will issue recommendations on improving the business of the cryptoexchanges BitFlyer, Quoine, Bitbank, BITPoint Japan and BtcBox. This decision was taken after a recent inspection that uncovered the weaknesses of these platforms.||Market ⇓
|2.||Chinese Gov’t Partners with Tencent on New Blockchain Security Alliance [source: Cointelegraph]||June 22, 2018||The Chinese government will develop blockchain security mechanisms together with technological giant Tencent. The project unites more than 20 companies and is being called upon to expose fraud, pyramid schemes, and other illegal actions in the blockchain ecosystem.||Market ⇑
1.2 Market trends
The weekly cryptocurrency and digital asset market trends from December 31, 2017, to June 24, 2018, are presented as graphs (Fig. 1.1-1.5).
Table 1.7. Legends and descriptions of the graphs
|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 June 24, 2018, this number had already reached 1,535 (coins and tokens on which there is information on capitalization and/or turnover were considered).|
|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.|
* 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
*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 June 24, 2018. Over this period, market capitalization dropped from $572.5 billion to $246.2 billion, i.e. by 57%. Last week (June 17-24, 2018) cryptocurrency market capitalization decreased from $281.3 billion to $246.2 billion (as of June 24, 2018, based on the average daily figures from coinmarketcap.com).
Figure 1.2. Change in market capitalization
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 period from 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. In the second quarter, the market grew over the first five weeks, followed by periods of downward adjustment. Over the past week (June 17-24, 2018) the market contracted by around 12%, or $35.1 billion (with due account of average daily data, see Fig. 1.2).
Figure 1.3. Number of cryptocurrencies and digital assets
Data source: coinmarketcap.com (coins and tokens on which there is information on capitalization and/or turnover were considered)
Since December 31, 2017, the total number of cryptocurrencies and digital assets considered when calculating market capitalization has increased from 1,335 to 1,535. Over the past week their number decreased by 12, from 1,547 to 1,535, and average capitalization fell to $160.4 million. In total, over the past month 47 new coins and tokens have appeared on coinmarketcap.com. However, it should be noted that a number of other coins and tokens were also excluded from the list. From among the tokens that were added to coinmarketcap.com last week, Merculet and Sentinel Protocol showed high trading volumes.
Figures 1.4 and 1.5. Forecast of total cryptocurrency market capitalization
Last week (on June 20, 2018) another hacker attack on a cryptoexchange was reported, this time on Bithumb – the sixth largest exchange by trading volume according to coinmarketcap. Around $31 million were stolen from the exchange. You will recall that on June 10 the losses of the South Korean cryptoexchange Coinrail due to a hacker attack equaled around $40 billion won (around $37 million). Placing funds on cryptoexchanges is a risky business. Another “cryptocurrency” project, Turcoin, a pyramid scheme organized by the Istanbul-based company Hipper, is a perfect confirmation of this fact. According to the data of AMBcrypto, the stolen funds of project participants may equal around $1 billion Turkish liras, or $212 million.
Pursuant to an announcement of СoinDesk, a group of Chinese hackers gained $800,000 through illegal mining of the siacoin cryptocurrency. According to a local news item on June 16, 2018, police in the city of Rui’an (Zhejiang Province) arrested 16 suspects, who are charged with hacking more than 100,000 computers in internet cafes in 30 Chinese cities in July 2017.
As recently as our previous report we named cybersecurity as one of the key problems currently facing the crypto market. According to the expert estimates of the cybersecurity company Carbon Black, digital currency worth around $1.1 billion has been stolen in the first half of 2018.
Naturally, all of these events do not facilitate the growth in capitalization of the cryptocurrency market.
However, despite the many tasks and problems facing it, the cryptocurrency market clearly continues to move forward in developing its tools and legal support:
The well-known exchange operator Nasdaq, ABN AMRO Clearing, EuroCCP, and the European settlement and clearing system Euroclear announced in a press release the creation of a blockchain platform for trading in securities and derivatives.
As Bloomberg writes (June 20, 2018), Goldman Sachs Group Inc., one of the largest American investment banks, is considering transactions with cryptocurrencies beyond futures. In the words of David Solomon, the chief operating officer of Goldman Sachs, the company plans to expand the bitcoin futures trading platform, including plans to use other types of derivatives (creating its own flexible version of a future – a “settlement forward”).
Cointelegraph reports that the Japanese Virtual Currency Exchange Association (JVCEA) will issue new optional rules next week.
The well-known cryptoexchange BTCC is resuming its work. On June 19 CoinMarketCap recorded trading (BTCC) in the amount of $58 million.
Jeremy Allaire has announced that each fiat currency will inevitably have a cryptocurrency equivalent (“Our view is that all fiat currency will be crypto”). If the opinion of the head of Circle, expressed in an interview with CNBC, is even somewhat on the mark, cryptocurrency market volumes will increase hundreds of times.
In conclusion, the latest new rating was issued by the researchers of the China Center for Information Industry Development (CCID). As Bitcoinist writes, the three leaders (by CCID version) are: EOS, ETHEREUM and NEO.
Annex – Glossary
|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 %.|
|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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