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Weekly ICO and cryptocurrency market analysis

Jun 26, 2018

The cryptocurrency market continues testing its new lows after a big drop on the 10th of June. Total market cap for the week was lowered by $22.7 billion (7.5%) from $302.859 to $280.047 billion.

The biggest news of the week was the investigation into Tether cryptocurrency manipulation conducted by the professors of the University of Texas John Griffin and Amin Shams. Marketmakers used Tether tokens to artificially pump bitcoin price in 2017 for multiple months. As proof the professors cite Bitcoin price dynamic during the last couple of months. This year all drastic cryptocurrency changes practically coincide with the issue of new USDT tokens. First we have an issue of unsupported Tether tokens by the USD to maintain the Bitcoin rate after which the cryptocurrency is dropped to add to the existing company reserve. We would like to remind you that Tether's process of issuing new tokens has been accused of lacking transparency more than once. In December last year the company got on the CFTC radar. Their Controller had intentions of opening an investigation into USDT ties with manipulation on Bitfinex stock.

The experts keep trying to calm everybody down in the aftermath of the big market drop. For example, the head of Fundstrat Tom lee is still sure that by the end of the year bitcoin is going to cross the $25000 threshold. Leading Goldman Sachs and Fortress trader Mike Novogratz in the course of New York based Bloomberg Invest summit expressed his opinion that the cryptocurrency market is moving towards 20 trillion dollars.

Another reason to stay positive was news update from the Indian controller: the Reserve Bank of India stated that cryptocurrency will be available within the country, however they will be accompanied by the new regulatory rules. Only two months prior the controller prohibited banks to deal with any single cryptocurrency which was met with an avalanche of petitions. This action got the attention of the supreme court of India which followed with a number of lawsuits towards the controlling organ.

Another piece of good news two of the biggest Russian banks, Sberbank and ALfa-bank protesting the service of private banking on the Central Bank regulatory platform for investors wishing to profit from cryptocurrencies. Minimum entry treshold is $500 000.

Another piece of news from the capitalization leaders: Litecoin showed its yearly minimum giving the fifth rating spot to EOS project. From the moment of record rate of Litecoin at 379 USD on December 19th we observed its 74% drop. The LTC rate dropped for almost 60% since the start of this year. The cryptocurrency fall started with the token's founder Charlie Lee posted on reddit about him selling off all of his Litecoin.

Bitcoin fall formed a noticeable wormhole that pulled rates of all leading cryptocurrencies after itself. Bitcoin price after the big drop on June 10th kept in a worrying state. Trading stayed between $6300 and $6900. By the end of this week Bitcoin fell in price by 4.5% from its $6870 rate on June 10th to $6555 at June 17th.

image8.jpeg

Bitcoin market cap for the past week lost $5.3 billion falling from $117.383 billion June 11th to $112.098 billion on June 17th which is about 4.2%.

Total capitalization of altcoins lowered from $185.791 billion to $168.456 billion (9.3%) falling twice as fast as Bitcoin's capitalization.

image5.jpeg*Information from coinmarketcap.com

Bitcoin domineering index grew just a little bit in about 1% over the week.

image6.jpeg*Information from coinmarketcap.com

Bitcoin rate after the big fall on June 10th stayed in a lateral trend. Trading kept between $6300 and $6900. By the end of the week Bitcoin lowered in price by 4.5% from $6870 June 10th to $6555 June 17th.

image7.jpeg

*Information from DRI DigRate

Consolidated index DRI (index of market capitalization, getting rid of the "dead" untradable tokens) lowered by 8.9% in a week: from $266.23 billion to $242.39 billion.

Leaders of the price growth in altcoin markets June 11th to 17th were PundiX, Docademic и LatiumX, which token prices grew by 95%, 78% and 42% respectively. Biggest price drop this week is noted in Skycoin, Delphy и WaykiChain.

Top 5 — Growth leaders (cryptocurrencies with the average 24 hour trading volume no less than $1 million):

Token Name
TickerVolume (24hr)
Price (17.06.18)% growth (week)
PundiXNPXS$8 895 780$0,01381095.27%
DocademicMTC$1 355 740$0,302969 78.31%
LatiumXLATX$4 576 630 $0,07103041.74%
Content Neutrality NetworkCNN$10 767 400 $0,002232 35.16%
Game.comGTC$5 188 330$0,13639732.71%

Top 5 — Drop leaders  (cryptocurrencies with the average 24 hour trading volume no less than $1 million):

Token NameTickerVolume (24hr)Price (17.06.18)% drop (week)
SkycoinSKY$3 289 820$9,95 −40.06%
DelphyDPY$1 375 510$0,920780−39.38%
WaykiChainWICC$0 125 100$0,819866−51.78%
United BitcoinUBTC$1 123 950$6,69 −37.53%
QbaoQBT$3 057 040$0,295214−34.93%

In the period from June 11th to 17th 2018 17 ICOs were completed, only 5 of the projects managing to accumulate the softcap. Not a single project ended up in the Dead category (projects which don't have websites running or projects that have criminal investigations launched against them).

Total acquired sum from June 11th to 17th came up to about $56.2 million which is 2.5 times smaller than the sum acquired by the projects during last week. Such noticeable difference in funds gathering is in part related to Ethereum rate drop which was the main currency for the ICO funds accumulation. The amount of completed ICO is also smaller by 6 projects: from 23 to 17 in a week.

Completed ICOs and the funds collected during current and previous week

Index04.06-10.0611.06-17.06
Accumulated ICO item /$ million
23 / 144,717 / 56,2
Active, item /$ million12 /144,75 /56,2
Failed, item /$ million11 / -12 / -
Dead, item /$ million
0 / 00 / 0

Project-leaders by the amount of funds collected from 11.06 to 17.06.2018 

Project nameTickerAcquired, $ million
AlchemintSDT30
RightmeshMESH18
TernioTERN3
Total
51

Fraudulent activity and hacking attacks on the ICO & cryptocurrency market that came to light from 11.06 till 17.06.2018 г.

Syscoin – developers of the Syscoin cryptocurrency stated that the account of one of their token creators was compromised. The hackers took advantage of a security weakness and uploaded a virus to Github. Syscoin team issued a warning that users that have downloaded the client installer version 3.0.4.1 for Windows in the time period from 9th to 13th June might be targeted.

Project ICO Announcement from 18/06 to 24/06/2018

Digital Asset rating agency analytics have picked 5 of the most attractive projects, pre-ICO and ICO starting from June 18th to 24th 2018.

1. Metronome, ICO start — 18.06.2018. Category: Cryptocurrency. DigRate Rating — 5.0/7.0.

Metronome project is developing a cross-platform token MTN which main feature will be the ability to export / import into various blockchain systems. Strong competitive features of MTN in comparison with main cryptocurrencies (BTC, ETH, LTC, XRP, ZEC) are abilities to pay through subscription of a blockchain network.

2. Nuggets, ICO start — 18.06.2018. Category: Verification. DigRate Rating — 4.4/7.0.

Nuggets is a password-less payment system where users are able to complete transactions based on biometric data confirmation. Verification will consist of 4 stages: user's photo, his biometric data, payment card and important documents. After this the users will be able to complete confidential transactions in the Nuggets app in one click.

3. Airbloc Protocol, ICO start — 19.06.2018. Category: Commerce — Advertising. DigRate rating unavailable.

Airbloc is a decentralized platform for storage, analysis and management of personal data that allows its users to monetize their data while advertisers may buy it to conduct targeted marketing campaigns with the help of effective micro targeting.

4. UChain, Pre-ICO start — 20.06.2018. Category: Infrastructure. DigRate rating unavailable.

UChain is a blockchain platform that eases development of DApps. The platform will use proprietary system of credit ratings and will aim to develop decentralized exchange.

5. Carry Protocol, Pre-ICO start — 24.06.2018. Category: Retail. DigRate rating unavailable.

Carry Protocol is a platform that combines merchants and consumers into one offline ecosystem. While using Carry Protocol the merchants will be able to create their own tokens that operate like loyalty points. The users will be able to earn these points just by providing their phone number and other useful personal data to the merchants during transactions.

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