Weekly ICO and cryptocurrency market analysis from 23.07 to 29.07.2018 | Digital Rating Agency

Weekly ICO and cryptocurrency market analysis from 23.07 to 29.07.2018

31.07.2018

Weekly ICO and cryptocurrency market analysis from 23.07 to 29.07.2018

The market of cryptocurrencies continued its last week growth during the period from July 23 to July 29, and the total market capitalization increased by $ 17.7bn: from $ 279.6bn to $ 297.3bn. In percentage terms, the market grew by 6.3%.

The second largest mobile operator of South Korea, KT Corp, launched a commercial network on blockchain this week. According to representatives, the company has developed its engine, capable of processing several blocks simultaneously due to existing high-performance servers. The KT Corp blockchain network can handle 2500 transactions per second. However, the capacity should increase fourfold by the end of 2018, and KT Corp intends to increase the number of transactions to 100,000 per second by the end of next year.

Binance, the largest crypto exchange in terms of trading volume, plans to enter the South Korean market, which is one of the world's largest crypto markets. The exchange is already in the process of hiring regional managers and intends to create three to five local companies in 2018. The planned exit to the South Korean market will occur just at the time when regulators review the regulation of the cryptocurrency sector and partially legalize the ICO. The exchange also announced less than a month ago, that it enters the African market with the launch of the first crypto exchange in Uganda.

Huobi, another crypto exchange, announced the launch of the P2P platform for residents of India this week , including trading pairs with Indian rupee. The company promises not to charge transaction commissions for the exchange of BTC, ETH and USDT. We remind that the Singapore exchange confirmed its intention to open an office in London in June, and launched a platform in Australia with 10 cryptocurrency pairs against the Australian dollar in early July. Huobi is also considering opening branches in Toronto, San Francisco and Sao Paulo.

The US Securities and Exchange Commission postponed the issue of allowing the work of five exchange funds (ETF) associated with Bitcoin until September. The SEC said that the decision on the possible approval of the ETF for Direxion Investments, which applied in January, is postponed. One of the funds is directly related to the price of Bitcoin, and the other four are based on different derivatives of the currency price movement. This SEC’s decision makes it difficult for institutional investors to enter the market, since the majority of ETFs are first created for them.

Another well-known cryptocurrency index fund Bitwise has applied with the SEC to obtain permission to launch cryptocurrency-based ETF. ETF "Bitwise HOLD 10 Cryptocurrency Index Fund" will be tied to the ten largest cryptocurrencies. The index will be about 80% of the total market capitalization. Bitwise declare that they will use market capitalization for 5 years and take several parameters into account to comply with the requirements of the SEC, constantly changing data on supplies, liquidity, trading volumes and storage restrictions.

A well-known supporter of Bitcoin and the founder of Galaxy Digital, Mike Novograts, said at the Beyond Blocks conference in South Korea that by the end of this year the capitalization of the cryptocurrency market would not reach $ 800bn, as he predicted earlier. Nevertheless, the billionaire claims that the market will do it within the next 12 months. On the question why Novograz firmly believes in this theory, he replied that the cryptocurrency is gradually spreading around the world, and more people are visiting crypto conferences and joining the blockchain enterprises. He also noted that many private institutions are entering this developing market by investing in companies through VC funds.

This week it became known that Iran is preparing to launch its state cryptocurrency, which, according to the authorities, will help the country bypass the latest economic sanctions imposed by the US president. Alireza Daliri, Deputy Director in the department for scientific and technological issues, noted that the initiative is being developed jointly with the Central Bank of Iran (CBI). As a result, it is planned to develop a cryptocurrency, fundamentally tied to Iran's national currency. The cryptocurrency will also be used for interbank settlements within the country along with its intended use for cross-border payments without any dependence on the global financial system under the guidance of SWIFT.

Bitcoin price was fixed at $ 8000 level after  last week’s sharp increase and reached $ 8202 on Sunday. The maximum price for the week registered on July 25 was $ 8,416. As a result of the week, Bitcoin's price increased by 10.95%.


*Provided by coinmarketcap.com


Starting the week with a mark of $ 126.890bn, Bitcoin's market capitalization reached $ 140.9bn increasing by 11.04%.

The total altcoins capitalization did not follow the example of Bitcoin, and fluctuated all week near the $ 155bn mark. As a result, the value of $ 156.443bn at the end of the week was almost equal to the amount registered on Monday.



*Provided by coinmarketcap.com


The Bitcoin dominance index continued the trend of the previous week and added another 2.12% growing from 45.27% to 47.39%.




*Provided by coinmarketcap.com


The DRI index (net market capitalization) increased by 5.73%: from $ 244bn to $ 258bn.



*Provide by DRI DigRate


Refereum, DMarket and AdToken are gainers of the week, the price of their tokens increased by 212%, 182% and 125% respectively. Bitcoin Diamond, Super Bitcoin and Seele got no luck this week.


Тоp 5 gainers (cryptocurrencies with an average daily turnover of at least $ 1 million):


Project

Ticker

Volume (24h)

Price (29.07.18)

7d growth %

Refereum

RFR

$20 510 600

$0,011468

212.46%

DMarket

DMT

$13 540 700

$0,498197

182.02%

AdToken

ADT

$27 532 100

$0,034037

125.15%

ZClassic

ZCL

$15 448 200

$16,88

101.36%

Acute Angle Cloud

AAC

$3 136 490

$0,050291

71.01%



Тоp 5 losers (cryptocurrencies with an average daily turnover of at least $ 1 million):


Project

Ticker

Volume (24h)

Price (29.07.18)

7d fall %

Bitcoin Diamond

BCD

$1 238 090

$1,99

−52.23%

Super Bitcoin

SBTC

$5 987 140

$4,91

−46.29%

Seele

SEELE

$4 107 940

$0,098946

−42.04%

StarChain

STC

$1 055 340

$0,017368

−35.61%

Bezant

BZNT

$1 389 550

$0,039068

−33.95%


13 ICOs were completed during this week, 3 of which were unable to collect the softcap. The total amount of raised funds was $ 95,4M, which 1,65 times more than the previous week. The number of completed ICOs decreased by 1 project: from 14 to 13 per week.


The number of ICOs and collected funds for the current and past week:


Index

16.07-22.07

23.07-29.07

Total ICOs / $ million

14 /57,8

13 /95,4

Active / $ million

7 /57,8

10 /95,4

Failed / $ million

7 / -

3 / -

Dead / $ million

0 / 0

0 / 0



Gainers of the week:


Project name

Ticker

Raised, $ million

Staramba

STT

21,8

The Deal Coin

DLSD

17,6

Quadrant Protocol

EQUAD

16

Raised in total


55,4




Scam of the week


A network of the KICKICO, working on the Ethereum protocol, was hacked on July 27. Attackers managed to steal more than 70M KICK tokens worth $ 7.7M. Hackers got direct access to the smart contract of the platform by stealing a private key. Controlling access to the smart contract, criminals destroyed 40 existing addresses and created 40 new accounts with the same balances. Since the stolen funds were not destroyed, but merely reproduced, the total volume of KICK tokens remained unchanged. A few hours after the incident, the KICKICO team was able to regain access to its smart contract and replaced the key with a private key of its cold wallet to protect the network and user facilities. The team said that it would fully reimburse the losses of the owners of the 40 affected accounts.



An announcement of ICO projects from 30.07 to 05.08.2018


Analysts of the rating agency for the evaluation of digital assets Digital Rating Agency selected the 5 most attractive projects from July 30 to August 5.


1. FOAM Protocol, ICO starts 31.07.2018. Category: Blockchain Service. No DigRate score.


FOAM Protocol is an open, decentralized protocol for the geolocation data market. The goal of the project is to create an infrastructure that is an alternative to GPS and Google maps. Each physical address in the system will have the corresponding address of the smart contract in the Ethereum blockchain and will be available for decentralized apps.


2. WRIO, ICO starts 31.07.2018. Category: Communications. No DigRate score.


WRIO Internet OS is a decentralized platform on Ethereum blockchain for cloud and distributed applications. The platform creates a secure browser-driven operating system. The main advantages of the platform will be security and privacy - protection from spam, malware and viruses; full control of personal data on the unit; a custom set of applications with a unified intelligent interface; a user-friendly web browser 3.0; full access to a censored Internet with the support of Dark Web: VPN, Tor, I2P, etc.


3. DREP, ICO starts 01.08.2018. Category: Blockchain. No DigRate score.


DREP is a blockchain platform that allows various Internet platforms to form and monetize their reputation indicators. DREP creates an ecosystem consisting of a scalable network, a reputation-based protocol, and a set of tools for Internet platforms.


4. EMX, pre-ICO starts 01.08.2018. Category: Trading and Investments. No DigRate score.


EverMarkets Exchange is a decentralized hybrid trading platform that combines traditional financial markets with the cryptocurrency market. Using the EMX platform token, traders will have access to trading derivatives, such as futures contracts on cryptocurrencies, and traditional instruments such as stocks and bonds, without the need to convert funds to fiat.


5. TraXion, ICO starts 01.08.2018. Category: Finance. No DigRate score.


TraXion is a banking platform on the blockchain, using the technology of IBM Hyperledger Fabric. TraXion plans to offer traditional financial products in a blockchain environment, creating an ecosystem for crypto payments, peer-to-peer lending, money transfers, savings, insurance and investments. The project already has four ready-made modules: a payment platform, a wallet, a personal finance platform and a fundraising platform.