Topic: [2017-10-25]Weekly Cryptocurrency and ICO Market Analysis [October 16-22, 2017] (Read 1841 times)

In the third week of October (October 16-22, 2017) total cryptocurrency market capitalization varied over a range from USD 176.77 to USD 156.5 billion, and at the end of the week equaled USD 172.59 billion (see Table 1.1).

During the period from October 16-22, the Bitcoin exchange rate increased by 6.88%, while the Ethereum and Litecoin exchange rates fell by 11.74% and 13.71%, respectively.

Therefore, a shift in dominance in favor of Bitcoin was seen on the market over the past week, with its contribution to total cryptocurrency market capitalization increasing from 54.88% to 58.2%. Accordingly, altcoin dominance (%) decreased from 45.12% to 41.8%.

Last week the Bitcoin exchange rate appreciated from $5,835.96 to $6,036.66. Since the beginning of the month, the exchange rate has ranged from $4,164.05 (on October 5, 2017) to $6,194.88 (on October 21, 2017), i.e. by more than $2,000 (Table 1.4.a).

The Smith + Crown Index for September fell from 10,345 to 9,147 due to market fluctuations, but during the third week of October it increased to 11,250.

To analyze trading activity on cryptocurrency exchanges, the ZAK-n Crypto index is calculated (see the Glossary). The values of the ZAK-3 Crypto and ZAK-5 Crypto indices are presented in Tables 1.1, 1.2, 1.3. For example, on October 16, 2017, and October 18, 2017, the 24-hour trading volumes (Volume 24h) for the three dominate cryptocurrencies (Bitcoin, Ethereum, Ripple) equaled $3,664 and $3,360 million (Table 1.3). All told, the daily values of the ZAK-3 Crypto and ZAK-5 Crypto indices exceeded 2.5% of the market capitalization of the analyzed cryptocurrencies. The result of this increase in demand for cryptocurrencies was a significant change in their prices.

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