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Beyond Crypto Winter - The State of the Cryptocurrency Market

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Beyond Crypto Winter - The State of the Cryptocurrency Market

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On 18 June 2019, I presented at the Malaysia Tech Week on the current state of the cryptocurrency market. In this presentation, I covered IEO, fake data problem, Dapps, NFT, and some regulatory update in Malaysia.

On 18 June 2019, I presented at the Malaysia Tech Week on the current state of the cryptocurrency market. In this presentation, I covered IEO, fake data problem, Dapps, NFT, and some regulatory update in Malaysia.

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Beyond Crypto Winter - The State of the Cryptocurrency Market

  1. 1. Beyond Crypto-Winter: The State of the Cryptocurrency Market Bobby Ong Co-founder, CoinGecko Jan 2019
  2. 2. Copyright © 2019 CoinGecko. All Rights Reserved. No part of this report is to be reproduced, copied, leased or howsoever used by the reader to provide advice to any other person or entity. All figures, charts and graphs are based on data extracted from www.coingecko.com (which are derived from third party sources) unless otherwise stated. Important Notice: While we have made every attempt to ensure our data and information are gleaned from reliable sources and presented in the most accurate manner, CoinGecko takes no responsibility for any errors or omissions, or for the analysis, reports and results as stated herein. All information in this report is provided "as is", with no guarantees of any kind, including without limitation, completeness, accuracy, and timeliness. All information stated herein reflects solely the opinion of CoinGecko as an aggregator of publicly available information, and does not in any manner constitute financial advice or other professional advice for which a licence is required. Nothing implied within this report should substitute the sound technical and business judgement of the reader who is advised to use discretion, conduct his/her own further checks, and seek professional advice before relying on any information herein. The presence of third party trademarks and brands herein does not indicate any association with or endorsement by CoinGecko of such third parties. 2
  3. 3. About CoinGecko 3 ● Established April 2014 ● Tracks 4,300+ coins from 300+ exchanges ● Top 10 largest crypto website (according to SimilarWeb) CoinGecko APICoinGecko Website & App CoinGecko Quarterly Reports
  4. 4. Market Updates 4
  5. 5. +115.6% Market Dynamics: Jan-May 2019 Market Overview Market Capitalization vs Transaction Volume Total Mkt Cap increase in 2019 5
  6. 6. Market Dynamics: 2019 Returns of Top-5 Coins +94.2% +125% +21.2% +185.1% +190.6% 6 Performance of Top 5 Coins in Jan-May 2019
  7. 7. -0.94%-5.20% Market Dynamics: 2019 Market Capitalization Distribution of Top-30 Coins +3.49% +0.85%+0.78% -0.97%-0.84% +1.16% 7 Among the top 30 coins, Bitcoin’s market capitalization dominance has increased to 59.63%.
  8. 8. Initial Exchange Offerings (IEO) 8
  9. 9. IEO vs ICO What’s the Di erence? 9 Initial Exchange O ering (IEO) Initial Coin O ering (ICO) Token sale location Crowdsale counterparty Project Screening AML/KYC Marketing Exchange listing Exchange website Exchange Exchange will screen KYC-ed users of exchange Token issuer can tap on the exchange’s reach and users. Joint marketing with exchange. Immediate. Included in IEO fees Token issuer website Token issuer None Token issuer to KYC each participant Token issuer has to market to individual investors Not immediate. Listing fees to be negotiated with each exchange Initial Exchange Offerings (IEO) started becoming popular in February 2019. IEOs are different from ICOs in the following aspects:
  10. 10. ● Token sale on 28 Jan 2019 (15:00 UTC) ● 59.4 billion out of 990 billion BTT tokens allocated for IEO sale on Binance Launchpad ● Supported Sale Sessions: ○ BNB (23.76 billion BTT), ○ TRX (35.64 billion BTT) ● Individual Cap: USD 20,000 ● Raised: USD 7.2 million ● BNB session sold out in 13m 25s ● TRX session sold out in 14m 41s Binance Launchpad A Platform for Initial Exchange O erings 10 Binance Launchpad is Binance’s platform for conducting IEO. Binance’s first IEO of 2019 was Bittorrent, the highly anticipated token sale by TRON’s Justin Sun. The successful token sale of Bittorrent made IEOs popular and got other exchanges to also launch their IEO platforms. ● Token Sale on 25 Feb 2019 (14:00 UTC) ● 69.2 million out of 1.15 billion FET allocated for IEO sale on Binance Launchpad ● Supported Sale Session: BNB only ● Individual Cap: USD 3,000 ● Raised: USD 6 million ● Sold out in 22 seconds ● 24,000 Pre-Signed User Agreement ● 19,860 Submitted Buy Order ● 2,758 Received an Order ● Token Sale on 19 March 2019 (14:00 UTC) ● 597 million out of 10 billion CELR allocated for IEO sale on Binance Launchpad ● Supported Sale Session: BNB only ● Individual Cap: USD 1,500 Equivalent ● Raised: USD 4 million ● Sold out in 17 minutes ● 39,000 Submitted Buy Order ● 3,129 Received an Order
  11. 11. IEO Price: USD 0.00012 Closing Price (31 Mar 2019): USD 0.00076393 ROI : 536% (5.3x) All Time High: USD 0.00125 All Time High ROI: 947% (9.4x) Initial Exchange O ering (IEO) Projects Launched on Binance 11 IEO Price: USD 0.0867 Closing Price (31 Mar 2019): USD 0.200191 ROI: 130.9% (1.3x) All Time High: USD 0.4719 All Time High ROI: 444% (4.4x) IEO Price: USD 0.0067 Closing Price (31 Mar 2019): USD 0.01963062 ROI: 192.99% (1.9x) All Time High: USD 0.0289 All Time High ROI: 332% (3.3x) IEO Price: $0.0867 IEO Price: $0.0067IEO Price: $0.00012
  12. 12. PRIME ● Token sale on 26 Mar 2019 ● 1.5 billion out of 20 billion TOP tokens allocated for IEO ● IEO Price: USD 0.00177 ● 130,000 people participated ● 3,764 people were successful ● Three price limit rounds: ○ 0.000708 HT sold out in 7s ○ 0.000852 HT sold out in 5s ○ 0.001020 HT sold out in 7s ● ATH: USD 0.0351 (18.8x) ● Token sale on 3 Apr 2019 ● 600 million out of 10 billion TOP tokens allocated for IEO ● IEO Price: USD 0.006 ● Minimum purchase 180 USD ● Maximum purchase 3,600 USD ● ATH: USD 0.022 (2.6x) Raised USD 3.4 Million in 19s Raised USD 3.6 Million in 7s ● Token sale on 2 Apr 2019 ● 70m out of 283m VBK tokens allocated for IEO ● IEO Price: USD 0.10 ● Max purchase 20,000 USD ● Min purchase 10 USD ● 885 people were successful ● ATH: USD 0.3458 (3.4x) Raised USD 7 Million in 10.4s ● Token sale on 10 Apr 2019 ● 500 million out of 10 billion BLOC tokens allocated for IEO ● IEO Price: USD 0.005 ● Individual cap 1,000,000 BLOC ● Minimum purchase 100,000 BLOC ● ATH: USD 0.08999 (16.9x) Raised USD 2.5 Million in 1s Alternative IEO platforms: 12 Initial Exchange O ering (IEO) Alternative Platforms Jumpstart
  13. 13. Fake Exchange Data Problem 13
  14. 14. Fake Exchange Data Problem 14 Bitmax, Fcoin, ZB, OKEx, ZBG are exchanges with highest 24 hours trading volume All trans-fee mining exchanges The crown Exchange with the #1 Highest Trading Volume in the World
  15. 15. 15 CoinGecko Trust Score Sorting by Trust Score using web traffic for the overall exchange page, we now see exchanges such as Binance, Coinbase Pro, Bitfinex leading the table instead of Trans-fee mining / wash-trading exchanges. 1. Aggregate monthly web traffic from SimilarWeb and divide by 30 to get average daily traffic. 2. Derive the Average Daily User Trading Volume (ADUTV) for each exchange. 3. Based on the Bitwise 10 Real Volume Exchanges (Binance, Bitfinex, Kraken, Bitstamp, Coinbase, Bitflyer, Gemini, itBit, Bittrex, Poloniex), we calculate the median for the 10 exchanges ADUTV and we call this the Benchmark Daily User Volume. 4. Derive a Normalized Exchange Total Trading Volume based on this Benchmark. For exchanges with ADUTV higher than Benchmark, we will discard their ADUTV and use their SimilarWeb daily traffic estimate and multiply it against the Benchmark. Exchanges with lower ADUTV when compared to the Benchmark will not have their Reported Trading Volume normalized.
  16. 16. 16 CoinGecko Trust Score With Trust Score in action, we can now see each trading pair categorized as Green, Yellow and Red. The Bid / Ask spread and orderbook depth (2% slippage from last done price) is measured and shown so that users can decide how liquid a particular exchange is.
  17. 17. Areas of Further Analysis 17 ● Trade History ● API Quality ● Exchange Wallets ● Web Traffic ● Social Media ● Cybersecurity Audit ● User Reviews ● Licensing & Regulations CoinGecko Trust Score
  18. 18. DECENTRALIZED APPS 18 X Provided by:
  19. 19. 19 XQ1 Dapp Market Summary By Blockchain ETHAll EOS Steem TRON Total Number of Dapps New Dapps Active Dapps Active Users New Users Transactions Volume (In Native Token) Volume (In USD) 276 186,544 1,343 752 114,122 5,189,613 1,549,998 ETH $202,218,095 504 819,677 1,953 1,304 586,949 291,031,508 — — $ 3,234,433,726 108 262,450 341 326 163,310 176,559,323 582,662,174 EOS $1,657,138,524 29 66,936 82 69 23,396 17,511,061 36,592,924 STEEM $13,202,861 91 303,747 187 157 286,121 91,771,511 57,830,736,249 TRX $1,361,874,246 ① Users who only take actions such as login or browse content in Steem Apps won't be recorded on the Steem blockchain and these users won't be recorded as a user in this report.①
  20. 20. 20 XQ1 Dapp User Growth By Blockchain Ethereum 114,122 Ethereum EOS Steem TRON Total of 586,949 New Users TRON 286,121.EOS 163,310 Steem 23,396
  21. 21. 21 XQ1 Dapp Overall Summary 1,304 Active Dapps 504 New Dapps Total Volume of $3,234,433,726
  22. 22. NON-FUNGIBLE TOKENS X 22
  23. 23. 23
  24. 24. Non-Fungible Tokens: Key Projects for 2018 X CryptoKitties is a game where you can collect and breed digital kitties. Breeding two kitties creates a unique new kitty with potentially exclusive characteristics. Launched in September 2017, it is still the world’s most popular crypto game. Decentraland builds a whole virtual world where users can explore through VR. Every landowner can build absolutely anything from business to gaming to arts. The only limit of this “Ready Player One” world is one’s imagination. Gods Unchained is a trading card game where you can collect and battle some of the most powerful mythical creatures and divinities. Axie Infinity is an arena game where you can raise, train and battle little creatures called “Axies”. You must combine skills, elements and powers if you want to win your fights. Total Volume Traded in 2018 $14,353,446 Total Volume Traded in 2018 $27,082,193 Total Volume Traded in 2018 $5,148,811 Total Volume Traded in 2018 $992,908 24
  25. 25. Etheremon Sold at: $172,794 600 ETH Sold at: $175,578 2,000,000 MANA Non-Fungible Tokens: Largest NFT Sale in 2018 X LAND 22, 2 Kitty #896775 ...name me...Axie #1367Punk #4417 Sold at: $11,565 13.5 ETH Sold at: $10,182 50 ETH Sold at: $2,912 13 ETH Sold On: 23rd Mar 2018 Sold On: 4th Nov 2018 Sold On: 3rd Mar 2018 Sold On: 4th Oct 2018 Sold On: 18th Oct 2018 Decentraland CryptoKitties CryptoPunks Axie Infinity 25
  26. 26. 50+ Active Communities Non-Fungible Tokens: Growth of Active Addresses X From 10 to 50 Communities: The beginning of the year was marked by a very strong presence of CryptoKitties in the NFT ecosystem. Gradually, volumes stabilized at almost 15,000 monthly active addresses. By December, at least 50 applications had an active user base up from only a dozen at the beginning of the year. This is a positive indication and we expected healthy and regular growth in 2019. Ether Tulips (1.2%) Ether Craft (1.3%) Crypto Celebrities (3.7%) Etheremon (7.0%) Decentraland (7.3%) Axie Infinity (2.6%) Hyper Dragons(2.8%) Chibi Fighters (3.4%) 0x Universe (4.4%) Wyvern Exchange (5.0%) Blockchain Cuties (6.8%) Decentraland (6.9%) Cryptokitties (20.1%) My Crypto Heroes (10.0%) Gods Unchained (9.0%) Etheremon (8.2%) Dec 2018Jan 2018 Number of Active Addresses (%) Cryptokitties (74.1%) 10+ Active Communities Jan 2018 Dec 2018 Number of Active Addresses (%) 26
  27. 27. 27
  28. 28. Regulations in Malaysia 28
  29. 29. 29 Securities Commission Malaysia (SC) announced on 4 June 2019 that it has registered three Recognized Market Operators (RMOs) to establish and operate digital asset exchanges (DAX).
  30. 30. 30 Public Consultation Paper on 6 March 2019 on Proposed Regulatory Framework for the Issuance of Digital Assets through Initial Coin Offerings (ICOs)
  31. 31. 31 Thank You www.coingecko.com 31 Bobby Ong Co-founder, CoinGecko bobby@coingecko.com Twitter / Telegram: @bobbyong

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