(1/44) The cryptocurrency bear market is disappointing but some fundamentals show optimism. The selling pressure might be pushing prices down (& a few up) but holistic understanding is needed in identifying insights
Here's a breakdown of our Q3 report...
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Here's a breakdown of our Q3 report...
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(2/44) Top analysts: @nic__carter, @Shaughnessy119, @Crypto_Macro, and @DAR_crypto gave their thoughts on Q3 regarding ICOs, stablecoins, ETFs, and the future of crypto
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(3/44) The entire market lost about 11%, falling from $243 bn to $215 bn. However, when analyzing MoM, we find that the negative growth is diminishing. September saw -7% compared to prior months this year being in the negative double digits.
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(4/44)
Bitcoin’s (BTC) price grew by 3% with news of positive adoption development on the Lightning Network and Square Cash however the ETF rejection might have slowed growth.
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Bitcoin’s (BTC) price grew by 3% with news of positive adoption development on the Lightning Network and Square Cash however the ETF rejection might have slowed growth.
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(5/44)
Ethereum’s (ETH) price fell by 49.2% with news of future development breaking milestones as pundits criticize the smart contract technology.
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Ethereum’s (ETH) price fell by 49.2% with news of future development breaking milestones as pundits criticize the smart contract technology.
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(6/44)
XRP’s price grew by 21.9% with a big bump in late Sept. At the beginning of Q3, the news consisted of legal troubles and slow progress only to be followed by the launch of a new product: xRapid and high profile conference both led by Ripple
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XRP’s price grew by 21.9% with a big bump in late Sept. At the beginning of Q3, the news consisted of legal troubles and slow progress only to be followed by the launch of a new product: xRapid and high profile conference both led by Ripple
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(7/44)
BCH's price declined by 28.4% with news of business like Google and Robinhood adding features for them followed by a bitcoin cash futures contract. Although news soured towards the end of Q3 with the fork rumors emerging between development camps.
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BCH's price declined by 28.4% with news of business like Google and Robinhood adding features for them followed by a bitcoin cash futures contract. Although news soured towards the end of Q3 with the fork rumors emerging between development camps.
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(8/44)
EOS’s price fell by 29.3% with news of fundamental metrics hitting record highs and big investors backing the project followed by those metrics hitting peculiar lows and controversy over governance of the blockchain towards the end of the quarter.
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EOS’s price fell by 29.3% with news of fundamental metrics hitting record highs and big investors backing the project followed by those metrics hitting peculiar lows and controversy over governance of the blockchain towards the end of the quarter.
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(9/44)
EOS had the most notable transaction count growth. It launched its blockchain in June and dominated the share of transactions by late July. XRP also saw a bounce due to product announcements. BCH shot up for a short time due to a stress test
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EOS had the most notable transaction count growth. It launched its blockchain in June and dominated the share of transactions by late July. XRP also saw a bounce due to product announcements. BCH shot up for a short time due to a stress test
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(10/44)
BTC transaction volume saw a record setting 174% growth in Q4 of 2017 but saw negative growth below -40% for the first two quarters of this year. Q3 shows a slowing of that negative growth to just -25%.
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BTC transaction volume saw a record setting 174% growth in Q4 of 2017 but saw negative growth below -40% for the first two quarters of this year. Q3 shows a slowing of that negative growth to just -25%.
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(11/44)
BTC transaction counts looked pretty stable in comparison to the declining volume. Average growth was -4% but once it got out of the winter most months had positive growth and rose to 6.9 mn transactions in September.
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BTC transaction counts looked pretty stable in comparison to the declining volume. Average growth was -4% but once it got out of the winter most months had positive growth and rose to 6.9 mn transactions in September.
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(12/44)
Most surprisingly, BTC hashrate growth slowed to a small 2%. The last time BTC saw single digit growth was November of 2017. Signs of the eventual November hashrate declines were evident in September.
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Most surprisingly, BTC hashrate growth slowed to a small 2%. The last time BTC saw single digit growth was November of 2017. Signs of the eventual November hashrate declines were evident in September.
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(13/44)
Miner revenue, in comparison to hashrate, was trending negative with September’s total only 35% to that of January.
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Miner revenue, in comparison to hashrate, was trending negative with September’s total only 35% to that of January.
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(14/44)
ETH’s transaction volume fell a great deal from January of $432 bn to September of $15 bn. The steepest declines, both -70%, occurred in February and March.
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ETH’s transaction volume fell a great deal from January of $432 bn to September of $15 bn. The steepest declines, both -70%, occurred in February and March.
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(15/44)
ETH transaction counts didn’t seem to be as affected by there was clearly a slowing of growth from Q2’17 to eventual negative growth in Q2’18 and this most recent one.
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ETH transaction counts didn’t seem to be as affected by there was clearly a slowing of growth from Q2’17 to eventual negative growth in Q2’18 and this most recent one.
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(16/44)
ETH’s hashrate declined by 5% over the quarter. This could be indicative of sentiment of non-PoW updates coming up on the software development roadmap.
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ETH’s hashrate declined by 5% over the quarter. This could be indicative of sentiment of non-PoW updates coming up on the software development roadmap.
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(17/44)
BCH’s transaction volume dropped 83% in February to $14 bn. Since then it has fallen down to about $5 bn with growth rates jumping from -53% to 20%.
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BCH’s transaction volume dropped 83% in February to $14 bn. Since then it has fallen down to about $5 bn with growth rates jumping from -53% to 20%.
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(18/44)
BCH transaction counts saw a massive increase of 307% thanks to an inorganic stress test in Sept, but July & August saw similar growth rates with no stress tests. Excluding Sept, Q3 would have still topped all previous quarters’ totals.
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BCH transaction counts saw a massive increase of 307% thanks to an inorganic stress test in Sept, but July & August saw similar growth rates with no stress tests. Excluding Sept, Q3 would have still topped all previous quarters’ totals.
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(19/44)
EOS transaction volume saw an all-time-high in May, most likely due to late investors right before the blockchain launch. This was followed by negative MoM growth until September.
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EOS transaction volume saw an all-time-high in May, most likely due to late investors right before the blockchain launch. This was followed by negative MoM growth until September.
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(20/44)
EOS transaction counts jettisoned 7255% in July. This is the result of its blockchain launching in June. It hit negative growth of 68% in September.
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EOS transaction counts jettisoned 7255% in July. This is the result of its blockchain launching in June. It hit negative growth of 68% in September.
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(21/44)
Exchange volume % share stayed relatively stable until XRP took a large chunk at the end of the quarter. This was most likely because of the jump of 168% in September’s exchange volume.
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Exchange volume % share stayed relatively stable until XRP took a large chunk at the end of the quarter. This was most likely because of the jump of 168% in September’s exchange volume.
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(22/44)
BCH exchange volume jumped at the end of September to just under $180 mn, the highest of Q3. Lbank started taking substantial % share of that volume in late August.
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BCH exchange volume jumped at the end of September to just under $180 mn, the highest of Q3. Lbank started taking substantial % share of that volume in late August.
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(23/44)
Active vs total subscribers to each subreddit allows us to see engagement levels. The underperformers were BTC (44-52), XRP (10-11) and ETH (19-22), while the overperformers were BCH (21-12) and EOS (6-3).
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Active vs total subscribers to each subreddit allows us to see engagement levels. The underperformers were BTC (44-52), XRP (10-11) and ETH (19-22), while the overperformers were BCH (21-12) and EOS (6-3).
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(24/44)
GitHub commits indicated that EOS had high some of the highest developer activity while ETH and BTC maintained usual commit levels. BCH sprouted up from marginality with 20% by the end of Q3
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GitHub commits indicated that EOS had high some of the highest developer activity while ETH and BTC maintained usual commit levels. BCH sprouted up from marginality with 20% by the end of Q3
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(25/44)
BTC grew 3% in price and 5% in social activity but fell 5% in network, 3% in exchange and developer.
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BTC grew 3% in price and 5% in social activity but fell 5% in network, 3% in exchange and developer.
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(26/44)
ETH’s price fell -49% along with a drop of 43% in network activity. Although exchange activity boasted a 129% increase along with social at 20% and developer at 7%.
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ETH’s price fell -49% along with a drop of 43% in network activity. Although exchange activity boasted a 129% increase along with social at 20% and developer at 7%.
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(27/44)
XRP’s network activity fell by 50% but exchange pressure at 37% growth could have helped increase the price by 22%.
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XRP’s network activity fell by 50% but exchange pressure at 37% growth could have helped increase the price by 22%.
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(28/44)
BCH suffered a drop of 28% in price but grew in all other categories. Network rose 45%, exchange by 2%, social by 25%, and developer by 36%.
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BCH suffered a drop of 28% in price but grew in all other categories. Network rose 45%, exchange by 2%, social by 25%, and developer by 36%.
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(29/44)
This sounds extreme but EOS’ network activity grew by 9849% from the beginning of Q3, largely due to their blockchain launching from nothing in the summer. However, others fell like price by 29%, exchange by 64%, and social by 52%.
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This sounds extreme but EOS’ network activity grew by 9849% from the beginning of Q3, largely due to their blockchain launching from nothing in the summer. However, others fell like price by 29%, exchange by 64%, and social by 52%.
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(30/44)
Q3 raised $2.23 bn in ICO fundraising through 189 ICOs. The number of deals decreased by an inconsequential amount, but the total dropped by 70% QoQ.
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Q3 raised $2.23 bn in ICO fundraising through 189 ICOs. The number of deals decreased by an inconsequential amount, but the total dropped by 70% QoQ.
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(31/44)
Q3 raised $974 mn in blockchain venture capital fundraising through 248 deals. This represents an increase of 17% in the total and 40% in the number of deals QoQ.
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Q3 raised $974 mn in blockchain venture capital fundraising through 248 deals. This represents an increase of 17% in the total and 40% in the number of deals QoQ.
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(32/44)
The big news of the enterprise side was Chain getting acquired by Lightyear.io, a Stellar protocol oriented startup.
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The big news of the enterprise side was Chain getting acquired by Lightyear.io, a Stellar protocol oriented startup.
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(33/44)
Experts: @valkenburgh @AmyDavineKim, on the regulation side, are suggesting that crypto has never been so keenly watched and are hopeful for smart rules on the horizon.
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Experts: @valkenburgh @AmyDavineKim, on the regulation side, are suggesting that crypto has never been so keenly watched and are hopeful for smart rules on the horizon.
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(34/44)
US businesses forming a self-regulatory group, South Korea sees exchanges as regulated banks, Brazil probes banks on anti-crypto practices, and more on the regulatory new front.
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US businesses forming a self-regulatory group, South Korea sees exchanges as regulated banks, Brazil probes banks on anti-crypto practices, and more on the regulatory new front.
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(35/44)
58% of survey respondents considered prices undervalued while 52% suggested we were in a bear market.
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58% of survey respondents considered prices undervalued while 52% suggested we were in a bear market.
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(36/44)
The dominant positive aspect of BTC is that it is a hedge against central bank monetary policy, while the dominant negative aspect of BTC is that it’s complicated to use.
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The dominant positive aspect of BTC is that it is a hedge against central bank monetary policy, while the dominant negative aspect of BTC is that it’s complicated to use.
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(37/44)
The top 3 exchanges by survey responses are @binance at 31%, @coinbase at 27% and “Other” at 21%. The top three submitted exchanges in “Other” were @BittrexExchange, @Bitstamp, and @Cryptopia_NZ.
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The top 3 exchanges by survey responses are @binance at 31%, @coinbase at 27% and “Other” at 21%. The top three submitted exchanges in “Other” were @BittrexExchange, @Bitstamp, and @Cryptopia_NZ.
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(38/44)
32% of survey respondents reported storing the majority of their holdings in a cold wallet, compared to 23% in an exchange and 14% in a hot wallet.
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32% of survey respondents reported storing the majority of their holdings in a cold wallet, compared to 23% in an exchange and 14% in a hot wallet.
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(39/44)
Liberals made up 31% of survey respondents followed by libertarians at 19%. Although if you were to add conservatives and libertarians to form a mainstream right total you would get 37%.
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Liberals made up 31% of survey respondents followed by libertarians at 19%. Although if you were to add conservatives and libertarians to form a mainstream right total you would get 37%.
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(40/44)
Malta, Japan, and Switzerland were the top countries getting crypto regulation right while the USA, China, and Switzerland were the top ones getting it wrong.
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Malta, Japan, and Switzerland were the top countries getting crypto regulation right while the USA, China, and Switzerland were the top ones getting it wrong.
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(41/44)
Unfortunately, crypto memes don’t appear to affect investment decisions of survey respondents. So they say…
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Unfortunately, crypto memes don’t appear to affect investment decisions of survey respondents. So they say…
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(42/44)
The classic security model of crypto, Proof-of-Work (PoW), is only most preferred by 34% while Proof-of-Stake (PoS) is at 24% and a combo is 33%.
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The classic security model of crypto, Proof-of-Work (PoW), is only most preferred by 34% while Proof-of-Stake (PoS) is at 24% and a combo is 33%.
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(43/44)
Opinion leaned to more cryptocurrencies launching in the short term, while in the long term a sharp divide arises between maximalist and multicoinist theories. "A lot less" was the dominant long term position.
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Opinion leaned to more cryptocurrencies launching in the short term, while in the long term a sharp divide arises between maximalist and multicoinist theories. "A lot less" was the dominant long term position.
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(44/44)
43% thought the Satoshi White Paper should never be changed with the remaining 57% majority suggesting that it perhaps should.
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43% thought the Satoshi White Paper should never be changed with the remaining 57% majority suggesting that it perhaps should.
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(Bonus Chart)
While 13% became crypto-millionaires in 2017, 26% thinks they can become one before 2018 ends.
[lambo engine revs in the background]
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While 13% became crypto-millionaires in 2017, 26% thinks they can become one before 2018 ends.
[lambo engine revs in the background]
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This report was brought to you by the @coindesk research team and our Q3 contributor @twhirty_ .
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