July 9

Tokenbox: market overview, July 3-8. Results of the first half of 2018

July 9

This overview not only highlights main events of the past week, but also summarizes some results of the first half of 2018.

As it was expected, last week we were watching the attempts to consolidate at the levels achieved during the rebound. The Bitcoin price almost reached the resistance level of $6800. The majority of liquid altcoins haven’t demonstrated any positive dynamics as well. Sunday evening they were traded at Monday levels. The only exception was NEO which got much cheaper in June, and Ethereum Classic which can demonstrate faster growth in Q3 because of the upcoming Coinbase listing. In general, the market could be described as «stabilizing» which is actually not bad considering that it’s been constantly falling for 8 weeks since the beginning of May.

The beginning of July is the best time to point out the most important crypto-related events of the first half of 2018. Let’s state the figures first. Cryptomarket total cap dropped by 58%, from $600 billion to $250 billion (this including new projects costs). Bitcoin price dropped by 54%. There is still a very strong correlation. ETH price fell by 41%, Ethereum became more stable, although it’s almost identical to the drop from historical maximums. We’d like to single out Binance Coin. Its price has grown by 63% since the beginning of the year despite the general downward trend of the market. Binance CEO Changpeng Zhao is rather confident about market perspectives for the rest of the year. In his opinion, the world’s largest cryptoexchange profit can reach $1 billion this year, although Binance earned only $300 million in the first half of the year.

The release of Tezos has become one of the major tech projects. A year had passed after the record-breaking ICO, and Tezos (that had to deal with a conflict inside its team), finally launched its betanet and got listed at the first cryptoexchange where it’s traded by 150-200% above the ICO price. June was also marked by the EOS main net launch. Thus, Ethereum will get strong competitors with working blockchain networks in the second half of 2018. By the way, a number of analysts are sure that EOS administration managed to convert millions of ETH raised during the year-long ICO. This can significantly ease pressure on Ethereum price and improve its price dynamics for the second half of 2018.  Bitcoin market is also looking forward to an important event: Mt. Gox trustee should stop the sales. The bankruptcy case was closed in June, it might ease the market pressure.

Let’s have a look at the ICO market now. From the start of 2018 till May, ICO projects raised $11,8 billion. It’s twice as much as in 2017 ($5.5 billion in a whole year). During the first 5 months of 2018 about 490 projects successfully raised $24 million each. To compare: in the last 5 months of 2017, 300 start-ups raised $14 million each. There is also a growing number of startups providing ICO access exclusively to their accredited investors in order to avoid SEC confrontation.

And finally, there are some fresh surveys and forecasts for the second half of 2018. One of the world’s largest cryptoexchanges Houbi carried out an independent survey of investment companies and market players. 71% of the respondents are sure that the cryptocurrency market cap will rise more than by 30% by the end of 2018. The Australian publication Finder published a similar report, giving additional proof of the mood of investors chosen by Huobi. In respondents’ opinion, Bitcoin price will rise up to $15300 till December 31, and Cardano and EOS prices will increase approximately by 250-300%. Many might still find this forecast not very optimistic, although (as we’ve already mentioned at the beginning of the overview) the market is just stabilizing and it’s still too early to talk about the global turn.

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