ICO Ratings on ICOformula - Movers and Shakers of Week 23
The cryptocurrency markets took a bit of thrashing over the weekend reducing the global cryptocurrency market cap by $45 billion to just under $297 billion. Bitcoin suffered a drop of $995 bringing it down to $6693 and Ethereum fell by $76 to $524.
Various theories for the slump are doing the rounds in the media currently. South Korean crypto-exchange Coinrail announced a “cyber-intrusion” on Sunday with unconfirmed estimates of approximately 40 billion won being stolen (appx $37 million USD) which by all accounts is relatively small when compared to the bigger picture, the exchange is noted for not being part of the self-regulatory body in Korea according to Kim Jin-Hwa, a representative at Korea Blockchain Industry Association who stated “Coinrail is not a member of the group that promotes self-regulations to enhance security. It is a minor player in the market and I can see how such small exchanges with lower standards on security level can be exposed to more risks”. Whilst exchanges being hacked are of course a concern, this particular instance alone is not sufficient to cause the levels of movement that have occurred.
CEO of Binance, Changpeng Zhao has a more laid back view on the weekend dip pointing out the fact that Bitcoins price has never been “flat” to date and the downward spike is just part of the volatility cycle we’ve seen time and again, posting the following tweet to illustrate the point:
Many people seems to think BTC price was flat before this year, as they appear to be on the graph. To the old timers, it's the same pattern every year. Just the units on the left is different. pic.twitter.com/mwu8U3jn0J— CZ (@cz_binance) June 10, 2018
Ultimately all financial markets see drops similar to this at some point, early stage markets (which cryptocurrency definitely falls into) are more susceptible than others due to lower liquidity, volume and in this case – a very young and inexperienced investor base. Is a drop of this level a concern? It shouldn’t be, we’ve seen it before and we’ll see it again – without volatility there is no market at all – you can’t have good days without bad ones. Sit back, average down, “buy the dip” if you can and ride the storm.
New ICO Ratings on ICOformula:
Last week in the world of ICO Ratings on ICOformula:
The first chart shows us how the top 10 ICO’s by average position have changed over the course of the previous week:
The second chart shows the top 10 ICO’s by largest average position gain over the past week:
The third chart shows the top 10 ICO's by largest average position drop over the past week:
Caveat: Only ICO’s that have had the status of ICO are used in the data set for the full 7 day range are included in the following charts. ICO’s that either entered the dataset mid-way through the week, OR completed the ICO process and completed their sale/trading as tokens are not included in these charts.
Learn more about ICOformula ratings and how the Formulatron calculates them in our in-depth guide to how ICOformula rates ICOs.
Created: Monday, June 11, 2018
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