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CoinDesk releases Q2 analysis

Tony Zerucha

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CoinDesk today released its Q2 2018 State of Blockchain Report. The quarterly report covers market interest in public blockchains with a snapshot of the 10 largest cryptocurrencies compared to Bitcoin at the end of each quarter.

The Q2 2018 Report highlights several major trends:

  • Markets remained flat, as Bitcoin’s exchange activity dipped 11 per cent;
  • Lighting network grew 171 per cent to $190,705.99;
  • Bitcoin’s hashrate growth slowed from 47 per cent growth in Q1 to 26 per cent in Q2;
  • Simple agreements for future tokens (SAFTs) funding increased. Data from the SEC’s EDGAR database revealed 37 companies filed regulatory documents pertaining to SAFTs, combining to raise $304 million in the quarter;
  • EOS closed its record-breaking ICO of $4.2 billion. More than 350 unique events occurred every 23 hours;
  • ICOs outperformed traditional VC funding and SAFT growth in Q2, with more than $7.3 billion raised across 92 ICOs. The haul raised the cumulative total of ICO funding to $19 billion; and
  • Q2 witnessed continued cryptocurrency hacks and scams, bringing the all-time total to $1.6 billion lost as of June 30.

“The data captures the second straight quarter of listless top-line indicators, with significance declines in exchange and transaction volumes,” CoinDesk director of research Nathan Bauerle said. “However, the ‘Buidl’ motto has driven an incredible amount of development in the industry over the past quarter despite stagnant prices, and it doesn’t show any signs of stopping going into Q3 2018.”

The report includes a user sentiment survey of more than 1,200 cryptocurrency investors and experts, with findings including:

  • Binance leading as the most used exchange (37 per cent), followed by Coinbase (23 per cent), Kraken (8 per cent), Bitfinex (5 per cent), Poloniex (4 per cent), Gemini (3 per cent), HitBTC (1 per cent), and all others combing for the remaining 19 per cent.
  • 27 per cent of respondents view Malta as the country which is “getting crypto-regulation regulation right”
  • 63 per cent of participants believe regulated institutions will tokenize securities (stocks, real estate etc.) within the next five years.

The entire 111-page Q2 2018 State of Blockchain Report is now available to the public, and can be found here.

The material is not to be construed as an offer or a recommendation to buy or sell a security. See full Terms of Service.

Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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