State of the Cryptocurrency Market September 2019 by FAS

FAS | Fintech Advisory Services prepares Cryptocurrency Market reports every month. September report got new sections and more data and now includes:

Market news
Top-25 Cryptocurrencies Performance (Return, Volatility, Spread, etc.)
Market Sentiment (Twitter & Google)
Newly Listed Cryptocurrencies
Mining Difficulty & Profitability
Total H Rate and Staking Rewards
Inflation Rate and Emission
Active Addresses and Transactions
Publications and Academia

InSeptember, Cosmos (ATOM) is the top performer of the month with 1.13% Daily Average return. It has also performed better in comparison to BTC among the top cryptocurrencies and its ranking rose by 3 positions, with Chainlink and UNUS SED LEO raising by 2 positions. 7 out of the top 25 have shown positive returns. In general, the volatility for top currencies remained within 1%-1.5 %, however, 22 out of 25 had higher volatility compared to BTC.

In terms of market sentiment, we can see an increase in interest from Hong Kong, which has climbed 13 positions this month. This is most likely due to political instability which brings uncertainty in the local currency. Kenya and Venezuela both demonstrate a growing interest in cryptocurrencies as well.

Month to month changes in difficulty along with a change in mining profitability and Hrate indicate miners of potential arbitrage opportunities. Bitcoin network is still under competitive pressure from miners with a +19% increase in Hashrate this month. It shows overall confidence in bitcoin in a midterm. On the opposite, LTC Hashrate is dropping by more than 15% only one month after its halving in August.

Bitcoin continues to dominate the market with the largest amount of active addresses on the market. Cryptocurrencies that have gained the most users this month are Tether (87.69%), Bitcoin Cash (73.39%) and Bitcoin SV (71.66%). Largest decrease was recorded in Binance Coin (-51.59%), Maker (-40%) and Ripple (-26.07%).

FAS has introduced a new metric this month, which resembles the usability of a chain by calculating a number of transactions passed for each active address. This metric is important because it shows how each Blockchain is adopted and how useful it is in terms of transactions. Ripple has an overwhelming dominance due to interbank transactions. Moreover, chains with smart contracts and Dapps show great performances as well.

Transaction fees have decreased considerably compared to the previous month, with the exception of XRP, BSV, and Ethereum, with 12%, 20% and 125% increase respectfully.

The amount of scholarly articles has also increased compared to the last month, which shows a growing interest from an academic perspective.

The full PDF version can be downloaded here