Autonomous Market Reveals Analysis Regarding 300+ Cryptos
Cryptocurrency funds have grown exponentially over the last few years, seeing a rise of almost 500 percent by the end of 2016 and almost 800 percent the year before. This year has seen the lowest increase in cryptocurrency funds pulled over a year to year basis, climbing only around 348 percent at the end of 2017.
Q2 of this year saw many new funds begin operating. As for Q1, 20 new funds were revealed and nine of them shut down on trading. As the report states, crypto fund numbers are heavily associated with initial coin offerings and Bitcoin’s market cap.
Autonomous Next has stated that all cryptocurrency funds accumulate to up to $10 billion in total. In addition, the related industry is heavily centralized and reports that the ten leading companies operate and manage almost 45 percent of the industry’s total capital and the leading 50 companies are responsible for 80 percent of the managed capital.
In regards to Van Eck applying for a Bitcoin ETF with the US SEC, markets have displayed a positive attitude towards the announcements. Michael Chang, employed at Wachsman, a digital currency advisory company said that almost no desire to place client funds into cryptocurrencies is apparent a few researchers have criticized institutes and their heavily portrayed need for digital currencies.
He also stated that banks such as Jefferies are directly responsible for their clientele and in order to acquire cryptocurrencies, companies like Soros Management have poured several funds into separate accounts to invest in cryptocurrencies, with many of them have already invested in the ten leading coins. Bitcoin Suisse co-chief executive officer Niklas Nikolajsen explained that although the involvement of institutes in crypto was virtually non-existent, it has soared so far up to this year.
As he puts it, It was impossible to measure Bitcoin by market size but as of now, the cryptocurrency is one percent of the entire gold market valued in the trillions.