Crypto prices rally
The story of Q2 begins with a rally that saw the total value of all cryptocurrencies rise to $100 billion, up from $25 billion at the start of the quarter.
Another way to put it is that the total market value of blockchain tokens skyrocketed 4x to an all-time high above $100 billion.
ICOs emerge as ‘killer app’
ICOs helped propel this growth and established a powerful trend in Q2.
The supply of new tokens exploded and crowdfunding and investment returns stunned the world. (To track the escalating funding totals, CoinDesk even went so far as to launch its own dedicated ICO tracker, a free tool that tallies fundraisings via the mechanism).
One useful metric that underlines ICO dominance is how much more successful ICOs were versus traditional VC funding in the blockchain industry.
Mixed sentiment around ICOs
As part of the State of Blockchain, CoinDesk conducted a sentiment survey designed to leverage the insights of its global readership.
This quarter’s survey had over 1,300 respondents, and it served to capture the unease some investors felt as the blockchain use case took off.
In 2017, bitcoin’s total domination of the ecosystem shrunk considerably.
At the start of the year, bitcoin represented almost 90% of all the value in cryptocurrencies. By the end of Q2, that number tracked down to almost 41%.