FCAS 25

Tracking the overall health of the crypto industry

The FCAS 25 tracks the fundamental scores of the top 25 projects over time.

Learn more about FCAS

The score itself is a time-weighted moving average of the FCAS for the members of the top 25. To be included in the top 25, a project must be ranked inside the top 25 FCAS ratings for at least 40 days

The approach allows for an entirely algorithmic definition, and avoids the many pitfalls of managing manual inclusion/exclusion from the list.

January 8, 2020

FCAS 25 Makes Gains in New Year

Overall Industry Health is up 1-point through December into the New Year.

Who is in, who is out?

Members of the FCAS 25 are reevaluated each month and must be ranked within the top 25 for at least 40 days to qualify. Today, a new set of members was released with a number of significant changes. This month, Kyber Network (KNC) and Ethereum Classic (ETC) rolled into the FCAS 25, with the former benefitting from the announcement of new tokenomics to pair with its already industry leading DEX volumes. WAVES and STEEM dropped off.

A Mixed Bag

The industry finished 2019 with a mixed bag of results, as December was a decidedly flat month with low volumes. In the end, Bitcoin finished the year up 90% while a handful of mid-caps including Basic Attention Token, Tezos, and ChainLink had banner years up 45%, 182%, and 513%, respectively. On the other end of the scale, Ethereum finished down 6% despite all the traction within DeFi and Phase 0 of Proof-of-Stake on Beacon Chain just around the corner.

It’s clear the market is still driven less by fundamental progress and more by illiquid tokens and hype of future expectations. This was no less clear when MATIC pumped 180% in two weeks and then dumped 70% in one hour in early December. Hedge funds that cater to institutional investors have struggled to keep up, with 70 closing shop this year as per Crypto Fund Research. Liquidity will simply focus on Bitcoin and Ethereum while these sort of shenanigans continue from the broader market.

Corporations are starting to choose sides with E&Y releasing it’s third generation zero-knowledge proofs for Ethereum while Microsoft issued “Azure Heroes”, NFTs aimed at rewarding their developer community. On the other side of the battle, Google banned Metamask from its Google Play Store along with prominent crypto personalities on YouTube before reversing the decision following significant backlash. Expect to see more of this over the next decade as web 3.0 starts to encroach on the profit moats of existing web 2.0 winners.

Hot Take

All in all, it was a relatively tame holiday season from the markets as investors approach 2020 with both caution and excitement as the Bitcoin halvening approaches in 5 months. Expect an exciting 2020 as nation states play their crypto & blockchain hands, the halvening transpires, and the pace of innovation in the industry continues to accelerate.

Current FCAS 25 assets as of January 8, 2020