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.

November 7, 2019

FCAS 25 Rebounds During Eventful October

The FCAS 25 tracks the overall health of the crypto industry by following the fundamental scores of the top 25 projects over time. The time-weighted moving average for these 25 assets is up 3-points (0.36%) over the last 30 days.

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, BitShares (BTS) made it back into membership while Chainlink (LINK) fell off.

Hot take

October’s watershed moment occurred when Chinese president Xi Jinping took the stage and announced that his country would lead the world in blockchain technology. The same day, Bitcoin posted its 4th best day ever and biggest gain since 2011 with a 40% rally while the rest of the crypto market followed closely behind.

This event followed days behind Zuckerberg’s appearance in front of congress to defend the Libra project. It turned out to be a slog for the Facebook exec and covered many topics beyond Libra. That day Bitcoin dropped to multi-month lows of $7,435 and appeared set to give up all the gains from the spring and early summer.

Also in October, Bitcoin celebrated its 11th anniversary. The protocol has supported the transfer of $11 trillion since its genesis block. The network now processes $9.6 billion every day. To put that in perspective, Bitcoin takes 2 months to process what PayPal does in an entire year.

At DevCon 5, Maker announced Multi-Collateral Dai would be launched on November 18th while the total ETH locked in DeFi hit an all time high of 2.4M or ~2% of supply by the end of the month. DeFi continues to show strong signs of growth and many projects are starting to make use of all the primitives being built.

Overall, October was a healthy month for the space as many projects continue moving towards mainnet and world leaders place bets that blockchain and digital currencies will lead the world into the next decade.

Current FCAS 25 assets as of November 7, 2019