FCAS 25: Top 25 Projects in Crypto – January 2021

Bitcoin Cash (BCH) and Horizen (ZEN) see a spike in activity following the unprecedented rise of Bitcoin. 

Who Is In, Who Is Out? 

Members of the Fundamental Asset Score (FCAS) 25 are reevaluated each month and must be ranked within the top 25 for at least 40 days to qualify. The FCAS is a comparative metric that evaluates the fundamental health of a crypto project, and the FCAS 25 is a weighted moving average of the top 25 projects that aims to show the overall health of the crypto industry.

Today, a new set of members was released with Horizen (ZEN), Augur (REP) and Bitcoin Cash (BCH) replacing Aave (AAVE), Monero (XMR) and Status (SNT).  

Overall industry health can be assessed by taking the average FCAS of the 25 top projects. This overall industry health metric works as a good proxy for how the industry is doing as a whole. The score increased by 2 points since last month. 

BCH’s User Activity Skyrockets With the Rise of Bitcoin. 

Bitcoin Cash (BCH) is a hard fork of the Bitcoin protocol that occurred on Aug. 1, 2017 when part of the network, “the big blockers”, chose to split-off from Bitcoin to increase the block size from 1MB to 8MB. 

Despite the split, the rise and fall of BCH has always closely mirrored that of Bitcoin — and the sudden spike in user activity is no exception. 

BCH (on top) compared to BTC User Activity since January 2020. Source: Flipside Crypto’s FCAS Tracker. 

Bitcoin and Bitcoin Cash rapidly started gaining momentum in mid-October 2020. On Sunday last week, Bitcoin hit its all time high of roughly $34,800 before dropping back down 10% on Monday. 

But barely anyone is building on Bitcoin Cash at the moment — the activity we’re seeing is only caused by price speculation. The risk of investing in BCH remains very high because its price could drop at any moment. 

The Horizen Halving Brings Price Stability to the ZEN token. 

The Horizen blockchain’s source code is based on Bitcoin’s, which means it also has a total supply of 21 million coins. And just as Bitcoin does every 4 years, Horizen recently underwent a halving — to divide its block rewards in half, from 12.5 ZEN to 6.25 ZEN. 

The move had a deflationary impact on price, and reduced price variability. The chart below compares the price volatility of BTC (in yellow) and ZEN (in green), which highlights how the two mirror each other. 

At the same time, the project saw a large jump in trading volume, thereby improving its Market Maturity score significantly — up 21% since. Horizen’s on-chain data on the Flipside Data Cooperative shows an important increase in large purchases of ZEN from exchanges since Dec. 23. 

Full List of the Top 25 Assets in January 

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