Oct 22, 2018
Huobi Blockchain Big Data Weekly Insights (Vol.19 2018/10/10–2018/10/17)
All data in this report is captured and analyzed by Huobi Research; please cite the source “Huobi Blockchain Big Data Weekly Insights” for reference.
New Data Included: EOS DApp Activity, TRON Telegram Activity
This Week:
- Total Bitcoin transaction volume increased by 31.8% from last week; there were overall 1.67 million transactions, increased by 1.4% from last week, the largest single-week increase in 6 months.
- Total Ethereum transaction volume increased by 52.7%; number of transactions increased by 0.8% from last week.
- There were significant changes in balance — both net-outflows — to Bitfinex’s Bitcoin and Ethereum cold wallets, totaling -26000 BTC and -21800 ETH.
- Number of EOS transactions increased by 66.3% this week; gambling games were the most popular among all dApp categories, accounting for 87.7% of total transaction volume and 90.7% of total number of EOS transactions this week.
- TRON English was the most active official cryptocurrency Telegram group this week, eyeing a 265% increase in its activity in two weeks.
- Social Media Data：
BTC, USDT, Ethereum to be the top trending in China, while BTC, USDT, VeChain were the top Cryptocurrencies overseas; In the Events category, “Risk”, “America” and “Mining machine” were the hottest words in China, while “Scam” ,“FIAT” and “Bot” were the hottest words overseas; in the Exchange and KOL category, “Huobi”, “Binance” and “ZB” were the hottest in China, while “Coinbase”, “Binance”, and “Bifinex” were the hottest overseas.
Among Github repositories, BTC, ETH and EOS were the top Cryptocurrencies projects that received the most stars in a week; BTC, ETH and DASH were the projects that received the most watchers in a week; ETH, ADA and IOTA were the projects with the most code commit submission this week.
- Market Trading Data：
In the cryptocurrency market this week, the price of Cryptocurrencies raised up less and down more. Tezos receiving the largest increase of 2.8% and IOTA receiving the largest decrease of 12.27% in their respective prices. In terms of trading volume, Tezos had the largest increase of 91%, Monero had the largest decrease of 87%; Top 10 Cryptocurrencies had high correlations in their price movements this week.
1. On-Blockchain Data
1.1 Active Bitcoin Addresses
This week, the number of active Bitcoin addresses increased by 0.2% to 3.57 million, reaching a two-month high.
There were 1.32 million new Bitcoin addresses created this week, increased by 2.5% from last week’s 1.28 million.
1.2 Bitcoin Transactions
The overall transaction volume on Bitcoin network was 6.68 million BTC, increased by 31.8% from last week’s 5.07 million. There were overall 1.67 million transactions this week, increased by 1.4% compared to last week. The average trading volume per transaction increased by 29.9% to 4 BTC this week.
1.3 Bitcoin TPS
The average bitcoin transaction per second (TPS) was 2.76, increased by 0.03 TPS from last week.
1.4 Bitcoin Transaction Fee
The overall transaction fee on Bitcoin network decreased from 125.5 BTC to 120.6 BTC this week. Average transaction fee was 0.00007 BTC, decreased by 5.2% from last week.
1.5 Concentration of Wealth on Bitcoin
Concentration of wealth on bitcoin slightly decreased. Top 10 addresses held 5.66% of all Bitcoins, 0.15% less than last week; top 10–100 addresses held 0.04% more Bitcoins than that of last week; top 100–1000 held 0.03% more Bitcoins than that of last week; other addresses held 0.07% more Bitcoins than that of last week.
1.6 BTC Large Transactions Monitor
Huobi Research defines “extra-large transactions” as individual transactions worth over 10,000 BTC, and “large transactions” as those worth between 1,000–10,000 BTC. This week, there were 4 extra-large transactions on Bitcoin network. The number of large transactions drastically increased from 284 to 543 this week.
1.7 Bitcoin Transaction Volume Distribution
Transaction volume increased for all categories, in which 1k-10k BTC transactions received the largest increase from 13.4% to 19.6%.
1.8 Change in Balance of Top 30 Bitcoin Addresses
This week, there were 6 out of all top 30 bitcoin addresses that had significant change in balance. Bitfinex’s cold wallet has the largest change in balance — a net-outflow of 25993 BTC.
1.9 Active Ethereum Addresses
The number of active addresses in Ethereum has decreased by 5.7% from 1.18 million to 1.12 million.
1.10 Ethereum Transactions
The overall transaction volume on Ethereum has increased by 52.7% to 15 million ETH. There were overall 3.9 million transactions this week, increased by 0.8% compared to last week; average transaction volume increased 51.4% from last week to 3.84 ETH.
1.11 Ethereum TPS
The average transaction per second (TPS) on Ethereum network this week increased by 0.1 to 6.5 tps this week.
1.12 Ethereum Transaction Fee
The overall transaction fee on Ethereum network has increased from 8.5k to 10.4k ETH this week, while the average transaction fee on Ethereum network was 0.0027 ETH, increased by 21.8% this week.
1.13 Concentration of Wealth on Ethereum
The concentration of wealth on Ethereum network has decreased compared to last week: top 10 accounts held 12.55% of all ETH, decreased by 0.1% from last week; top 10–100 addresses held 25.15% of all ETH, decreased by 0.14% compared to last week; top 100–1000 addresses held 25.31% of all ETH, increased by 0.05% compared to last week; the rest addresses held 36.9% of all ETH, increased by 0.19% from last week.
1.14 ETH Large Transactions Monitor
Huobi Research defines “extra-large transactions” as individual transactions worth over 50,00 ETH, “large transactions” as those worth between 10,000–50,000 ETH, “other transactions” as those worth less than 10,000 ETH. This week, there were 8 extra-large transactions and 63 large transactions.
1.15 Change in Balance of Top 30 Ethereum Addresses
There were 5 out of top 30 Ethereum addresses with significant change in their respective balances. Bitfinex’s cold wallet address saw the largest change in its balance — totaling a net outflow of 218k ETH.
1.16 EOS Transactions
There were 14.92 million transactions on EOS this week (including transfer, RAM collateral/purchase, CPU collateralization), increased by 66.3% from last week.
1.17 EOS RAM Utilization and Voting Percentage
RAM utilization on EOS was 57.94% this week (58.97% last week); among all 398k EOS addresses, 38.96% has voted for blockproducers, decreased by 0.56% compared to last week.
1.18 EOS DApp Activity
Based on transaction volume, BetDice, EOSBet, Newdex, FarmEOS, and EOS Play Lottery were the 5 most popular EOS dApps this week.
Based on the information above, Huobi Research analyzed total number of transactions and total transaction volume of all 88 currently active EOS dApps. Currently, gambling dApps accounted for 87.7% of total EOS transaction volume and 90.7% of total number of transactions, the most popular among all dApp categories.
2. Social Media Data
2.1 Keyword Analysis (China)
Huobi Research analyzed text using NLP Word Cloud to extract relevant keywords and understand the overall sentiments from China’s largest Cryptocurrency online community 8btc.com. Specifically, we break down the keywords to three categories: Cryptocurrencies, Events, and Exchanges/Opinion Leaders.
In the Cryptocurrency category, NLP World Cloud Analysis suggests Bitcoin, USDT, and Ethereum as the top Cryptocurrencies receiving the most widespread attention, for Bitcoin and Ethereum, discussions mainly focused on price and trading strategies. USDT, with the discussion mainly focused on investors’ concerns about USDT transparency, heavy selling led to a drop in the currency’s value, and investors’ expectations for other stable cryptocurrencies.
In the events category, NLP Word Cloud suggests “Risk”, “America” and “Mining machine” as the hottest words of the week. “Risk” refers to: the concern of investors about the risk of asset deflation caused by USDT crash; “America” refers to the discussion on the warnings about false claims on cryptocurrency investment issued by two major U.S. regulators. “Mining machine” refers to the discussion on mining machine custody and mining cost.
In the Exchanges/Opinion Leaders category, NLP Word Cloud suggests “Huobi”, “Binance”, and “ZB” as the hottest words of the week, with discussions mainly focused on daily exchange issues including log-in issue, transaction, the rate and so on.
We witness a drastic change in the trending topics this week, within all topics of these three categories, focus on “Monroe”, “Meteoric fall”, “financial crisis”, “computing power” and “USDT” receiving the largest increase, while focus on “IOTA”, “blow up”, “Loopring”, “HPT” and “Graphene” receiving the largest decrease.
2.2 Keyword Analysis (Overseas)
We also performed NLP Word Analysis on Reddit’s r/CryptoCurrency Subreddit to understand the trending topics and overall sentiments overseas, and we similarly broke down the keywords into three categories: Cryptocurrencies, Events, and Exchanges/Opinion Leaders.
In the Cryptocurrencies category, NLP Word Analysis suggests Bitcoin, DSDT, and Vechain as the three cryptocurrencies that received the most widespread attention this week. For Bitcoin, discussions on mainly focused on price and trading strategies. Discussions on USDT focused on investors’ concerns about the risk of asset deflation caused by the USDT crash; Vechain is controversial on Reddit. On the one hand, there is a discussion on technical topics such as “introduction to the technical stack of Vechain”; on the other hand, there is also a discussion on whether Vechain is a bigger scam than Bitcoin.
In the Events category, NLP Word Analysis suggests “Scam”, “FLAT”, and “BOT robot” as the hottest words of the week. “Scam” refers to the discussion on whether the most of cryptocurrencies are scams today; “FLAT” refers to the discussion on Bitfinex suspended the withdraws and top-up of legal tender; “BOT robot” refers to the discussion on the strategies of using robots for quantitative trading.
In the Exchanges/Opinion Leaders category, NLP World Analysis suggests “Coinbase”, “Binance”, and “Bitmex” as the hottest words of overseas this week, with the normal discussion on general topics among platform users, for Bitfinex, the discussion mainly focused on USDT and the suspension of legal tender’ top-up and withdraws.
We witness a drastic change in the trending topics this week, with focus on “USDT”, “Bitfinex”, “Electricity”, “Stellar” and “Inflation” receiving the largest increase, while focus on “ETF”, “POW”, “DASH”, “0x” and “REC20” receiving the largest decrease.
2.3 Github Code Activity
Among all GitHub repositories this week, BTC, ETH and EOS were the projects with the most forks; ETH, ADA, and IOTA were the projects with most code commit submissions; XMR, BTC and IOTA were the projects with the most issue; ETH, BTC and EOS were the projects with most stars; BTC, ETH and DASH were the projects with most watchers.
2.4 Overall Telegram Activity
We measured the vitality of telegram community by the chat volume among the relatively active community telegram groups:
The top three activist telegram groups this week were: 1) TRON English group, 2) EOS China (Chinese group), 3) VeChain English group.
2.5 Popular Cryptocurrency Telegram Activity
We measured the vitality of EOS community by the chat volume among the selected EOS community telegram groups: EOS General Chat (English technology/ ecology group), EOS China (Chinese group); and measured the vitality of TRON community by the chat volume of TRONnetworkEN.
The number of chats in EOS community telegram groups decreased slightly, by 500, decreased for three consecutive weeks, the number of TRON telegram groups increased by 1,400, increased 23%. The increase is as high as 265% for two consecutive weeks.
3.Market Data
3.1 Rate of Return/ Trading volume
In the cryptocurrency market this week, the price of Cryptocurrencies raised up less and down more. Tezos experienced the largest increase of 2.87%, and IOTA experienced the largest decrease of 12.27%; In terms of trading volume, Tezos has the largest increase of 91%, while Monero has the largest decrease of 87%.
Correlation amongst assets is the degree to which they move in tandem. The matrices above show Pearson correlations and p-values that are computed from log-returns of volume-weighted average daily prices over the past week. The Cryptocurrency price correlations is relatively low this week, Cryptocurrencies price move in the different directions.
IOTA and BCH had the highest correlation coefficients of 0.99, then ETC and NEO, with the correlation coefficients of 0.99; IOTA and TRON had the lower correlation coefficient of 0.67, IOTA and Ripple had the correlation coefficient of 0.68.
Huobi Research
About us:
Huobi Research of Blockchain Application (Huobi Research) was founded in April 2016 and started research and explorations in various aspects in blockchain area since March 2018. We cover blockchain technology research, industry analysis, application innovation and economic model explorations etc. We aim to establish a research platform and to offer theoretical foundations as well as judgements of trends in blockchain to the public, ultimately promoting the development of the entire industry.
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2. All outside information, data referenced in this report is from compliant and legitimate sources that we deem as reliable, and Huobi Research have conducted the due diligence concerning its authenticity, accuracy and completeness, but such due diligence does not provide any guarantee.
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