Huobi Blockchain Big Data Weekly Insights (Vol.17 2018/9/26–2018/10/3)
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: New Issues and Code Submission on GitHub
- The number of active Bitcoin addresses increased 0.6% to 3.49 million, in a recent high; the overall transaction volume on the Bitcoin network increased 1%; the total number of transactions decreased 1.9%.
- The number of active addresses in Ethereum decreased 1.7% to 0.97 million, in the near-term low; the overall transaction volume on the Ethereum network has decreased 21.1% to 10.33 million ETHs.
- Ethereum had significant code updates on GitHub, in which Go-Ethereum had 3440 more line of codes.
- BTC, NANO, and XLM were the most popular cryptocurrency on Reddit.
- Social Media Data：
BTC, ETH, EOS to be the top trending in China, while BTC, Nano, Stellar were the top Cryptocurrencies overseas; In the Events category, “Smart contract”, “Contract” and “decentralization” were the hottest words in China, while “Wallet”, “Bot” and “Security” were the hottest words overseas; in the Exchange and KOL category, “Huobi”, “Li Xiaolai” and “OKEX” were the hottest in China, while “Coinbase”, “Binance”, “Binance” and “HitBTC” were the hottest overseas.
- Market Trading Data：
In the cryptocurrency market this week, the price of Cryptocurrencies raised up more and down less. BCH receiving the largest increase of 23.2% and Monero receiving the largest decrease of 1.1% in their respective prices. BTC had the lowest volatility rate of 0.0016 s.d. Ripple had the largest volatility rate of 0.008 s.d; Top 10 Cryptocurrencies had high correlations in their price movements this week, expect Monroe.
1. On-Blockchain Data
1.1 Active Bitcoin Addresses
This week, the number of active Bitcoin addresses increased 0.6% to 3.49 million, in a recent high.
The number of new address decreased 3.8% from 1.40 to 1.35 million. The number of continuously active address increased 10% from 0.5 to 0.55 million. The number of reactivated addresses increased 1.3%.
1.2 Transactions on Bitcoin
The overall transaction volume on the Bitcoin network was 6.53 million BTC, increased 1% from 6.46 million BTC last week. There were overall 1.66 million transactions this week, decreased 1.9%. The average trading volume per transaction on the Bitcoin network was 3.93 BTC, decreased 3% compared with last week.
1.3 Bitcoin TPS
The average bitcoin transaction per second (TPS) was 2.75, decreased 0.05 TPS from last week.
1.4 Bitcoin Transaction Fee
The overall transaction fee on the Bitcoin network increased from 129.9 to 154.8 BTC this week. The average transaction fee was 0.00009 BTC, decreased 19.1% from last week.
1.5 Concentration of Wealth on Bitcoin
Concentration of Wealth on Bitcoin Network did not have a great change. The top 10 addresses held 5.85% of all Bitcoins, decreased by 1 bps from last week; top 10–1000 addresses holding percentage decreased by 2 bps; top 100–1000 addresses holding percentage increased by 6 bps; all other addresses held 63.85% of all Bitcoins, increased by 3 bps from 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 5 extra-large transactions on Bitcoin network, in total of 75,000 BTC. The number of large transactions increased from 396 to 383 this week.
1.7 Transaction Volume Distribution of Bitcoin
Volume for transactions worth between 100 and 1,000 BTC increased from 1.60 to 1.85 million BTC this week, accounting for 28.4% of the total BTC transaction volume this week (compared to 24.8% last week).
1.8 Change in Balance of Top 30 Bitcoin Addresses
This week, among the Top 30 Bitcoin addresses, 1 address had significant changes in its balance, in which was a net outflow from a Bitfinex cold wallet address of 1,748 BTC.
1.9 Active Ethereum Addresses
The number of active addresses in Ethereum has decreased by 1.7% from 0.99 to 0.97 million this week, in the near-term low.
1.10 Transactions on Ethereum
The overall transaction volume on the Ethereum network has decreased 21.1% to 10.33 million ETHs this week. Number of transactions on the Ethereum network this week decreased 3.2% to 3.38 million this week. The average transaction volume this week was 3.06 ETH, decreased 18.5% from last week.
1.11 Ethereum TPS
The average transaction per second (TPS) on Ethereum network this week decreased to 5.6, decreased by 0.2 TPS from last week.
1.12 Ethereum Transaction Fee
The overall transaction fee on Ethereum network has decreased from 13,000 to 11,000 ETH this week, while the average transaction fee on Ethereum network was 0.0033, decreased 8.8% this week.
1.13 Concentration of Wealth on Ethereum
The concentration of wealth on Ethereum network has continuously decreased. The top 10 addresses held 12.6% of all ETH, increased by 1 bps from last week; the top 10–100 addresses held 24.31% of all ETH, decreased by 8 bps from last week; the top 100–1,000 addresses holding was about unchanged; the remaining addresses held 37.78% of all ETH, increased by 18 bps 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 3 extra-large transactions. Large transactions on the ETH network was about unchanged of 59 transactions from last week.
1.15 Change in Balance of Top 30 Ethereum Addresses
This week, among all top 30 Ethereum address, 4 addresses had significant changes in their respective balances, in which 3 were net inflows and 1 were net outflows. The most ETH inflow was from major exchange addresses, especially from Bitfinex that had net outflow of 12.3 million ETH.
1.16 EOS Transactions
The number of transactions on the EOS network was 8.64 million (including transfer, RAM collateral/purchase, collateralization for CPU), increased 13.6% from last week and ended the falling for five consecutive weeks.
1.17 RAM Utilization and Voting Percentage on EOS
RAM utilization on EOS was 60.88% this week (63.09% compared to last week), and the addresses that voted for Blockproducers accounted for 39.12% of the overall 341,024 addresses (increased 0.57% by 7,699 addresses compared to last week).
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, Ethereum, and EOS as the top Cryptocurrencies receiving the most widespread attention, with discussions mainly focused on price and trading strategies.
In the events category, NLP Word Cloud suggests “Smart Contract”, “Contract” and “Decentration” as the hottest words of the week. “Smart Contract” refers to: the discussion on development guidelines of EOS smart contract; “Contract” refers to the problems associated with the trading of futures contract platforms such as OKEX and Bitmex; “Decentration” refers to the discussion on Oneroot launched the decentralized exchange bethumb.io jointly with Bithumb, South Korea’s largest exchange.
In the Exchanges/Opinion Leaders category, NLP Word Cloud suggests “Huobi”, “Li Xiaolai”, and “OKEX” as the hottest words of the week, with discussions of “Huobi” and “OKEX” mainly focused on daily exchange problems; discussion of “Li Xiaolai” mainly focused on his announcement that no longer investing in blockchain project.
We witness a drastic change in the trending topics this week, within all topics of these three categories, focus on “Ontology”, “Wu Jihan”, “NEO”, “Graphene” and “Zhao Dong” receiving the largest increase, while focus on “XLM”, “Xu Mingxing”, “Ripple”, “Sharding” and “DAG” 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 BTC, NANO, and Stellar as the three cryptocurrencies that received the most widespread attention this week. For Bitcoin, discussion mainly focused on the price and trading strategies; For NANO, discussions mainly focused on “Kite payment supports nano pay”; Discussions on Stellar focused on “Stellar launches the first zero-fee exchange in the world.”
In the Events category, NLP Word Analysis suggests “Wallet”, “Bot Robot”, and “Security” as the hottest words of the week. “Wallet” refers to the discussion on the frequency on Cryptocurrency theft and how to keep your wallet safe; “security” refers to the discussion on the future development direction of security tokens; “Bot” refers to the discussions on the strategy of using robots for quantitative trading.
In the Exchanges/Opinion Leaders category, NLP World Analysis suggests “Coinbase”, “Binance”, and “Hitbtc” as the hottest words of overseas this week, with the discussion on general topics among platform users.
We witness a drastic change in the trending topics this week, with focus on “BCH”, “Hitbtc”, “Lightning”, “Satoshi” and “Society” receiving the largest increase, while focus on “Pow”, “Regulation”, “Nodes”, “Mainnet” and “Government” receiving the largest decrease.
2.3 Github Code Activity
Among all GitHub repositories this week, ETH, ADA, and XMR were the projects with the most commit submissions; BTC, ETH and EOS were the projects with the most forks; ETH, ADA, and DASH were the projects with most code commit submissions, the code submission number of ETH is 3,500 rows, it is well ahead of ADA, which is in second place; BTC, IOTA and TRX were the projects with the most issue; ETH, BTC and EOS were the projects with most stars; NEO, EOS and BTC were the projects with most watchers.
2.4 EOS 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 Price (English group), EOS China (Chinese group).
The number of chats in EOS community telegram groups decreased slightly, from11,700 to 11,100 (the number EOS China decreased by 900, the number of EOS General and EOS Price increased by 300).
3. Market Data
3.1 Rate of Return/Price Volatility
In the cryptocurrency market this week, the price of Cryptocurrencies raised up more and down less. BCH experienced the largest increase of 23.2%, and Monero experienced the largest decrease of 1.1%; In terms of price volatility, BTC has the smallest volatility rate of 0.0016 s.d. (standard deviation of price fluctuation in every 15 minutes), while Ripple has the largest volatility rate of 0.008 s.d.
3.2 Cryptocurrency Price Correlations
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 high this week, except Monero, the other Cryptocurrencies price move in the same direction.
LTC and BTC had the highest correlation coefficients of 0.98, then LTC and ADA, with the correlation coefficients of 0.97; Monero and Ripple had the lower correlation coefficient of -0.02, ETH and Momero had the correlation coefficient of 0.28.
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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