Huobi Research Weekly (Vol.102) 2020.2.17–2020.2.23)

Abstract:

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 0.34%, with 39 projects increased in value to varying degrees. According to coinmarketcap, as of February 23th, 2020, the total market cap of cryptocurrencies was 289.0 billion U.S. dollars, increased by 0.34%, and the total market cap of the top 100 cryptocurrencies was 286.3 billion U.S. dollars,increased by 0.39% from last week. 2 cryptocurrency projects entered the top 100 this week, namely DX and ABBC. As of February 23th, 2020, Bitcoin was traded at 9924.52USD, 0.03% lower than its price last week. Ethereum was traded at 273.75USD, 5.42% higher than its price last week.

The hashrate of Bitcoin increased and Ethereum increased by this week. This week, the difficulty of mining Bitcoin increased and the difficulty of mining Ethereum increased. The average number of transactions per block decreased and the average block size of Bitcoin decreased. The average number of transactions per block decreased and the average block size of Ethereum decreased this week.The average transaction fees of Bitcoin and Ethereum both decreased. ELF was the most active project on GitHub this week.

The average bitcoin Hashrate for the entire network reached 111.7EH/s, increased by 3.52% from the previous week.Average Hashrate for the entire Ethereum network was 179.65TH/s this week, increased by 4.78%. Average difficulty for mining Bitcoin this week was 15.54T, increased by 0.26% from last week. The average difficulty of mining Ethereum this week was 2255.92TH, increased by 4.22% from that of previous week.

In network activity, the average size of each block was 1.09MB, decreased 4.39% form last week; there were on average 2257 transactions recorded in each block, decreased by 4.45% from the previous week. the average number of transactions per block in Ethereum this week was 104.4, decreased by 5.69%. The average size of each block was 22745.0 bytes, decreased by 4.71% compared to last week. As of February 23th, 2020, average transaction fees of Bitcoin this week was $0.589, decreased by 34.41% from last week. Average transaction fees of Ethereum this week was $0.132, decresead by 33.33%. The total number of Bitcoin addresses was 46097716 increased by 169065 (0.37%).ELF was the most active project on GitHub this week, with 134 commits submitted in the past week.

In terms of community activity, Tron, Bitcoin and Ethereum are the most popular communities on Facebook. On Twitter, the most popular communities are Bitcoin, Ripple and Tron.

3 investments activities took place in the blockchain industry this week, Black box data got strategic investment from China VC, Metaverse got strategic investment from Nova Club、 Consensus Lab etc, BCB Blockchain got strategic investment from GBCI Ventures.

1. Weekly Market Review

1.1 Market overview

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 0.34%, with 39 projects increased in value to varying degrees. According to coinmarketcap, as of February 23th, 2020, the total market cap of cryptocurrencies was 289.0 billion U.S. dollars, increased by 0.34%, and the total market cap of the top 100 cryptocurrencies was 286.3 billion U.S. dollars,increased by 0.39% from last week, among which, DX had the largest increased of 52.01%, bringing its market cap ranking from №102 to №78, PZM had the largest decreased of -26.94%, bringing its market cap ranking from №54 to №69. In addition, there were 2 projects that entered TOP100, namely, ABBC (ABBC Coin, increased 26.01%, Now №100), DX (DX chain Token, increased 52.01%, Now №78). As of February 23th, 2020, Bitcoin was traded at 9924.52USD, 0.03% lower than its price last week. Ethereum was traded at 273.75USD, 5.42% higher than its price last week.

The overall 24h trading volume decreased this week. Overall, the 24h trading volume decreased by 18.42% compared with the same period of last week. In this week,26 of the top 100 projects increased in 24h trading volume, led by ZIL with a weekly increase of 771.42%; there were 73 projects decreased in their 24h trading volume, there were 52 projects that saw over 20% decrease in their 24h trading volume, while 20 projects fell by more than 50%, led by FTT, with a decreased of 96.51%.

The top 10 cryptocurrencies’ market value increased, the market share distribution remained stable. On February 23th, 2020, the overall market cap of the top 10 cryptocurrencies was 256.0 billion USD, increased by 0.48% from last week, accounting for 88.60% of the total market capitalization of cryptocurrencies, increased by 0.12% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 62.63%, decreased by 1.33% from last week.

1.2 Segment Analysis

Among TOP 100 cryptocurrency project segments, the total market cap of Platform projects got the largest increase. The average market cap of Application projects got the largest increase. As of February 23th, 2020, the total market cap of coin projects reached 210.9 billion USD, increased by 0.08%. The average market cap of coin projects reached 6.02 billion USD, increased by 0.08%. The total market cap of platform projects reached 43.9 billion USD, increased by 3.06%. The average market cap of platform projects reached 1.37 billion USD, increased by 9.50%. The total market cap of application class projects reached 26.6 billion USD, decreased by 1.34%. The average market cap of application class projects reached 0.86 billion USD, decreased by 7.70%. The total market cap of asset-backed token projects reached 4.77 billion USD, decreased by 0.15%. The average market cap of asset-backed token projects reached 2.38 billion USD, decreased by 0.15%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of February 23th, 2020, among the top 100 projects, the number of coin class projects remain the same, application class projects increased 2, platform class projects decreased 2 and asset-backed token class remain the same. The largest overall market cap by segment was still coin projects, accounting for 73.67% of the total market cap of top 100 projects.

Note: According to the different attributes of cryptocurrencies, Huobi Academy of Blockchain Application will divide them into four categories: Coin, Application Class, Platform Class and Asset-backed Token.

Coin Project: Refers to a type of asset developed based on blockchain technology that does not correspond to a specific use scenario and whose main function is only the transaction target. Its asset value is mainly reflected by liquidity.

Platform Class Project: A type of asset that is associated with the development of the underlying technology of the blockchain and is supported by the right to use or participate in the platform.

Application Class Project: Refers to a type of asset that is associated with a specific application scenario and is supported by a certain right of use, participation, or dividend.

Asset-backed Project: Refers to a class of assets that is linked to actual assets such as gold and US dollars and supported by the value of physical assets.

2. Technical Statistics

2.1 Cryptocurrency Mining Statistics

The hashrate of Bitcoin increased and Ethereum increased by this week. From February 17th, 2020 — February 23, 2020, the average bitcoin Hashrate for the entire network reached 111.7EH/s, increased by 3.52% from the previous week.

Average Hashrate for the entire Ethereum network was 179.65TH/s this week, increased by 4.78%.

This week, the difficulty of mining Bitcoin increased and Ethereum increased. As of February 23th, 2020, average difficulty for mining Bitcoin this week was 15.54T, increased by 0.26% from last week. The average difficulty of mining Ethereum this week was 2255.92TH, increased by 4.22% from that of previous week.

The number of blocks in Bitcoin increased by 2.74%. Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings remain the same, the number of blocks increased 1.36%. In the past week, Bitcoin mined 1013 blocks, increased 2.74% from the previous week. Among the top five pools were F2Pool、 Poolin、BTC.com、AntPool、ViaBTC, these 5 pools mined 174、171、135、120 and 73 blocks respectively, accounting for 17.18% 、16.88%、13.33%、11.85% and 7.21% of all Bitcoins mined this week. The Hashrate was 19.22 EH/s、18.89EH/s、14.91EH/s、13.26EH/s and 8.06EH/s, respectively.

In the past week, Ethereu’s entire network mined 47686 blocks, increased 1.36% from the previous week. The top five pools were SparkPool, Ethermine, F2pool, Nanopool and Zhizhu.top, each mined 14962、10892、5071、3784 and 1852 blocks respectively, accounting for 31.3761%、22.8411%、10.6341%、7.9352% and 3.8837% of all Ethereum mined this week, respectively.

2.2 Activity Statistics

The average number of transactions per block decreased and the average block size of Bitcoin decreased. The average number of transactions per block decreased and the average block size of Ethereum decreased this week. According to blockchain.info, from February 17th,2020-February 23th,2020, the average size of each block was 1.09MB, decreased 4.39% form last week; there were on average 2257 transactions recorded in each block, decreased by 4.45% from the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 104.4, decreased by 5.69%. The average size of each block was 22745.0 bytes, decreased by 4.71% compared to last week.

Number of unconfirmed transactions in Bitcoin decreased by 48.27%. Number of unconfirmed transactions in Ethereum decreased by 31.32% from the previous week. As of February 23th, 2020, the number of 7-day average unconfirmed transactions in Bitcoin network was 5474, decreased by 48.27% from last week. There were 45679.84 unconfirmed transactions in the Ethereum network, decreased by 31.32% from last week, with the lowest amount of unconfirmed transactions in the week being 16828 and the highest amount being 71398.

Total transaction fees of Bitcoin and Ethereum both decreased. As of February 23th, 2020, average transaction fees of Bitcoin this week was $0.589, decreased by 34.41% from last week. Average transaction fees of Ethereum this week was $0.132, decresead by 33.33%.

The average number of distinct miners per day in Ethereum increased by 3.69% from last week. From February 17th, 2020-February 23th, 2020,the average number of distinct miners per day in Ethereum this week was 53.4, increased by 3.69% from last week.

The number of nodes in Bitcoin increased ,The number of nodes in Ethereum decreased this week. As of February 23th, 2020, there were 10813 Bitcoin nodes, increased by 3.14% compared to last week, of which 2270 nodes were in the U.S, 1853 nodes were Germany, and 254 nodes were in China(№9), each accounting for 20.99%, 17.14% and 2.35% of the total number of Bitcoin nodes, respectively.

As of February 23th, 2020, there were 7693 Ethereum nodes, decreased by 5.42% from the previous week. Specifically, there were 2042 nodes in the U.S, 989 nodes in China, and 805 nodes in Germany, each accounting for 26.54%, 12.86%, 10.46% of total number of nodes, respectively.

This week, the growth rate for new addresses of Bitcoin increased. According to the data on blockchain, as of February 23th, 2020, the total number of Bitcoin addresses was 46097716 increased by 169065 (0.37%).

ELF was the most active project on GitHub this week. From February 17th, 2020 -February 23th, 2020, aelf was the active project repository on GitHub with a total of 134 commits.

2.3 Community Activity Statistics

The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 964k, 529k and 158k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and TRON, with 1.02million , 946k, and 499k followers, respectively.

3. Weekly Blockchain News Review

3.1 Industrial Application

1. Indian IT Giant Tech Mahindra and Local Gov’t Launch Blockchain Accelerator

Tech Mahindra, the IT subsidiary of Indian conglomerate Mahindra Group, is launching a blockchain accelerator together with the government of the southern state of Telangana. The parties hope the accelerator will become a “torch-bearer” for future accelerators nationwide, the Economic Times reported on Feb. 19.The new “T-Block Accelerator” is aimed at fostering blockchain startups that have identified a strong real-world use case for the technology, and to boost industry growth overall.Innovation management firm IBC Media will run the accelerator program, which developed following a Memorandum of Understanding (MoU) that was signed between the government of Telangana and Tech Mahindra back in 2018.

2. European Space Agency Funds Blockchain Project Recording Satellite Data

While Bitcoin (BTC) might not be ready for the moon yet, its underlying technology of blockchain is being increasingly adopted in space.The European Space Agency (ESA), a major intergovernmental organization dedicated to space exploration, is funding a new blockchain project aiming to boost the world’s mining industry. A known contributor to blockchain technology applications, the ESA has now co-funded a joint project with Scottish startup Hypervine to improve data transparency for the mining industry by combining satellite data and blockchain. The initiative aims to record satellite-sourced information on a distributed ledger to provide mining firms with a trusted and coordinated source of data, replacing paper-based sources that need to be cross-checked by multiple teams in different locations. As mining companies may spend months in order to obtain the right data from often-fragmented sources, the blockchain-powered satellite database project is also designed to cut costs of the mining industry.

3. Cloud Giant Microsoft Azure Embraces Commercial Blockchain

Lition, a commercial blockchain, announced on Feb. 18 that Microsoft has officially brought Lition blockchain solution to its Azure cloud marketplace. This makes Lition one of the few public/private blockchains currently supported by a major cloud provider like Microsoft. Microsoft also became the first to bring blockchain to the cloud and continues to remain at the cutting edge of blockchain adoption. ntegrating Lition blockchain into Azure allows Microsoft Azure’s worldwide enterprise clients to develop, test and deploy Lition side chains and applications with a click of a button on its platform, according to the announcement. Dr. Richard Lohwasser, Lition’s CEO added that: “Lition is committed to providing an accessible onramp to blockchain for all organizations. We believe that making integration as seamless as possible is vital to bridging the gap to adoption. Azure will be a tremendous asset for our customers..”

3.2 International Policies

1. Brazilian Central Bank Promises Instant Payment Platform to Compete With Crypto

The Central Bank of Brazil (BCB) has announced a plan to launch a new near-instant payment system during November. The platform, called the Brazilian Instant Payment Scheme (PIX), will facilitate peer-to-peer and business-to-business transactions in 10 seconds or less via mobile phone, internet banking, or select ATMs. According to local media outlet Livecoin, BCB President Roberto Campos explicitly stated that the platform is intended to compete against distributed ledger-based payment systems while speaking via video-conference at a launch event in São Paulo. Campos described the PIX platform as a top priority for the central bank during 2020. He added that PIX will be more efficient and “help to remove from people this need to have physical money, as this generates a great cost for society.”

2. Israeli Banks Should Not Deny Services to Crypto Firms: Attorney General

Israeli banks should not deny services to firms involved with cryptocurrencies, according to Israel’s attorney general Avichai Mandelblit.Instead of halting financial services for all crypto firms, banks should closely examine each case for indicators of money laundering risks or other illicit financial practices, Mandelblit told the Tel Aviv District Court. Mandelblit’s stance — reported by Israeli news agency Globes on Feb. 19. — is in opposition to the view of the country’s central bank, the Bank of Israel.During 2019 a number of Israeli banks froze the accounts of customers receiving transfers derived from crypto. As reported by Cointelegraph, the action meant some Israeli Bitcoin (BTC) investors were unable to pay their taxes because banks would not accept their deposits.

3. Russian Central Bank Links Crypto Transactions With Money Laundering

The Central Bank of Russia (CBR) published a new set of rules for suspicious transactions, Russian finance publication RBC reported on Feb. 17. The update broadly categorizes any cryptocurrency-linked transaction as a potential money laundering risk.The bank issued an update to directive 375-P, which lists all signs of suspicious activity that may be linked to money laundering. This is the first such update since 2012, when the initial regulations were introduced.The manual was developed in collaboration with the Federal Service for Financial Monitoring (Rosfinmonitoring). A central bank representative explained that this was done to “add new schemes of conducting unusual operations, with consideration to the modern developments in financial markets.”The head of the central bank had previously stated that the number of possible risk factors should be decreased. Like in other countries, if a bank or another financial service provider identifies certain transactions as suspicious, they may freeze the suspect’s account or shut it down completely in severe cases.

3.3 Technological Breakthrough

1. United Nations Is Among New Entrants in Forbes’ 2nd Blockchain 50 List

Published on Feb. 19, the new Forbes’ Blockchain 50 list is the second release of its annual Blockchain 50, which was first introduced in April 2019. Similarly to last year’s edition, the new compilation includes industry giants like Amazon, Microsoft, JPMorgan, Google, as well as cryptocurrency-focused firms like Bitfury, Coinbase and Ripple.At the same time, about half of the firms on the list are newcomers, including the UN, the world’s second-largest bank China Construction Bank, Russia’s National Settlement Depository, and Square, a mobile payment company founded by Twitter CEO Jack Dorsey.As reported by Cointelegraph, UN secretary-general António Guterres declared last year that the organization must embrace blockchain technology. The official said: “For the United Nations to deliver better on our mandate in the digital age, we need to embrace technologies like blockchain that can help accelerate the achievement of Sustainable Development Goals.”

4.Weekly Investment Activities

3 investments activities took place in the blockchain industry this week, Black box data got strategic investment from China VC, Metaverse got strategic investment from Nova Club、 Consensus Lab etc, BCB Blockchain got strategic investment from GBCI Ventures.

Huobi Research

About Us:

Huobi Research was founded in April 2016 and started research and explorations in various aspects in Blockchain area since March 2018. We cover various fields such as Blockchain technology research, industry analysis, application innovation and economic model explorations. 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 Blockchain industry.

Huobi Research Weekly aims to provide participators of the cryptocurrency market with the most up-to-date and comprehensive database to help them facilitate decision-making process.

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Disclaimer:

1. Huobi Research does not have any form of association with Blockchain projects or other third-parties mentioned in this report that could jeopardize the objectivity, independence and fairness of this report.

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.

3. This report is only for reference purposes. Conclusions and viewpoints in the report do not constitute any form of investment advice on crypto assets. Huobi Research is not responsible for any losses resulting from the use of this report, unless stipulated by law. Under no circumstances should the readers give up their own investment analysis and judgements.

4. This report only reflects the opinions from Huobi Research on the day it was finalized. Future market condition changes may lead to updates of such judgements.

5. The report is copyrighted by Huobi Research, please cite the source when quote, and get approval from us when large amount of contents is referenced. Under no circumstances is reference, abridgment and modification contrary to original intention permitted.

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