Huobi Research Weekly (Vol.103) 2020.2.24–2020.3.1)

Abstract

This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 15.73%, with 88 projects decreased in value to varying degrees. According to coinmarketcap, as of March 1, 2020, the total market cap of cryptocurrencies was 243.5 billion U.S. dollars, decreased by 15.73%, and the total market cap of the top 100 cryptocurrencies was 241.7 billion U.S. dollars,decreased by 15.60% from last week. 3 cryptocurrency projects entered the top 100 this week, namely MB、BUSD and GAP. As of March 1, 2020, Bitcoin was traded at 8562.45USD, 13.66% lower than its price last week. Ethereum was traded at 218.97USD, 19.94% lower than its price last week.

The hashrate of Bitcoin increased and Ethereum increased by this week. This week, the difficulty of mining Bitcoin decreased 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 increased this week.The average transaction fees of Bitcoin and Ethereum both decreased. LSK was the most active project on GitHub this week.

The average bitcoin Hashrate for the entire network reached 111.9EH/s, increased by 0.18% from the previous week.Average Hashrate for the entire Ethereum network was 181.49TH/s this week, increased by 1.02%. Average difficulty for mining Bitcoin this week was 15.15T, decreased by 2.51% from last week. The average difficulty of mining Ethereum this week was 2286.62TH, increased by 1.36% from that of previous week.

In network activity, the average size of each block was 1.06MB, decreased 2.75% form last week; there were on average 2256 transactions recorded in each block, decreased by 0.04% from the previous week. The average number of transactions per block in Ethereum this week was 103.0, decreased by 1.34%. The average size of each block was 23223.42 bytes, increased by 2.10% compared to last week. As of March 1, 2020, average transaction fees of Bitcoin this week was $0.523, decreased by 11.21% from last week. Average transaction fees of Ethereum this week was $0.119, decresead by 9.85%. The total number of Bitcoin addresses was 46258265 increased by 160549 (0.35%). Lisk was the most active project on GitHub this week, with 109 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, CoolBitX Technology got B round investment from SBI Holdings leader, BEOSIN got strategic investment from Qhpefof fundation, Yu Yan JI got strategic investment from Crcapital、Consensus Lab、Chain Capital.

1. Weekly Market Review

This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 15.73%, with 88 projects decreased in value to varying degrees. According to coinmarketcap, as of March 1, 2020, the total market cap of cryptocurrencies was 243.5 billion U.S. dollars, decreased by 15.73%, and the total market cap of the top 100 cryptocurrencies was 241.7 billion U.S. dollars,decreased by 15.60% from last week, among which, KNC had the largest increased of 34.72%, bringing its market cap ranking from №72 to №53, MIN had the largest decreased of -39.05%, bringing its market cap ranking from №33 to №38. In addition, there were 3 projects that entered TOP100, namely, GAP (GAPS, decreased 7.10%, Now №97), MB (MineBee, decreased 6.76%, Now №100), BUSD (Binance USD, increased 15.24%, Now №91). As of March 1, 2020, 2020, Bitcoin was traded at 8562.45USD, 13.66% lower than its price last week. Ethereum was traded at 218.97USD, 19.94% lower than its price last week.

The overall 24h trading volume decreased this week. Overall, the 24h trading volume decreased by 8.63% compared with the same period of last week. In this week, 28 of the top 100 projects increased in 24h trading volume, led by MB with a weekly increase of 2184.74%; there were 72 projects decreased in their 24h trading volume, there were 34 projects that saw over 20% decrease in their 24h trading volume, while 3 projects fell by more than 50%, led by MONA, with a decreased of 57.50%.

The top 10 cryptocurrencies’ market value increased, the market share distribution remained stable. On March 1, 2020, the overall market cap of the top 10 cryptocurrencies was 216.6 billion USD, decreased by 15.39% from last week, accounting for 88.95% of the total market capitalization of cryptocurrencies, increased by 0.36% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 64.15%, increased by 1.54% from last week.

1.2 Segment Analysis

Among TOP 100 cryptocurrency project segments, the total market cap of Asset-backed Project got the largest increase. The average market cap of Asset-backed Project got the largest increase. As of March 1, 2020, the total market cap of coin projects reached 179.6 billion USD, decreased by 14.83%. The average market cap of coin projects reached 5.13 billion USD, decreased by 14.83%. The total market cap of platform projects reached 35.0 billion USD, decreased by 20.37%. The average market cap of platform projects reached 1.12 billion USD, decreased by 17.80%. The total market cap of application class projects reached 22.2 billion USD, decreased by 16.67%. The average market cap of application class projects reached 0.69 billion USD, decreased by 19.27%. The total market cap of asset-backed token projects reached 4.78 billion USD, increased by 0.27%. The average market cap of asset-backed token projects reached 2.39 billion USD, increased by 0.27%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of March 1, 2020, among the top 100 projects, the number of coin class projects remain the same, application class projects increased 1, platform class projects decreased 1 and asset-backed token class remain the same. The largest overall market cap by segment was still coin projects, accounting for 74.34% 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

The hashrate of Bitcoin increased and Ethereum increased by this week. From February 24th, 2020 — March 1, 2020 ,the average bitcoin Hashrate for the entire network reached 111.9EH/s, increased by 0.18% from the previous week.

Average Hashrate for the entire Ethereum network was 181.49TH/s this week, increased by 1.02%.

This week, the difficulty of mining Bitcoin decreased and Ethereum increased. As of March 1, 2020, average difficulty for mining Bitcoin this week was 15.15T, decreased by 2.51% from last week. The average difficulty of mining Ethereum this week was 2286.62TH, increased by 1.36% from that of previous week.

The number of blocks in Bitcoin increased by 1.38%. Top 5 rankings remain the same. 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 1027 blocks, increased 1.38% from the previous week. Among the top five pools were F2Pool、 Poolin、BTC.com、AntPool、ViaBTC, these 5 pools mined 181、180、128、111 and 73 blocks respectively, accounting for 17.62% 、17.53%、12.46%、10.81% and 7.11% of all Bitcoins mined this week. The Hashrate was 19.94 EH/s、19.83EH/s、14.10EH/s、12.23EH/s and 8.04EH/s, respectively.

In the past week, Ethereu’s entire network mined 47904 blocks, increased 0.46% from the previous week. The top five pools were SparkPool, Ethermine, F2pool, Nanopool and Zhizhu.top, each mined 14671、11166、5103、3766 and 1819 blocks respectively, accounting for 30.6258%、23.3091%、10.6526%、7.8616% and 3.7972% 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 increased this week. According to blockchain.info, from February 24th,2020-March,1,2020, the average size of each block was 1.06MB, decreased 2.75% form last week; there were on average 2256 transactions recorded in each block, decreased by 0.04% from the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 103.0, decreased by 1.34%. The average size of each block was 23223.42 bytes, increased by 2.10% compared to last week.

Number of unconfirmed transactions in Bitcoin increased by 10.01%. Number of unconfirmed transactions in Ethereum increased by 20.55% from the previous week. As of March 1, 2020, the number of 7-day average unconfirmed transactions in Bitcoin network was 6022, increased by 10.01% from last week. There were 55067.91 unconfirmed transactions in the Ethereum network, increased by 20.55% from last week, with the lowest amount of unconfirmed transactions in the week being 18746 and the highest amount being 75488.

Total transaction fees of Bitcoin and Ethereum both decreased. As of March 1, 2020, average transaction fees of Bitcoin this week was $0.523, decreased by 11.21% from last week. Average transaction fees of Ethereum this week was $0.119, decresead by 9.85%.

The average number of distinct miners per day in Ethereum decreased by 4.31% from last week. From February 24th, 2020-March 1, 2020,the average number of distinct miners per day in Ethereum this week was 51.1, decreased by 4.31% from last week.

The number of nodes in Bitcoin decreased ,The number of nodes in Ethereum decreased this week. As of March 1, 2020, there were 10311 Bitcoin nodes, decreased by 4.64% compared to last week, of which 2101 nodes were in the U.S, 1814 nodes were Germany, and 239 nodes were in China(№9), each accounting for 20.38%, 17.59% and 2.32% of the total number of Bitcoin nodes, respectively.

As of March 1, 2020, there were 7693 Ethereum nodes, decreased by 5.42% from the previous week. Specifically, there were 2052 nodes in the U.S, 455 nodes in China, and 769 nodes in Germany, each accounting for 28.90%, 6.41%, 10.83% 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 March 1, 2020, the total number of Bitcoin addresses was 46258265 increased by 160549 (0.35%).

LSK was the most active project on GitHub this week. From February 24th, 2020 — March 1, 2020, Lisk was the active project repository on GitHub with a total of 109 commits.

2.3 Community Activity Statistics

The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 963k, 531k and 158k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and TRON, with 1 million , 946k, and 499k followers, respectively.

3. Weekly Blockchain News Review

1. KLM Royal Dutch Airlines Uses R3’s Blockchain for Financial Processes

2. World’s Largest Human Resources Firm Adopts Smart Contracts Platform

3. Cybersecurity Company Kaspersky Debuts Blockchain-Based Voting Machine

3.2 International Policies

1. Malta’s Financial Watchdog Releases Industry Feedback on Security Tokens

2. New Zealand Proposes to Free Crypto From Some Taxes to Promote Growth

3. Bank of Japan Official Calls for Deeper Understanding of Digital Currencies

3.3 Technological Breakthrough

1. Panorama of global blockchain industry development (2019–2020)

Industry status: in 2019, the global blockchain expenditure is about 2.9 billion US dollars, with the largest scale in the United States (39%), followed by Western Europe (24.4%), China (11.2%), Asia Pacific (8.1%) and central and Eastern Europe (5.2%); the banking industry expenditure takes the first place, followed by discrete manufacturing, retail, professional services and flow manufacturing, with the five major industries accounting for 73%. The global investment and financing tends to be rational. The number of investment in the whole year changes little compared with last year, but the scale ($3.7 billion) decreases by 27.9%; the largest proportion is in the United States (40%), followed by China (15%). The global patent application index has grown, with 22000 patents, and China’s share of 63% is significantly higher. With the increasing importance of domestic blockchain, more than 30 provinces and regions have issued policies to carry out the layout of blockchain; 38 blockchain industrial parks have been established in various regions; nearly 28000 Chinese blockchain enterprises (mostly small and medium-sized enterprises) have been established, but only 3.6% of them have been put into production.

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4.Weekly Investment Activities

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