Huobi Research Weekly (Vol.107) 2020.3.23–2020.3.29)

Abstract

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 2.84%, with 59 projects increased in value to varying degrees. According to coinmarketcap, as of March 29, 2020, the total market cap of cryptocurrencies was 167.9 billion U.S. dollars, increased by 2.84%, and the total market cap of the top 100 cryptocurrencies was 166.1 billion U.S. dollars, increased by 2.03% from last week. 4 cryptocurrency projects entered the top 100 this week, namely FXC、CENNZ、NRG and HEX. As of March 29, 2020, Bitcoin was traded at 5922.04USD, 1.64% higher than its price last week. Ethereum was traded at 125.58USD, 1.92% higher than its price last week.

The hashrate of Bitcoin increased and Ethereum increased by this week. This week, the difficulty of mining Bitcoin decreased but 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 decreased and Ethereum decreased. ELF was the most active project on GitHub this week.

The average bitcoin Hashrate for the entire network reached 100.4 EH/s, increased by 6.10% from the previous week.Average Hashrate for the entire Ethereum network was 176.13TH/s this week, increased by 1.46%. Average difficulty for mining Bitcoin this week was 15.83T, decreased by 4.35% from last week. The average difficulty of mining Ethereum this week was 2197.24TH, increased by 0.47% from that of previous week.

In network activity, the average size of each block was 1.09MB, decreased 10.66% form last week; there were on average 2006 transactions recorded in each block, decreased by 12.25% from the previous week. the average number of transactions per block in Ethereum this week was 117.7, decreased by 3.13%. The average size of each block was 24581.57 bytes, decreased by 4.21% compared to last week. As of March 29, 2020, average transaction fees of Bitcoin this week was $0.746, decreased by 36.83% from last week. Average transaction fees of Ethereum this week was $ 0.0778, decresead by 2.26%. The total number of Bitcoin addresses was 47036615 increased by 239206 (0.51%). ELF was the most active project on GitHub this week, with 96 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, Attestiv got 2 million dollars seed round investment from Castle Island Ventures lead , Zhong Bao insurance got Angel round investment from Haier Capital, Voice got strategic investment from Block.one .

1. Weekly Market Review

1.1 Market overview

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 2.84%, with 59 projects increased in value to varying degrees. According to coinmarketcap, as of March 29, 2020, the total market cap of cryptocurrencies was 167.9 billion U.S. dollars, increased by 2.84%, and the total market cap of the top 100 cryptocurrencies was 166.1 billion U.S. dollars, increased by 2.03% from last week, among which, BAY had the largest increased of 50.94%, bringing its market cap ranking from №77 to №60, THX had the largest decreased of -29.10%, bringing its market cap ranking from №64 to №75. In addition, there were 4 projects that entered TOP100, namely, CENNZ (Centrality, increased 7.54%, Now №100), HEX (HEX, increased 9.61%, Now №98), NRG (Energi, increased 27.29%, Now №96), FXC (Flexacoin, increased 27.48%, Now №93). As of March 29, 2020, Bitcoin was traded at 5922.04USD, 1.64% higher than its price last week. Ethereum was traded at 125.58USD, 1.92% higher than its price last week.

The overall 24h trading volume decreased this week. Overall, the 24h trading volume decreased by 26.83% compared with the same period of last week. In this week, 30 of the top 100 projects increased in 24h trading volume, led by XIN with a weekly increase of 865.34%; there were 67 projects decreased in their 24h trading volume, there were 40 projects that saw over 20% decrease in their 24h trading volume, while 13 projects fell by more than 50%, led by BAY, with a decreased of 88.07%.

The top 10 cryptocurrencies’ market value increased, the market share distribution remained stable. On March 29, 2020, the overall market cap of the top 10 cryptocurrencies was 147.7 billion USD, increased by 1.84% from last week, accounting for 87.94% of the total market capitalization of cryptocurrencies, decreased by 0.86% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 64.49%, decreased by 0.76% from last week.

1.2 Segment Analysis

Among TOP 100 cryptocurrency project segments, the total market cap of Application Project got the largest increase. The average market cap of Application Project got the largest increase. As of March 29, 2020, the total market cap of coin projects reached 124.7 billion USD, increased by 1.74%. The average market cap of coin projects reached 3.56 billion USD, decreased by 1.17%. The total market cap of platform projects reached 20.5 billion USD, increased by 1.43%. The average market cap of platform projects reached 0.73 billion USD, increased by 5.05%. The total market cap of application class projects reached 16.1 billion USD, increased by 5.79%. The average market cap of application class projects reached 0.46 billion USD, increased by 5.79%. The total market cap of asset-backed token projects reached 4.78 billion USD, increased by 0.25%. The average market cap of asset-backed token projects reached 2.39 billion USD, increased by 0.25%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of March 29, 2020, among the top 100 projects, the number of coin class projects increased 1, application class projects remain the same, 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 75.07% 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 March 23, 2020 — March 29, 2020 ,the average bitcoin Hashrate for the entire network reached 100.4 EH/s, increased by 6.10% from the previous week.

Average Hashrate for the entire Ethereum network was 176.13TH/s this week, increased by 1.46%.

This week, the difficulty of mining Bitcoin decreased but Ethereum increased. As of March 29, 2020, average difficulty for mining Bitcoin this week was 15.83T, decreased by 4.35% from last week. The average difficulty of mining Ethereum this week was 2197.24TH, increased by 0.47% from that of previous week.

The number of blocks in Bitcoin increased by 12.53%. Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings remain the same, the number of blocks increased 0.10%. In the past week, Bitcoin mined 916 blocks, increased 12.53% from the previous week. Among the top five pools were F2Pool、Poolin、AntPool、BTC.com、OKExPool, these 5 pools mined 175、164、110、107 and 57 blocks respectively, accounting for 19.10%、17.90%、12.01%、11.68% and 6.22% of all Bitcoins mined this week. The Hashrate was 18.82 EH/s、17.64EH/s、11.83EH/s、11.51EH/s and 6.13EH/s, respectively.

In the past week, Ethereu’s entire network mined 47442 blocks, increased 0.10% from the previous week. The top five pools were SparkPool, Ethermine, F2pool, Nanopool and Zhizhu.top, each mined 15692、10135、4631、3620 and 1794 blocks respectively, accounting for 33.0762%、21.3629%、9.7614%、7.6304% and 3.7815% 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 March,23,2020-March,29,2020, the average size of each block was 1.09MB, decreased 10.66% form last week; there were on average 2006 transactions recorded in each block, decreased by 12.25% from the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 117.7, decreased by 3.13%. The average size of each block was 24581.57 bytes, decreased by 4.21% compared to last week.

Number of unconfirmed transactions in Bitcoin decreased by 42.42%. Number of unconfirmed transactions in Ethereum increased by 37.95% from the previous week. As of March 29, 2020, the number of 7-day average unconfirmed transactions in Bitcoin network was 8217, decreased by 42.42% from last week. There were 63018.91 unconfirmed transactions in the Ethereum network, increased by 37.95% from last week, with the lowest amount of unconfirmed transactions in the week being 20730 and the highest amount being 69455.

Total transaction fees of Bitcoin decreased and Ethereum decreased. As of March 29, 2020, average transaction fees of Bitcoin this week was $0.746, decreased by 36.83% from last week. Average transaction fees of Ethereum this week was $ 0.0778, decresead by 2.26%.

The average number of distinct miners per day in Ethereum increased by 4.81% from last week. From March 23, 2020-March 29, 2020,the average number of distinct miners per day in Ethereum this week was 56.7, increased by 4.81% from last week.

The number of nodes in Bitcoin decreased ,The number of nodes in Ethereum decreased this week. As of March 29, 2020, there were 9986 Bitcoin nodes, decreased by 0.67% compared to last week, of which 2026 nodes were in the U.S, 1817 nodes were Germany, and 251 nodes were in China(№9), each accounting for 20.29%, 18.20% and 2.51% of the total number of Bitcoin nodes, respectively.

As of March 29, 2020, there were 6832 Ethereum nodes, decreased by 1.68% from the previous week. Specifically, there were 1923 nodes in the U.S, 440 nodes in China, and 762 nodes in Germany, each accounting for 28.15%, 6.44%, 11.15% 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 29, 2020, the total number of Bitcoin addresses was 47036615 increased by 239206 (0.51%).

ELF was the most active project on GitHub this week. From March 23, 2020 — March 29, 2020, aelf was the active project repository on GitHub with a total of 96 commits.

2.3 Community Activity Statistics

The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 960k, 541k and 160k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and TRON, with 1 million , 945k, and 502k followers, respectively.

3. Weekly Blockchain News Review

3.1 Industrial Application

1. Indian Tech Giant Mahindra Speeds Up Cross Border Transactions with Blockchain

Tech Mahindra, the IT subsidiary of Indian conglomerate Mahindra Group, has become the first Indian business to use R3’s blockchain-based Marco Polo Network for conducting cross-border transactions.It said the platform had resulted in faster reconciliation and ambiguity resolution, as well as the significant reduction of paperwork and time required for the entire transaction cycle.Tech Mahindra partnered with Singapore’s DBS Bank, which facilitated the transactions and acted as the company’s leading trade bank. The parties used the Marco Polo Receivables Discounting product which is designed to help companies optimise their working capital, improve liquidity and mitigate credit risk.Marco Polo is a consortium of major global financial and banking institutions that aims to streamline international trade. The network is built on R3’s open-source blockchain platform Corda.

2. Malaysian Blockchain App Allows Users to Trace Sustainable Palm Oil

The Malaysian Palm Oil Council (MPOC) and blockchain startup BloomBloc have developed a blockchain app that enables users to trace palm oil throughout the entire supply chain.Following a successful test, the blockchain-based system is available in a pilot roll out to local oil palm growers, palm oil processors, plantations and family owned smallholders, according to food industry publication Foodbev Media. The system registers each tree and its associated information, making it possible for users to track the journey from plantation, to mill, and on to the final product.The new app follows on from the implementation of the mandatory Malaysian Sustainable Palm Oil (MSPO) certification standard nationwide.

3. Blockchain Set to Stamp Out Cheating in World Chess Competition

he 2020 Chess Candidates Tournament in Ekaterinburg, Russia has been postponed due to the coronavirus, but organizers are already looking to the future and how blockchain can give the sport a boost. Although considered a gentleman’s game, cheating is still an issue in chess. It can take many forms — from taking strategic bathroom breaks, to creating fictitious records of games that never happened, or relying on the help of computer chess engines when playing online. Ilya Merenzon, CEO of World Chess, believes that blockchain technology can help identify and prevent such unsportsmanlike behavior:“We are working on the anti-cheating engine that may record over one hundred data points for each move — its timestamp, players’ biometrics, chess engine evaluation, etc. Storing this data in the decentralized database would make a lot of sense”

3.2 International Policies

1. South Korea’s Largest Bank Launch a Crypto Custodial Service

Major South Korean bank KB Kookmin Bank is expected to launch a cryptocurrency custody service in the near future. In the application to the Korean Intellectual Property Office, the bank expresses its desire to trademark KBDAC in over 20 areas, all relating to the cryptocurrency industry.These include trading, consultation and management of digital assets like Bitcoin (BTC) and Ether (ETH). It also specifies virtual asset consignment, settlement and transactions with fiat currency.The range of industry areas covered has led to speculation that KB Kookmin Bank is launching a subsidiary brand to offer financial services and products that receive and manage virtual assets in investment funds.

2. European Commission Calls on Blockchain Devs for Defense-Focused Solutions

The European Commission (EC) is offering grants to blockchain developers and other specialists for solutions that adapt technologies from civil to defense applications.On March 24, the EC published a European Defense Industrial Development Program tender calling on small-to-medium enterprises (SMEs) to propose rapid, cost-effective solutions — focused on new approaches and proposals for technologies or concepts that have previously not been applied to the defense sector. Specifically, the EC seeks proposals that are:“Based on real-time cloud and on-premise digital twin benefiting from blockchain technologies’ robustness, able to channel all currently optimized logistics needs, such as chain of spare parts, maintenance, energy consumables.” A digital twin is the virtual representation or mirror of any physical entity, asset or process — whether a machine, object, piece of infrastructure or human being. The field of blockchain can strengthen the integrity of digital twins by, for example, allowing for the use of tamper-proof cryptographic tags that validate the provenance, state and ownership of products or objects.

3. DHS Names Blockchain Managers Among Critical Infrastructure Workers

A memorandum published by the United States Department of Homeland Security (DHS) has named blockchain managers among the nation’s essential critical infrastructure workers.On March 19, the DHS’ Cybersecurity and Infrastructure Security Agency (CISA) published a memo emphasizing the special responsibility of workers within a critical infrastructure industry to maintain normal working schedules amid the intensifying coronavirus lockdown. The document names blockchain managers alongside healthcare, pharmaceuticals, and food supply as critical infrastructure industries.The inclusion of blockchain managers on CISA’s list may indicate the DHS’s recognition of the potential for distributed ledger technologies (DLT) to be employed in coronavirus relief efforts.

4.Weekly Investment Activities

3 investments activities took place in the blockchain industry this week, Attestiv got 2 million dollars seed round investment from Castle Island Ventures lead , Zhong Bao insurance got Angel round investment from Haier Capital, Voice got strategic investment from Block.one .

Huobi Research

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