Huobi Research Weekly (Vol.112) 2020.4.27–2020.5.3)

Abstract

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 12.34%, with 75 projects increased in value to varying degrees. According to coinmarketcap, as of May 3, 2020, the total market cap of cryptocurrencies was 248.9 billion U.S. dollars, increased by 12.34%, and the total market cap of the top 100 cryptocurrencies was 247.5 billion U.S. dollars, increased by 11.63% from last week. 7 cryptocurrency projects entered the top 100 this week, namely ZIL、CBUCKS、BTT、MATIC、BZT、HYN and BHD. As of May 3, 2020, Bitcoin was traded at 8897.47USD, 15.94% higher than its price last week. Ethereum was traded at 210.93USD, 6.99% 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 but the average block size of Bitcoin increased. The average number of transactions per block increased and the average block size of Ethereum increased this week.The average transaction fees of Bitcoin increased and Ethereum increased. LINK was the most active project on GitHub this week.

The average bitcoin Hashrate for the entire network reached 117.4 EH/s, increased by 8.80% from the previous week.Average Hashrate for the entire Ethereum network was 179.66TH/s this week, increased by 1.72%. Average difficulty for mining Bitcoin this week was 15.96T, increased by 0.06% from last week. The average difficulty of mining Ethereum this week was 2249.51TH, increased by 1.45% from that of previous week.

In network activity, The average size of each block was 1.34MB, increased 8.06% form last week; there were on average 1938 transactions recorded in each block, decreased by 6.15% from the previous week. The average number of transactions per block in Ethereum this week was 129.9, increased by 4.25%. The average size of each block was 26174.57 bytes, increased by 3.72% compared to last week. As of May 3, 2020, average transaction fees of Bitcoin this week was $2.108, increased by 182.20% from last week. Average transaction fees of Ethereum this week was $ 0.144, incresead by 4.35%. The total number of Bitcoin addresses was 48274688 increased by 262901 (0.55%). LINK was the most active project on GitHub this week, with 80 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.

2 investments activities took place in the blockchain industry this week, BIDA Wallet got strategic investment, Gapless got 5.5 million Euros in seed round investment from FinLab EOS VC leader.

1. Weekly Market Review

1.1 Market overview

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 12.34%, with 75 projects increased in value to varying degrees. According to coinmarketcap, as of May 3, 2020, the total market cap of cryptocurrencies was 248.9 billion U.S. dollars, increased by 12.34%, and the total market cap of the top 100 cryptocurrencies was 247.5 billion U.S. dollars, increased by 11.63% from last week, among which, BZT had the largest increased of 400.61%, bringing its market cap ranking from №236 to №82, HIVE had the largest decreased of -55.36%, bringing its market cap ranking from №39 to №61. In addition, there were 7 projects that entered TOP100, namely, MATIC (Matic Network, increased 9.70%, Now №100), BTT (BitTorrent, increased 19.68%, Now №94), CBUCKS (CRYPTOBUCKS, increased 31.56%, Now №92), ZIL (Zilliqa, increased 20.13%, Now №97), BHD (BitcoinHD, increased 63.51%, Now №90), HYN (Hyperion, increased 127.16%, Now №59), BZT (Bloomzed Token, increased 400.61%, Now №82). As of May 3, 2020, Bitcoin was traded at 8897.47USD, 15.94% higher than its price last week. Ethereum was traded at 210.93USD, 6.99% higher than its price last week.

The overall 24h trading volume increased this week. Overall, the 24h trading volume increased by 25.63% compared with the same period of last week. In this week, 57 of the top 100 projects increased in 24h trading volume, led by HOT with a weekly increase of 354.54%; there were 41 projects decreased in their 24h trading volume, there were 22 projects that saw over 20% decrease in their 24h trading volume, while 8 projects fell by more than 50%, led by XIN, with a decreased of 91.84%.

The top 10 cryptocurrencies’ market value increased, the market share distribution remained stable. On May 3,2020, the overall market cap of the top 10 cryptocurrencies was 221.6 billion USD, increased by 13.17% from last week, accounting for 89.02% of the total market capitalization of cryptocurrencies, increased by 0.66% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 65.62%, increased by 2.04% from last week.

1.2 Segment Analysis

Among TOP 100 cryptocurrency project segments, the total market cap of Coin Project got the largest increase. The average market cap of Coin Project got the largest increase. As of May 3, 2020, the total market cap of coin projects reached 184.4 billion USD, increased by 13.06%. The average market cap of coin projects reached 5.12 billion USD, increased by 16.20%. The total market cap of platform projects reached 32.6 billion USD, increased by 5.73%. The average market cap of platform projects reached 1.30 billion USD, increased by 9.96%. The total market cap of application class projects reached 23.6 billion USD, increased by 11.95%. The average market cap of application class projects reached 0.67 billion USD, increased by 8.75%. The total market cap of asset-backed token projects reached 6.76 billion USD, increased by 2.70%. The average market cap of asset-backed token projects reached 1.69 billion USD, decreased by 22.98%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of May 3, 2020, among the top 100 projects, the number of coin class projects decreased 1, application class projects increased 1, platform class projects decreased 1 and asset-backed token class increased 1. The largest overall market cap by segment was still coin projects, accounting for 74.52% 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 April 27, 2020 — May 3, 2020 ,the average bitcoin Hashrate for the entire network reached 117.4 EH/s, increased by 8.80% from the previous week.

Average Hashrate for the entire Ethereum network was 179.66TH/s this week, increased by 1.72%.

This week, the difficulty of mining Bitcoin increased and Ethereum increased. As of May 3, 2020, average difficulty for mining Bitcoin this week was 15.96T, increased by 0.06% from last week. The average difficulty of mining Ethereum this week was 2249.51TH, increased by 1.45% from that of previous week.

The number of blocks in Bitcoin decreased by 2.18%. Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings remain the same, the number of blocks decreased 0.20%. In the past week, Bitcoin mined 989 blocks, decreased 2.18% from the previous week. Among the top five pools were F2Pool、Poolin、AntPool、BTC.com、OKExPool, these 5 pools mined 186、174、141、137 and 61 blocks respectively, accounting for 18.81%、17.59%、14.26%、13.85% and 6.17% of all Bitcoins mined this week. The Hashrate was 22.06 EH/s、20.64EH/s、16.72EH/s、16.25EH/s and 7.24EH/s, respectively.

In the past week, Ethereu’s entire network mined 48539 blocks, decreased 0.20% from the previous week. The top five pools were SparkPool, Ethermine, F2pool, Nanopool and Zhizhu.top, each mined 15278、10687、4467、3279 and 2679 blocks respectively, accounting for 31.4757%、22.0173%、9.2029%、6.7554% and 5.5193% 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 increased. The average number of transactions per block increased and the average block size of Ethereum increased this week. According to blockchain.info, from April 27, 2020-May 3, 2020, the average size of each block was 1.34MB, increased 8.06% form last week; there were on average 1938 transactions recorded in each block, decreased by 6.15% from the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 129.9, increased by 4.25%. The average size of each block was 26174.57 bytes, increased by 3.72% compared to last week.

Number of unconfirmed transactions in Bitcoin increased by 219.86%. Number of unconfirmed transactions in Ethereum increased by 9.23% from the previous week. As of May 3, 2020, the number of 7-day average unconfirmed transactions in Bitcoin network was 3736, increased by 219.86% from last week. There were 84021.94 unconfirmed transactions in the Ethereum network, increased by 9.23% from last week, with the lowest amount of unconfirmed transactions in the week being 61982 and the highest amount being 113784.

Total transaction fees of Bitcoin increased and Ethereum increased. As of May 3, 2020, average transaction fees of Bitcoin this week was $2.108, increased by 182.20% from last week. Average transaction fees of Ethereum this week was $ 0.144, incresead by 4.35%.

The average number of distinct miners per day in Ethereum increased by 4.20% from last week. From April 27, 2020- May 3, 2020, the average number of distinct miners per day in Ethereum this week was 57.0, increased by 4.20% from last week.

The number of nodes in Bitcoin decreased ,The number of nodes in Ethereum increased this week. As of May 3, 2020, there were 9504 Bitcoin nodes, decreased by 6.22% compared to last week, of which 1845 nodes were in the U.S, 1753 nodes were Germany, and 200 nodes were in China(№10), each accounting for 19.41%, 18.44% and 2.10% of the total number of Bitcoin nodes, respectively.

As of May 3, 2020, there were 7187 Ethereum nodes, increased by 1.34% from the previous week. Specifically, there were 2127 nodes in the U.S, 518 nodes in China, and 832 nodes in Germany, each accounting for 29.60%, 7.21%, 11.58% 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 May 3, 2020, the total number of Bitcoin addresses was 48274688 increased by 262901 (0.55%).

LINK was the most active project on GitHub this week. From April 27, 2020 — May 3, 2020, Link was the active project repository on GitHub with a total of 80 commits.

2.3 Community Activity Statistics

The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 968k, 563k and 162k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and TRON, with 1 million , 952k, and 507k followers, respectively.

3. Weekly Blockchain News Review

3.1 Industrial Application

1. KFC Launches Blockchain Pilot for Digital Advertising and Media Buying

Kentucky Fried Chicken has rolled out a blockchain pilot program across the Middle East aimed at improving digital advertising and media buying.KFC Middle East expects the blockchain-powered platform to ensure greater transparency in the advertising supply chain, news publication AMEinfo reported on April 29. By deploying the platform, the company also looks to address issues like security and privacy of advertisers, publishers and consumers. The pilot aims to show how blockchain can help improve data processing, increase the brand’s visibility and penetration, and optimize advertising revenue. Additionally, KFC hopes to resolve any fraud issues by using a shared blockchain-based database, where information about all ads delivery and placement is seen, shared and updated on a real-time basis.

2. Blockchain Mends Medical Supply Chain to Counter COVID-19 Challenges

Shortages of personal protective equipment, or PPE, used by health care professionals are posing a tremendous challenge to the United States health care system as a result of the coronavirus pandemic. technology giant IBM launched its Rapid Supplier Connect solution on April 27, which leverages blockchain to help government agencies and health care organizations identify new, non-traditional suppliers that have pivoted to address the shortage of equipment, devices and supplies needed for COVID-19 relief efforts.Built upon the IBM Blockchain network powered by Hyperledger Fabric, Rapid Supplier Connect is intended to link buyers with non-traditional suppliers such as apparel or home goods companies that are now making masks, gowns and other items for health care facilities and personnel.

3. Blockchain-Based ‘Smart’ Warehouse to Improve Customs Clearances

Bahrain-based tech startup MVC Global and logistics firm Cox Logistics Group will jointly launch a so-called SmartHub logistics warehouse to improve the distribution of pharmaceuticals across the Gulf Cooperation Council.The blockchain logistics warehouse platform will provide built-in Track & Trace and IoT sensors and a smart contracts-based SmartPass feature geared to ensure compliance with customs clearances, Gulf Today reported on April 27. Additionally, users can deploy the platform for supply chain finance and international payments settlements.The developers claim that the SmartHub is able to speed up and improve both cold and non-cold storage distribution of food products and medical supplies in the region, and significantly cut the time spent on paperwork, administration and bureaucracy.

3.2 International Policies

1. Japan’s Financial Watchdog Certifies Two Cryptocurrency Regulatory Organizations

Japan’s Financial Services Agency (FSA) has certified two local organizations as Certified Financial Instruments and Exchange Associations.According to an April 30 announcement, the FSA has recognized the Japan STO Association and the Japan Virtual Currency Exchange Business Association (JVCEA) as self-regulatory groups for derivative transactions and security token offerings of crypto assets. JVCEA is the official self-regulatory organization for the cryptocurrency industry in Japan authorized to create regulations and policies for cryptocurrency exchanges in the country. JVCEA, adding:“In this context, the revised FIEL and this approval will enhance JVCEA’s self-regulatory activities (of derivative-space) with the legal basis. Since May 1, as the certified self-regulatory body based in two different laws (FIEL and Japanese Payment Services Act), JVCEA will ensure more effective governance in place so as to develop crypto-assets’ trading industry.”

2. Swiss Association Issues New Common Standards for Crypto Custody

The Switzerland-based Capital Markets and Technology Association (CMTA) has published a common industry standard for the custody and management of digital assets.Announced on April 30, CMTA’s “Digital Assets Custody Standard” aims to clarify the differences between storing cryptocurrencies versus traditional assets, as well as to set baseline security and operational requirements for industry actors. The CMTA has emphasized that the storage of digital assets is significantly different from traditional assets, which typically use centralized systems and don’t rely on cryptographic mechanism​s. For crypto, investors need high assurances that the decentralized infrastructure for storage is well developed and resistant to loss, theft or hacking.

3. World Economic Forum Looks to Blockchain to Restart Global Economy

The World Economic Forum published a report looking at how the deployment of blockchain-based solutions can address the supply chain inefficiencies and failures that have been exposed by the COVID-19 pandemic.Alongside the report, the WEF has released a blockchain deployment toolkit intended to assist government and businesses in adapting their supply chains to the current economic climate and to “accelerate an economic rebound post-COVID-19.” The report, published April 28, asserts that the resilience of private and public supply chains have been tested amid the coronavirus outbreak — citing the supply chains of pharmaceutical products, medical supplies, and food among the sectors that have been hit the hardest.The report argues that the efficiency of supply chains relies on transparency, advocating for the adoption of distributed ledger technology (DLT) to create a “shared truth” among supply chain stakeholders.The World Economic Forum is a Switzerland-based non-governmental organization that was founded in 1971 to engage leaders in business, academia, and politics on key economic issues relating to the advancement of the global economy.

4.Weekly Investment Activities

2 investments activities took place in the blockchain industry this week, BIDA Wallet got strategic investment, Gapless got 5.5 million Euros in seed round investment from FinLab EOS VC leader.

Huobi Research

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