Huobi Research Weekly (Vol.124) 2020.7.20–2020.7.26)

Abstract

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 9.95%, with 70 projects increased in value to varying degrees. According to coinmarketcap, as of July 26, 2020, the total market cap of cryptocurrencies was 299.8 billion U.S. dollars, increased of 9.95%, and the total market cap of the top 100 cryptocurrencies was 295.9 billion U.S. dollars, increased by 9.69% from last week. 6 cryptocurrency projects entered the top 100 this week, namely BTT、VEST、XVG、BOTX、FXC and ABBC. As of July 26, 2020, Bitcoin was traded at 9905.17USD, 7.87% higher than its price last week. Ethereum was traded at 309.64USD, 29.95% higher than its price last week.

The hashrate of Bitcoin increased but Ethereum decreased by this week. This week, the difficulty of mining Bitcoin not changed and the difficulty of mining Ethereum decreased. 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. ZSC was the most active project on GitHub this week.

The average bitcoin Hashrate for the entire network reached 119.2 EH/s, increased by 1.19% from the previous week.Average Hashrate for the entire Ethereum network was 187.93TH/s this week, decreased by 1.82%. Average difficulty for mining Bitcoin this week was 17.34T, as same as last week. The average difficulty of mining Ethereum this week was 2366.16TH, decreased by 1.66% from that of previous week.

In network activity, the average size of each block was 1.37MB, increased by 7.03% from last week; there were on average 2070 transactions recorded in each block, decreased by 13.46% from the previous week. The average number of transactions per block in Ethereum this week was 176.3, increased by 5.32%. The average size of each block was 39712.85 bytes, increased by 10.44% compared to last week. As of July 26, 2020, average transaction fees of Bitcoin this week was $2.917, increased by 29.23% from last week. Average transaction fees of Ethereum this week was $1.51, incresead by 88.04%. the total number of Bitcoin addresses was 51762365 increased by 323394 (0.63%). Zeusshield was the most active project on GitHub this week, with 72 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, SharpShark got strategic investment from NEM Ventures, Stafi got 0.6 million dollars in seed round investment.

1. Weekly Market Review

1.1 Market overview

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 9.95%, with 70 projects increased in value to varying degrees. According to coinmarketcap, as of July 26, 2020, the total market cap of cryptocurrencies was 299.8 billion U.S. dollars, increased of 9.95%, and the total market cap of the top 100 cryptocurrencies was 295.9 billion U.S. dollars, increased by 9.69% from last week, among which, BTT had the largest increased of 209.58%, bringing its market cap ranking from №115 to №50, VEST had the largest decreased of -67.69%, bringing its market cap ranking from №22 to №49. In addition, there were 6 projects that entered TOP100, namely, XVG (Verge, increased 7.94%, Now №98), SNT (Status, increased 13.46%, Now №99), ABBC (ABBC Coin, increased 26.28%, Now №100), BOTX (botXcoin, increased 33.02%, Now №86), FXC (Flexacoin, increased 78.31%, Now №78), BTT (BitTorrent, increased 209.58%, Now №50). As of July 26, 2020, Bitcoin was traded at 9905.17USD, 7.87% higher than its price last week. Ethereum was traded at 309.64USD, 29.95% higher than its price last week.

The overall 24h trading volume decreased this week. Overall, the 24h trading volume increased by 70.24% compared with the same period of last week. In this week, 74 of the top 100 projects increased in 24h trading volume, led by MONA with a weekly increase of 467.46%; there were 25 projects decreased in their 24h trading volume, there were 14 projects that saw over 20% decrease in their 24h trading volume, while 0 projects fell by more than 50%, led by XEM, with a decreased of 46.96%.

The top 10 cryptocurrencies’ market value increased, the market share distribution remained stable. On July 26, 2020, the overall market cap of the top 10 cryptocurrencies was 257.6 billion USD, increased by 10.59% from last week, accounting for 85.92% of the total market capitalization of cryptocurrencies, increased by 0.50% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 60.93%, decreased by 1.18% from last week.

1.2 Segment Analysis

Among TOP 100 cryptocurrency project segments, the total market cap of Platform Project got the largest increase. The average market cap of Platform Project got the largest increase. As of July 26, 2020, the total market cap of coin projects reached 207.8 billion USD, increased by 7.77%. The average market cap of coin projects reached 5.19 billion USD, increased by 5.08%. The total market cap of platform projects reached 49.8 billion USD, increased by 21.70%. The average market cap of platform projects reached 1.66 billion USD, increased by 25.75%. The total market cap of application class projects reached 27.8 billion USD, increased by 5.19%. The average market cap of application class projects reached 1.03 billion USD, increased by 5.19%. The total market cap of asset-backed token projects reached 10.3 billion USD, increased by 9.33%. The average market cap of asset-backed token projects reached 3.44 billion USD, increased by 9.33%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of July 26, 2020, among the top 100 projects, the number of coin class projects increase 1, application class projects remain the same, platform class projects decrease 1 and asset-backed token class remain the same. The largest overall market cap by segment was still coin projects, accounting for 70.24% 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 but Ethereum decreased by this week. From July 20, 2020- July 26, 2020 ,the average bitcoin Hashrate for the entire network reached 119.2 EH/s, increased by 1.19% from the previous week.

Average Hashrate for the entire Ethereum network was 187.93TH/s this week, decreased by 1.82%.

This week, the difficulty of mining Bitcoin not changed and Ethereum decreased. As of July 26, 2020, average difficulty for mining Bitcoin this week was 17.34T, as same as last week. The average difficulty of mining Ethereum this week was 2366.16TH, decreased by 1.66% from that of previous week.

The number of blocks in Bitcoin increased by 4.27%. Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings not changed, the number of blocks decreased 0.59%. In the past week, Bitcoin mined 1001 blocks, increased by 4.27% from the previous week. Among the top five pools were F2Pool、Poolin、AntPool、Huobi.Pool、BTC.com, these 5 pools mined 171、142、111、99 and 91 blocks respectively, accounting for 17.08 %、14.19 %、11.09 %、9.89 % and 9.09 % of all Bitcoins mined this week. The Hashrate was 21.03EH/s、17.46EH/s、13.65EH/s、12.17EH/s and 11.19EH/s, respectively.

In the past week, Ethereum’s entire network mined 48087 blocks, decreased 0.59% from the previous week. The top five pools were SparkPool, Ethermine, F2pool, Zhizhu.top and Nanopool, each mined 14423、9906、4096、3940 and 2546 blocks respectively, accounting for 29.9936%、20.6002%、8.5179%、8.1935% and 5.2946% of all Ethereum mined this week, respectively.

2.2 Activity Statistics

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. According to blockchain.info, from July 20, 2020- July 26, 2020, the average size of each block was 1.37MB, increased by 7.03% from last week; there were on average 2070 transactions recorded in each block, decreased by 13.46% from the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 176.3, increased by 5.32%. The average size of each block was 39712.85 bytes, increased by 10.44% compared to last week.

Number of unconfirmed transactions in Bitcoin increased by 7.70%. Number of unconfirmed transactions in Ethereum increased by 5.38% from the previous week. As of July 26, 2020, the number of 7-day average unconfirmed transactions in Bitcoin network was 8857, increased by 7.70% from last week. There were 151241.05 unconfirmed transactions in the Ethereum network, increased by 5.38% from last week, with the lowest amount of unconfirmed transactions in the week being 90800 and the highest amount being 168987.

Total transaction fees of Bitcoin increased and Ethereum increased. As of July 26, 2020, average transaction fees of Bitcoin this week was $2.917, increased by 29.23% from last week. Average transaction fees of Ethereum this week was $1.51, incresead by 88.04%.

The average number of distinct miners per day in Ethereum increased by 6.46% from last week. From July 20, 2020- July 26, 2020, the average number of distinct miners per day in Ethereum this week was 54.4, increased by 6.46% from last week.

The number of nodes in Bitcoin increased ,The number of nodes in Ethereum increased this week. As of July 26, 2020, there were 10303 Bitcoin nodes, increased by 0.60% compared to last week, of which 1881 nodes were in the U.S, 1761 nodes were Germany, and 192 nodes were in China(№10), each accounting for 18.26%, 17.09% and 1.86% of the total number of Bitcoin nodes, respectively.

As of July 26, 2020, there were 8484 Ethereum nodes, increased by 3.59% from the previous week. Specifically, there were 2170 nodes in the U.S, 1159 nodes in China, and 892 nodes in Germany, each accounting for 25.58%, 13.66%, 10.51% 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 July 26, 2020, the total number of Bitcoin addresses was 51762365 increased by 323394 (0.63%).

ZSC was the most active project on GitHub this week. From July 20, 2020 — July 26, 2020, Zeusshield was the active project repository on GitHub with a total of 72 commits.

2.3 Community Activity Statistics

The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 958k, 611k and 173k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and TRON, with 1.1million , 952.4k, and 514k followers, respectively.

3. Weekly Blockchain News Review

3.1 Industrial Application

1. Top Spanish Banks Finalize Trial of Payments Using Smart Contracts

Multinational banking giant Banco Santander and four Spanish banks have successfully finalized a proof-of-concept for payments using smart contracts.The PoC was coordinated with IberPay, the company that oversees the Spanish Payment System. In a statement on July 15, IberPay said the PoC had “confirmed the feasibility of applying blockchain technology to the field of payments” and its successful connection to the national payment system.Using smart contracts automates the execution and settlement of payments once certain pre-conditions are met. Grant Thornton provided consultancy services to IberPay in testing the PoC using an interbank blockchain network with seven operating nodes and successfully executing over 20,000 automated immediate transactions.The average processing time per completed payment was reportedly 2.5 seconds, fostering confidence in its applicability to the real world.IberPay has said the PoC functioned “with the maximal guarantees of security, efficiency, traceability and integrity, as well as compliance with current regulations.”

2. AI-Blockchain Platform Creates Digital Assets From Personal Data

Artificial Intelligence (AI) specialist Kneron announced the launch of its KNEO platform on July 16, combining edge AI devices with blockchain technology to create secure and private personal networks.The Kneron Neural-network Edge-AI Open platform also creates digital assets out of personal data which can be exchanged or sold to the corporations who want them. KNEO uses blockchain technology to connect a number of edge AI sensors or stems, such as cameras, microphones and thermal sensors.The term “edge AI” refers to systems which process algorithms locally, rather than sending data for remote processing. This means that KNEO does not require an internet connection, and all data collected is encrypted and secured on an individual private network. Kneron has also introduced an edge AI marketplace on Google Play and iOS to encourage the open-source community to develop applications which update, alter or combine edge AI devices to perform specific tasks.Potential use cases include monitoring home energy usage, health and preventative care, car maintenance, home security and many more.

3. The US Air Force has signed a contract with fluree to apply blockchain technology in levelup

The U.S. Air Force has signed a follow-up contract with blockchain start-up fluree to use its encrypted secure database tool in levelup, a new software network weapons factory. In an interview with air force magazine, fluree’s co chief executive Brian Platz said the previously unreported contract was signed in June. The undisclosed amount of the new contract is the latest step for the US air force to move cutting-edge but hyped blockchain technology from the laboratory to the battlefield. According to a previous report, the U.S. Air Force said in February that it would test a blockchain based database. The licensed blockchain ledger comes from fluree PBC, a North Carolina start-up, which has announced a contract with the government.

3.2 International Policies

1. Bank of Korea Launches a Department Devoted to Blockchain and AI

Bank of Korea is launching a digital innovation department that will leverage blockchain and AI to improve business efficiency. The Bank plans to introduce a number of different technologies, such as artificial intelligence and blockchain, through the digital innovation department.The department will perform tasks such as implementing new digital technology policies and expanding the latest digital infrastructure. An official from Bank of Korea commented that: “We will improve work efficiency by applying minutes from meeting minutes to financial and economic indicator trends and foreign exchange audits with the technology introduced.”As previous report, the Bank of Korea was looking to use blockchain for bond market technology. This would allow the distribution of bond records among all participants. Korean ministries previously announced that they will allocate up to $3.2 million in funding to encourage blockchain innovation in the country.

2. Russian Lawmakers Finally Pass Country’s Major Crypto Bill

Russia’s newly passed crypto bill finally provides a legal status to crypto, but does not allow it to be used as a payment method. The State Duma — Russia’s legislative body — has passed a bill titled “On Digital Financial Assets” in its final third reading, local news agency Regnum reports July 22. Following the latest Duma’s decision, the bill “On Digital Financial Assets,” or DFA, is expected to be officially adopted in Russia on Jan. 1, 2021. The bill provides a legal definition to digital assets and legitimizes cryptocurrency trading in Russia. However, the bill prohibits the use of cryptocurrencies like Bitcoin as a payment method. While the DFA bill provides the foundation for Russia’s cryptocurrency legislation, the regulation of the industry will mainly be a part of a different bill. The latest report confirms the fact that the actual regulatory framework for crypto will be set out in the bill “On Digital Currency,” or DA.

3. Kazakhstan Needs National Crypto to Fight Corruption, Says Local Official

Kazakhstan’s digital tenge has the potential to provide “full transparency in movement of budgetary funds,” chairman at local anti-corruption service says. Alik Shpekbayev, chairman of Anti-corruption Agency of the Republic of Kazakhstan, reportedly said that national digital currencies like China’s digital yuan should contribute to a more transparent financial system. According to the official, an implementation of the national digital currency should inevitably reduce transactions in cash, which is one of major tools for illicit activity like bribery. Kazakhstan’s digital tenge has a potential to prevent corruption at the governmental level as it will provide “full transparency in movement of budgetary funds during public procurement,” Shpekbayev added.The official reportedly continued that the adoption of the national digital currency will allow to significantly reduce transaction costs. “As soon as the digital tenge is implemented successfully, we will be able to forget about transaction fees,” Shpekbayev reportedly argued.

4.Weekly Investment Activities

2 investments activities took place in the blockchain industry this week, SharpShark got strategic investment from NEM Ventures, Stafi got 0.6 million dollars in seed round investment.

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.

Contact Us:

E-mail:

huobiresearch@huobi.com

Jianshu:

火币区块链

Twitter:

Huobi_Research

https://twitter.com/Huobi_Research

Medium:

Huobi Research

https://medium.com/@huobiresearch

Facebook:

Huobi Research

https://www.facebook.com/Huobi-Research-655657764773922

Website:

http://research.huobi.cn/

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.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Huobi Research

Huobi Research

1.2K Followers

Blockchain industry top think tank, affiliated to Huobi Group.