Huobi Research Weekly (Vol.134) 2020.9.28–2020.10.4)

Abstract

This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 2.07%, with 68 projects decreased in value to varying degrees. According to coinmarketcap, as of October 4, 2020, the total market cap of cryptocurrencies was 342.5 billion U.S. dollars, decreased of 2.07%, and the total market cap of the top 100 cryptocurrencies was 332.3 billion U.S. dollars, decreased by 1.55% from last week. 15 cryptocurrency projects entered the top 100 this week, namely DX、QNT、AVAX、NANO、ANT、STX、OXT、BAL、RVN、AR、CKB、LUNA、AMPL、BCD and MANA. As of October 4, 2020, Bitcoin was traded at 10724.99USD, 0.43% lower than its price last week. Ethereum was traded at 354.95USD, 0.58% lower than its price last week.

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

The average bitcoin Hashrate for the entire network reached 135.5EH/s, decreased by 0.88% from the previous week. Average Hashrate for the entire Ethereum network was 252.12TH/s this week, increased by 0.08%. Average difficulty for mining Bitcoin this week was 19.31T, as same as last week. The average difficulty of mining Ethereum this week was 3256.25TH, increased by 2.28% from that of previous week.

In network activity, the average size of each block was 1.32MB, increased by 0.76% from last week; there were on average 2059 transactions recorded in each block, increased by 11.84% from the previous week. The average number of transactions per block in Ethereum this week was 160.7, decreased by 2.43%. The average size of each block was 37275.7 bytes, decreased by 2.12% compared to last week. Average transaction fees of Bitcoin this week was $2.443, increased by 51.27% from last week. Average transaction fees of Ethereum this week was $2.02, decresead by 10.14%. The total number of Bitcoin addresses was 54381298 increased by 278258 (0.51%). Chainlink was the most active project on GitHub this week, with 27 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, Taishan capital got strategic investment from Houda Song, Fompound got strategic investment from Crypto Venture Capital、Bkex Capital and S.Capital.

1. Weekly Market Review

1.1 Market overview

This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 2.07%, with 68 projects decreased in value to varying degrees. According to coinmarketcap, as of October 4, 2020, the total market cap of cryptocurrencies was 342.5 billion U.S. dollars, decreased of 2.07%, and the total market cap of the top 100 cryptocurrencies was 332.3 billion U.S. dollars, decreased by 1.55% from last week, among which, CEL had the largest increased of 45.95%, bringing its market cap ranking from №71 to №51, YFI had the largest decreased of -37.14%, bringing its market cap ranking from №27 to №34. In addition, there were 15 projects that entered TOP100, namely, AVAX (Avalanche, decreased 14.08%, Now №98), OXT (Orchid, decreased 9.98%, Now №99), RVN (Ravencoin, decreased 8.00%, Now №100), CKB (Nervos Network, decreased 6.91%, Now №96),NANO (Nano, decreased 6.71%, Now №92), DX (DxChain Token, decreased 5.18%, Now №89), MANA (Decentraland, decreased 4.85%, Now №86), LUNA (Terra, decreased 3.24%, Now №84), BCD (Bitcoin Diamond, decreased 2.12%, Now №93), STX (Blockstack, increased 1.95%, Now №97), ANT (Aragon, increased 5.45%, Now №83), AMPL (Ampleforth, increased 6.66%, Now №95), QNT (Quant, increased 7.76%, Now №90), BAL (Balancer, increased 10.10%, Now №85), AR (Arweave, increased 23.74%, Now №70). As of October 4, 2020, Bitcoin was traded at 10724.99USD, 0.43% lower than its price last week. Ethereum was traded at 354.95USD, 0.58% lower than its price last week.

The overall 24h trading volume decreased this week. Overall, the 24h trading volume increased by 76.61% compared with the same period of last week. In this week, 48 of the top 100 projects increased in 24h trading volume, led by MANA with a weekly increase of 375.73%; there were 51 projects decreased in their 24h trading volume, there were 28 projects that saw over 20% decrease in their 24h trading volume, while 8 projects fell by more than 50%, led by ENJ, with a decreased of -78.35%.

The top 10 cryptocurrencies’ market value decreased, the market share distribution remained stable. On October 4, 2020, the overall market cap of the top 10 cryptocurrencies was 286.8billion USD, decreased by 0.31% from last week, accounting for 83.74% of the total market capitalization of cryptocurrencies, increased by 1.47% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 57.95%, increased by 0.95% from last week.

1.2 Segment Analysis

Among TOP 100 cryptocurrency project segments, the total market cap of Application Project got the largest decrease. The average market cap of Coin Project got the largest decrease. As of October 4, 2020, the total market cap of coin projects reached 228.0 billion USD, decreased by 0.78%. The average market cap of coin projects reached 5.06 billion USD, decreased by 7.40%. The total market cap of platform projects reached 57.7 billion USD, decreased by 2.71%. The average market cap of platform projects reached 2.13 billion USD, increased by 4.49%. The total market cap of application class projects reached 30.1 billion USD, decreased by 6.49%. The average market cap of application class projects reached 1.25 billion USD, decreased by 2.59%. The total market cap of asset-backed token projects reached 16.3 billion USD, increased by 1.66%. The average market cap of asset-backed token projects reached 4.09 billion USD, increased by 1.66%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of October 4, 2020 among the top 100 projects, the number of coin class projects increase 3, application class projects decrease 1, platform class projects decrease 2,and asset-backed token class remain the same.The largest overall market cap by segment was still coin projects, accounting for 68.62% 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 decreased but Ethereum increased by this week. From September 28, 2020- October 4, 2020, the average bitcoin Hashrate for the entire network reached 135.5EH/s, decreased by 0.88% from the previous week.

Average Hashrate for the entire Ethereum network was 252.12TH/s this week, increased by 0.08%.

This week, the difficulty of mining Bitcoin remain the same and Ethereum increased. As of October 4, 2020, average difficulty for mining Bitcoin this week was 19.31T, as same as last week. The average difficulty of mining Ethereum this week was 3256.25TH, increased by 2.28% from that of previous week.

The number of blocks in Bitcoin decreased by 1.38%,Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings remain the same, the number of blocks increased 3.18%. In the past week, Bitcoin mined 997 blocks, decreased by 1.38% from the previous week. Among the top five pools were BTC.com、F2Pool、Poolin、Huobi.pool 、AntPool, these 5 pools mined 153、148、127、109 and 95 blocks respectively, accounting for 15.35%、14.84%、12.74%、10.93% and 9.53% of all Bitcoins mined this week. The Hashrate was 20.95EH/s、20.26EH/s、17.39EH/s、14.92EH/s and 13.01EH/s, respectively.

In the past week, Ethereum’s entire network mined 47779 blocks, increased 3.18% from the previous week. The top five pools were SparkPool, Ethermine, ,F2pool, Zhizhu.top, and Nanopool, each mined 11045、10227、4734、4029 and 2649 blocks respectively, accounting for 23.1169%、21.4048%、9.9081%、8.4326% and 5.6385% of all Ethereum mined this week, respectively.

2.2 Activity Statistics

The average number of transactions per block increased and the average block size of Bitcoin increased. The average number of transactions per block decreased and the average block size of Ethereum decreased this week. According to blockchain.info, from September 28, 2020- October 4, 2020, the average size of each block was 1.32MB, increased by 0.76% from last week; there were on average 2059 transactions recorded in each block, increased by 11.84% from the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 160.7, decreased by 2.43%. The average size of each block was 37275.7 bytes, decreased by 2.12% compared to last week.

Number of unconfirmed transactions in Bitcoin decreased by 89.06%. Number of unconfirmed transactions in Ethereum decreased by 0.93% from the previous week. As of October 4, 2020, the number of 7-day average unconfirmed transactions in Bitcoin network was 617, decreased by 89.06% from last week. There were 155300.58 unconfirmed transactions in the Ethereum network, decreased by 0.93% from last week, with the lowest amount of unconfirmed transactions in the week being 116498 and the highest amount being 179142.

Total transaction fees of Bitcoin increased but Ethereum decreased. As of October 4, 2020, average transaction fees of Bitcoin this week was $2.443, increased by 51.27% from last week. Average transaction fees of Ethereum this week was $2.02, decresead by 10.14%.

The average number of distinct miners per day in Ethereum increased by 5.34% from last week. From September 28, 2020- October 4, 2020, the average number of distinct miners per day in Ethereum this week was 59.2, increased by 5.34% from last week.

The number of nodes in Bitcoin increased ,The number of nodes in Ethereum decreased this week. As of October 4, 2020, there were 10603 Bitcoin nodes, increased by 1.27% compared to last week, of which 1871 nodes were in the Germany, 1831 nodes were U.S, and 189 nodes were in China(№11), each accounting for 17.65% and 17.27% of the total number of Bitcoin nodes, respectively.

As of October 4, 2020, there were 8729 Ethereum nodes, decreased by 2.02% from the previous week. Specifically, there were 2273 nodes in the U.S, 1148 nodes in China, and 968 nodes in Germany, each accounting for 26.04%, 13.15%, 11.09% 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 October 4, 2020, the total number of Bitcoin addresses was 54381298 increased by 278258 (0.51%).

LINK was the most active project on GitHub this week. From September 28, 2020 — October 4, 2020, Chainlink was the active project repository on GitHub with a total of 27 commits.

2.3 Community Activity Statistics

The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 955k, 625k and 178k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and TRON, with 1.1million , 970k, and 537k followers, respectively.

3. Weekly Blockchain News Review

3.1 Industrial Application

1. Government investment firm develops blockchain health passport in Singapore

In a pandemic era of unprecedented health data collection and surveillance, Singapore is turning to blockchain technology for the infrastructure that can make it work. Government-owned investment firm SGInnovate and Singaporean startup Accredify have jointly developed a new blockchain-powered digital health passport, according to a report on Sept. 30.Development work on the application, which allows personal medical data to be stored in a blockchain-secured digital wallet, began in May. A successful pilot in July showed that the app was capable of managing and verifying digitized healthcare documents — including COVID-19 discharge memos, swab results, immunity proof, and vaccination records — more than 1.5 million times.For the pilot, the health passport app was introduced as a new feature in the Singapore Manpower Ministry’s FWMOMCARE app. The latter is a mobile application which was launched in May to help monitor and report migrant workers’ daily health status during the pandemic. The company underscored the key advantages of blockchain technology in the field of healthcare data, insofar as it offers greater transparency, security and privacy for managing sensitive documents.

2. Blockchain technology now powers a privacy-focused security camera

The new camera from IoTeX reportedly features a private key for access and end-to-end encryption of all data. IoTeX, a privacy-focused platform for the Internet of Things, has partnered with camera manufacturer Tenvis Technology to offer Ucam, an indoor security camera powered by blockchain technology.Head of business development at IoTeX Larry Pang told Cointelegraph that Ucam users can access their camera data through a decentralized system and log in with an “uncrackable” password. The camera or a user’s mobile phone handles all the computing, meaning decryption occurs on the devices, letting users control their own data.“A private key is used to end-to-end encrypt all the data,” said Pang. “We need to have technology that guarantees our privacy and our ownership instead of terms and conditions and policies.”The system was designed to avoid the type of data and security breaches that have haunted many companies behind internet-based surveillance cameras.

3. Samsung’s new blockchain pilots are all about transparently tracking medicine

Samsung SDS will conduct a series of pilot projects in November to test blockchain-powered medicine distribution management. The goal of these tests is to guarantee transparency in the process of tracking pharmaceutical drugs.According to Yankup, the IT branch of Samsung Group announced the pilot programs, named “Disruptive innovation technology for tracking drug distribution history,” at the BioPharma Cold Chain Logistics session in Seoul, South Korea.Officials from Samsung SDS also said that they’ve received “several” participation applications for the pilots from unnamed pharmaceutical firms, distributors, and even medical institutions in South Korea.Lee Eun-young, senior researcher at Samsung SDS, stated that the pilots will last between three and six months, commenting:”Through the drug distribution history management service, it is possible to comply with regulations and innovate business by implementing product-specific history management, real-time distribution history tracking, and automatic reporting functions.”During the announcement, Samsung’s IT branch said that the pilots would consist of an IoT-linked temperature history tracking service, which will be implemented along with automatic history management for incoming and outgoing goods. This has been chosen “to minimize handwritten input,” verify returns, and collections with the support of a secure database.

3.2 International Policies

1. Venezuela trials ‘decentralized stock exchange’ that’s open to the world

Venezuela’s National Securities Superintendency has given the go-ahead for a 90-day pilot of a crypto-powered “decentralized stock exchange” in the country that aims to have a global reach despite international sanctions. The exchange is known as BDVE and its website claims that the platform comprises “the first decentralized stock exchange in the world.” It highlights that users will be able to access the exchange “from anywhere in the world” and “without restrictions.” Both fiat currencies and “alternative digital assets” will be traded on BDVE.“[BDVE] represents a new and innovative segment of the stock market, which, with the use of new information and communication technologies, provides the investor with security and control over its financial assets.”The local securities watchdog will determine whether the exchange will be granted a license to continue trading after the 90-day trial is over.The platform’s operating manual notes that the securities traded on the platform will comprise ERC-223 or ERC-721 tokens, or a third “packable” token. While the document does not contain the word Ethereum, use of the popular Ethereum (ETH) token standards suggests that the platform may be built on Ethereum.

2. Australian government’s digital business plan includes $5M for blockchain

The Australian government this week unveiled its $574 million Digital Business Plan that includes seven-figure grants for distributed ledger technology initiatives. Announced by Prime Minister Scott Morrison ahead of next week’s Federal Government budget, the plan outlines $4.95 million in support for “two blockchain pilots directed at reducing business compliance costs.” Morrison said:“The plan supports Australia’s economic recovery by removing out-dated regulatory barriers, boosting the capability of small businesses, and backs the uptake of technology across the economy.” National Blockchain Lead Chloe White from the Department of Industry, Science, Energy, and Resources called the direct funding “a huge win for Australian blockchain today” adding that it “is the biggest investment the Government has made in the sector.”

3. New Zealand’s tax authority grills companies for info on crypto users

New Zealand businesses must now submit information on their clients’ digit asset usage to the country’s tax regulator, the Inland Revenue Department, or IRD. The governing body said it wants to get a better grasp on the crypto scene in the country and determine an applicable tax framework for the asset class, according to a statement reported by Radio New Zealand, or RNZ. In addition to specifics around crypto usage, the IRD will also request associated client information, RNZ wrote. Janine Grainger, co-founder of New Zealand-based crypto exchange Easy Crypto, expressed displeasure with the IRD’s move, noting the industry’s focus on privacy. Even so, she agreed to follow the agency’s demand, bound by legal requirement, according to her comments to RNZ.”While many people might think ‘I have nothing to hide therefore, what do I care?’ the point of privacy isn’t to aid people who have something to hide, it’s to ensure we have a fair, open, and free society,” she told the media outlet.

4.Weekly Investment Activities

2 investments activities took place in the blockchain industry this week, Taishan capital got strategic investment from Houda Song, Fompound got strategic investment from Crypto Venture Capital、Bkex Capital and S.Capital.

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.

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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.

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Blockchain industry top think tank, affiliated to Huobi Group.

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