Huobi Research Weekly (Vol.136) (2020.10.12–2020.10.18)

Abstract

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 0.47%, with 34 projects increased in value to varying degrees. According to coinmarketcap, as of October 18, 2020, the total market cap of cryptocurrencies was 360.1 billion U.S. dollars, increased of 0.47%, and the total market cap of the top 100 cryptocurrencies was 352.2 billion U.S. dollars, increased by 0.71% from last week. 3 cryptocurrency projects entered the top 100 this week, namely NMR、GNT and RSR. As of October 18, 2020, Bitcoin was traded at 11504.01USD, 1.17% higher than its price last week. Ethereum was traded at 379.06USD, 1.40% 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 but the difficulty of mining Ethereum decreased. The average number of transactions per block decreased and the average block size of Bitcoin decreased. The average number of transactions per block increased but the average block size of Ethereum decreased this week.The average transaction fees of Bitcoin decreased and Ethereum decreased. BCH was the most active project on GitHub this week.

The average bitcoin Hashrate for the entire network reached 144.3EH/s, increased by 1.83% from the previous week.Average Hashrate for the entire Ethereum network was 262.66TH/s this week, increased by 1.81%. Average difficulty for mining Bitcoin this week was 19.52T, increased by 1.19% from last week. The average difficulty of mining Ethereum this week was 3312.66TH, decreased by 0.19% from that of previous week.

In network activity, the average size of each block was 1.03MB, decreased by 20.77% from last week; there were on average 1752 transactions recorded in each block, decreased by 16.05% from the previous week. The average number of transactions per block in Ethereum this week was 170.1, increased by 5.39%. The average size of each block was 37371.00 bytes, decreased by 0.39% compared to last week. Average transaction fees of Bitcoin this week was $1.463, decreased by 49.24% from last week. Average transaction fees of Ethereum this week was $0.905, decresead by 44.14%. The total number of Bitcoin addresses was 55030303 increased by 359307 (0.66%). Bitcoin Cash was the most active project on GitHub this week, with 49 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, Archax got 8 million dollars in seed investment from Alameda Research,Amnis Ventures,Hudson Capital etc., Boardroom got angel investment from tandard Crypto leading.

1. Weekly Market Review

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 0.47%, with 61 projects increased in value to varying degrees. According to coinmarketcap, as of October 18, 2020, the total market cap of cryptocurrencies was 360.1 billion U.S. dollars, increased of 0.47%, and the total market cap of the top 100 cryptocurrencies was 352.2 billion U.S. dollars, increased by 0.71% from last week, among which, UNI had the largest increased of 101.71%, bringing its market cap ranking from №49 to №31, LEND had the largest decreased of -72.18%, bringing its market cap ranking from №31 to №67. In addition, there were 3 projects that entered TOP100, namely, GNT (Golem, decreased 1.29%, Now №96), NMR (Numeraire, increased 5.58%, Now №95), RSR (Reserve Rights, increased 31.04%, Now №86). As of October 18, 2020, Bitcoin was traded at 11504.01USD, 1.17% higher than its price last week. Ethereum was traded at 379.06USD, 1.40% higher than its price last week.

The overall 24h trading volume decreased this week. Overall, the 24h trading volume decreased by 12.24% compared with the same period of last week. In this week, 25 of the top 100 projects increased in 24h trading volume, led by BAT with a weekly increase of 171.73%; there were 72 projects decreased in their 24h trading volume, there were 52 projects that saw over 20% decrease in their 24h trading volume, while 16 projects fell by more than 50%, led by LEND, with a decreased of -92.33%.

The top 10 cryptocurrencies’ market value increased, the market share distribution remained stable. On October 18, 2020, the overall market cap of the top 10 cryptocurrencies was 305.9 billion USD, increased by 1.08% from last week, accounting for 84.95% of the total market capitalization of cryptocurrencies, increased by 0.51% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 59.15%, increased by 0.40% 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 October 18, 2020, the total market cap of coin projects reached 244.3 billion USD, increased by 0.93%. The average market cap of coin projects reached 5.55 billion USD, increased by 3.22%. The total market cap of platform projects reached 60.8 billion USD, increased by 0.70%. The average market cap of platform projects reached 2.17 billion USD, decreased by 2.89%. The total market cap of application class projects reached 30.5 billion USD, decreased by 1.02%. The average market cap of application class projects reached 1.27 billion USD, decreased by 1.02%. The total market cap of asset-backed token projects reached 16.4 billion USD, increased by 0.69%. The average market cap of asset-backed token projects reached 4.11 billion USD, increased by 0.69%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of October 18, 2020 among the top 100 projects, the number of coin class projects decrease 1, application class projects remain the same, platform class projects increase 1,and asset-backed token class remain the same.The largest overall market cap by segment was still coin projects, accounting for 69.37% 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 October 12, 2020- October 18, 2020, the average bitcoin Hashrate for the entire network reached 144.3EH/s, increased by 1.83% from the previous week.

Average Hashrate for the entire Ethereum network was 262.66TH/s this week, increased by 1.81%.

This week, the difficulty of mining Bitcoin increased but Ethereum decreased. As of October 18, 2020, average difficulty for mining Bitcoin this week was 19.52T, increased by 1.19% from last week. The average difficulty of mining Ethereum this week was 3312.66TH, decreased by 0.19% from that of previous week.

The number of blocks in Bitcoin increased by 3.92%,Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings remain the same, the number of blocks increased by 3.43%. In the past week, Bitcoin mined 1060 blocks, increased by 3.92% from the previous week. Among the top five pools were F2Pool、BTC.com、Poolin、AntPool 、Huobi.pool , these 5 pools mined 178、161、138、118 and 92 blocks respectively, accounting for 16.79%、15.19%、13.02%、11.13% and 8.68% of all Bitcoins mined this week. The Hashrate was 24.50EH/s、22.16EH/s、19.00EH/s、16.24EH/s and 12.66EH/s, respectively.

In the past week, Ethereum’s entire network mined 49417 blocks, increased by 3.43% in the previous week. The top five pools were SparkPool, Ethermine, ,F2pool, Zhizhu.top, and Nanopool, each mined 11777、10709、4787、4194 and 2756 blocks respectively, accounting for 23.8319%、21.6707%、9.6869%、8.4870% and 5.5770% 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 increased but the average block size of Ethereum decreased this week. According to blockchain.info, from October 12, 2020- October 18, 2020, the average size of each block was 1.03MB, decreased by 20.77% from last week; there were on average 1752 transactions recorded in each block, decreased by 16.05% from the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 170.1, increased by 5.39%. The average size of each block was 37371.00 bytes, decreased by 0.39% compared to last week.

Number of unconfirmed transactions in Bitcoin increased by 580.17%. Number of unconfirmed transactions in Ethereum decreased by 0.45% from the previous week. As of October 18, 2020, the number of 7-day average unconfirmed transactions in Bitcoin network was 17494, increased by 580.17% from last week. There were 145661.94 unconfirmed transactions in the Ethereum network, decreased by 5.79% from last week, with the lowest amount of unconfirmed transactions in the week being 29512 and the highest amount being 167833.

Total transaction fees of Bitcoin decreased and Ethereum decreased. As of October 18, 2020, average transaction fees of Bitcoin this week was $1.463, decreased by 49.24% from last week. Average transaction fees of Ethereum this week was $0.905, decresead by 44.14%.

The average number of distinct miners per day in Ethereum decreased by 2.24% from last week. From October 12, 2020- October 18, 2020, the average number of distinct miners per day in Ethereum this week was 56.8, decreased by 2.24% from last week.

The number of nodes in Bitcoin increased ,The number of nodes in Ethereum increased this week. As of October 18, 2020, there were 10701 Bitcoin nodes, increased by 0.63% compared to last week, of which 1860 nodes were in the Germany, 1827 nodes were U.S, and 201 nodes were in China(№11), each accounting for 17.38% and 17.07% of the total number of Bitcoin nodes, respectively.

As of October 18, 2020, there were 8754 Ethereum nodes, increased by 2.02% from the previous week. Specifically, there were 2289 nodes in the U.S, 1321 nodes in China, and 952 nodes in Germany, each accounting for 26.15%, 15.09%, 10.88% 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 18, 2020, the total number of Bitcoin addresses was 55030303 increased by 359307 (0.66%).

BCH was the most active project on GitHub this week. From October 12, 2020 — October 18, 2020, Bitcoin Cash was the active project repository on GitHub with a total of 49 commits.

2.3 Community Activity Statistics

The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 954k, 626k and 178k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and TRON, with 1.1million , 973k, and 539k followers, respectively.

3. Weekly Blockchain News Review

1. Agriculture giants team up on blockchain platform to track grains in Brazil

2. IBM blockchain powers new app to help firms reopen amid pandemic

3. Germany looks to blockchain to help decentralize their energy economy

3.2 International Policies

1. Korean blockchain lobby calls for crypto tax plan to be put on ice

2. The Bahamas central bank wants to make its digital ‘Sand Dollar’ global

3. Bank of Japan to begin digital currency proof-of-concept in 2021

4.Weekly Investment Activities

Huobi Research

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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