Huobi Research Weekly (Vol.139) (2020.11.1–2020.11.8)

Abstract

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 10.30%, with 77 projects increased in value to varying degrees. According to coinmarketcap, as of November 8, 2020, the total market cap of cryptocurrencies was 446.2 billion U.S. dollars, increased of 10.30%, and the total market cap of the top 100 cryptocurrencies was 438.0 billion U.S. dollars, increased by 11.03% from last week. 3 cryptocurrency projects entered the top 100 this week, namely RUNE、SOL and DX. As of November 8, 2020, Bitcoin was traded at 15479.57USD, 12.72% higher than its price last week. Ethereum was traded at 453.55USD, 14.53% 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 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 decreased but Ethereum increased. BCH was the most active project on GitHub this week.

The average bitcoin Hashrate for the entire network reached 119.8EH/s, increased by 5.83% from the previous week.Average Hashrate for the entire Ethereum network was 264.91TH/s this week, increased by 0.72%. Average difficulty for mining Bitcoin this week was 16.78T, decreased by 16.06% from last week. The average difficulty of mining Ethereum this week was 3358.63TH, increased by 0.76% from that of previous week.

In network activity, the average size of each block was 1.36MB, increased by 6.25% from last week; there were on average 1855 transactions recorded in each block, decreased by 24.01% from the previous week. The average number of transactions per block in Ethereum this week was 173.2, increased by 4.21%. The average size of each block was 38850.00 bytes, increased by 2.84% compared to last week. Average transaction fees of Bitcoin this week was $7.669, decreased by 41.71% from last week. Average transaction fees of Ethereum this week was $1.713, incresead by 61.15%. The total number of Bitcoin addresses was 56369296 increased by 684891 (1.23%). Bitcoin cash was the most active project on GitHub this week, with 65 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, MSconnext got strategic investment from Future Capital, Terra Virtua got 2.5 million dollars in seed round investment from Woodstock,NGCVentures,AU21Capital etc.

1. Weekly Market Review

1.1 Market overview

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 10.30%, with 77 projects increased in value to varying degrees. According to coinmarketcap, as of November 8, 2020, the total market cap of cryptocurrencies was 446.2 billion U.S. dollars, increased of 10.30%, and the total market cap of the top 100 cryptocurrencies was 438.0 billion U.S. dollars, increased by 11.03% from last week, among which, AAVE had the largest increased of 77.45%, bringing its market cap ranking from №40 to №34, CELO had the largest decreased of -11.75%, bringing its market cap ranking from №59 to №67. In addition, there were 3 projects that entered TOP100, namely, DX (DxChain Token, increased 22.18%, Now №96), SOL (Solana, increased 35.08%, Now №91), RUNE (THORChain, increased 45.58%, Now №95). As of November 8, 2020, Bitcoin was traded at 15479.57USD, 12.72% higher than its price last week. Ethereum was traded at 453.55USD, 14.53% higher than its price last week.

The overall 24h trading volume increased this week. Overall, the 24h trading volume increased by 8.80% compared with the same period of last week. In this week, 67 of the top 100 projects increased in 24h trading volume, led by STX with a weekly increase of 754.98%; there were 33 projects decreased in their 24h trading volume, there were 16 projects that saw over 20% decrease in their 24h trading volume, while 6 projects fell by more than 50%, led by CVT, with a decreased of -61.56%.

The top 10 cryptocurrencies’ market value increased, the market share distribution remained stable. On November 8, 2020, the overall market cap of the top 10 cryptocurrencies was 392.2 billion USD, increased by 11.78% from last week, accounting for 87.89% of the total market capitalization of cryptocurrencies, increased by 1.17% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 64.31%, increased by 1.38% 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 Coin Project got the largest increase. As of November 8, 2020, the total market cap of coin projects reached 320.0 billion USD, increased by 11.75%. The average market cap of coin projects reached 7.27 billion USD, increased by 14.29%. The total market cap of platform projects reached 69.3 billion USD, increased by 12.54%. The average market cap of platform projects reached 2.56 billion USD, increased by 12.54%. The total market cap of application class projects reached 30.7 billion USD, increased by 5.28%. The average market cap of application class projects reached 1.23 billion USD, increased by 1.07%. The total market cap of asset-backed token projects reached 17.9 billion USD, increased by 3.45%. The average market cap of asset-backed token projects reached 4.47 billion USD, increased by 3.45%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of November 8,2020, among the top 100 projects, the number of coin class projects decrease 1, application class projects increase 1, platform class projects remain the same,and asset-backed token class remain the same.The largest overall market cap by segment was still coin projects, accounting for 73.05% 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 November 2, 2020- November 8, 2020, the average bitcoin Hashrate for the entire network reached 119.8EH/s, increased by 5.83% from the previous week.

Average Hashrate for the entire Ethereum network was 264.91TH/s this week, increased by 0.72%.

This week, the difficulty of mining Bitcoin decreased and Ethereum increased. As of November 8, 2020, average difficulty for mining Bitcoin this week was 16.78T, decreased by 16.06% from last week. The average difficulty of mining Ethereum this week was 3358.63TH, increased by 0.76% from that of previous week.

The number of blocks in Bitcoin increased by 27.00%,Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings had changed, the number of blocks decreased by 1.86%. In the past week, Bitcoin mined 969 blocks, increased by 27.00% from the previous week. Among the top five pools were F2Pool、Poolin、Huobi.pool 、AntPool 、BTC.com, these 5 pools mined 194、126、113、108 and 97 blocks respectively, accounting for 20.02%、13.00%、11.66%、11.15% and 10.01% of all Bitcoins mined this week. The Hashrate was 24.19EH/s、15.71EH/s、14.09EH/s、13.47EH/s and 12.10EH/s, respectively.

In the past week, Ethereum’s entire network mined 48529 blocks, decreased by 1.86% in the previous week. The top five pools were SparkPool, Ethermine, Zhizhu.top, F2pool, and Nanopool, each mined 12235、10417、4485、4296 and 2595 blocks respectively, accounting for 25.2117%、21.4655%、9.2419%、8.8524% and 5.3473% of all Ethereum mined this week, respectively.

2.2 Activity Statistics

The average number of transactions per block increased but the average block size of Bitcoin decreased. The average number of transactions per block increased and the average block size of Ethereum increased this week. According to blockchain.info, from November 2, 2020- November 8, 2020, the average size of each block was 1.36MB, increased by 6.25% from last week; there were on average 1855 transactions recorded in each block, decreased by 24.01% from the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 173.2, increased by 4.21%. The average size of each block was 38850.00 bytes, increased by 2.84% compared to last week.

Number of unconfirmed transactions in Bitcoin decreased by 80.56%. Number of unconfirmed transactions in Ethereum increased by 1.34% from the previous week. As of November 8, 2020, the number of 7-day average unconfirmed transactions in Bitcoin network was 11247, decreased by 80.56% from last week. There were 150575.28 unconfirmed transactions in the Ethereum network, increased by 1.34% from last week, with the lowest amount of unconfirmed transactions in the week being 96167 and the highest amount being 192620.

Total transaction fees of Bitcoin decreased but Ethereum increased. As of November 8, 2020, average transaction fees of Bitcoin this week was $7.669, decreased by 41.71% from last week. Average transaction fees of Ethereum this week was $1.713, incresead by 61.15%.

The average number of distinct miners per day in Ethereum not changed. From November 2, 2020- November 8, 2020, the average number of distinct miners per day in Ethereum this week was 59.1, as same as last week.

The number of nodes in Bitcoin increased ,The number of nodes in Ethereum increased this week. As of November 8, 2020, there were 11208 Bitcoin nodes, increased by 0.88% compared to last week, of which 1868 nodes were in the Germany, 1836 nodes were U.S, and 197 nodes were in China(№11), each accounting for 16.67% and 16.38% of the total number of Bitcoin nodes, respectively.

As of November 8, 2020, there were 9606 Ethereum nodes, increased by 9.85% from the previous week. Specifically, there were 2485 nodes in the U.S, 1406 nodes in China, and 1092 nodes in Germany, each accounting for 25.87%, 14.64%, 11.37% 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 November 8, 2020, the total number of Bitcoin addresses was 56369296 increased by 684891 (1.23%).

BCH was the most active project on GitHub this week. From November 1, 2020 — November 8, 2020, Bitcoin cash was the active project repository on GitHub with a total of 65 commits.

2.3 Community Activity Statistics

The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 952k, 626k and 178k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and TRON, with 1.1million , 975k, and 541k followers, respectively.

3. Weekly Blockchain News Review

3.1 Industrial Application

1. Russian Alfa-Bank joins HSBC-backed blockchain trade finance network

Alfa-Bank, one of the largest private commercial banks in Russia, has joined a blockchain trade finance network backed by HSBC.According to an official announcement on Nov. 3, Alfa-Bank is the first Russian bank to become a member of Contour — a blockchain platform connecting the world’s major financial institutions like HSBC, ING and Citi. The network allows bank customers to track the processing and modification of trade finance transactions and cut operational costs.Evgenia Fomina, head of the Alfa-Bank lending directorate, said that Contour-based pilots in the Russian market intend to improve the quality of cross-border transactions, stating:“The accession to the Contour platform and launch of the pilot projects on the Russian market will fine-tune the strategy of development of products for transborder transactions. Customer requests become more complex, and we are always seeking to offer the best solutions.”Formerly known as “Voltron,” Contour is focused on the process of drafting and issuing letters of credit using R3’s Corda blockchain.

2. UN drugs and crime wing advises Kenya to use blockchain against corruption

Blockchain technology can help countries like Kenya from losing billions of dollars to corruption, according to an official at the United Nations’ drugs and crime agency.David Robinson, the regional anti-corruption advisor at the UN’s Office on Drugs and Crime, believes that new technologies like blockchain will help Kenya combat government corruption and other economic crimes.According to Nation Media Group on Nov. 3, Robinson claimed that blockchain-based solutions can provide full traceability of transactions, protecting public registries from fraud and forgery. The official said:“Blockchain technology becomes attractive to the global community and international organizations because it is a tool that can be used to potentially prevent corruption and protect public registries from fraud and tampering.”Robinson said that technologies like blockchain are an important tool for increasing trust, as corruption represents a breach of the public trust.“Online trust became a key asset for transactions between strangers and building confidence in government,” he stated.

3. HSBC Bangladesh uses blockchain to import 20,000 tons of fuel oil from Singapore

The Bangladesh branch of global banking firm HSBC has conducted the country’s first blockchain-based letter of credit transaction on the Contour DLT platform.The transaction was used to settle the importation of 20,000 tonnes of fuel oil from United Group’s Singapore subsidiary United Mymensingh Power.HSBC Bangaladesh’s chief executive, Md Mahbub ur Rahman, described the transaction as showcasing the bank’s commitment “to supporting cross-border trade by Bangladeshi businesses using cutting-edge technology platforms.”“I believe this will usher in a new era of routing international trade transactions as businesses and governments recognize transparency, security and swiftness in performing tasks using blockchain technology.”Global payments service SWIFT estimated that Bangladeshi trades using letters of credit, or LCs, were worth more than $34 billion during the first half of 2020. By utilizing blockchain technology, the time taken to process the transaction was reduced from between five and 10 days to less than 24 hours.

3.2 International Policies

1. Gibraltar is now an observing member of the Global Blockchain Business Council

The Government of Gibraltar has announced its official appointment as an observing member of the Global Blockchain Business Council, or GBBC. It will be working alongside blockchain industry leaders from more than 50 countries.According to the announcement, Gibraltar expects to promote adoption across the British Overseas Territory and will consult widely to address topics such as regulation and education with business leaders and lawmakers to make the country a “friendly one for blockchain.”The GBBC was launched in Davos in 2017. Its philosophy is about “education, advocacy, and partnership” to strengthen blockchain adoption among member countries. Sandra Ro, CEO of the Global Blockchain Business Council, commented on the announcement:“The Global Blockchain Business Council welcomes the Government of Gibraltar into our global network as a GBBC Observing Member. We look forward to highlighting the important digital assets and blockchain technology work and innovation from Gibraltar as we advance global collaboration, adoption, and opportunities.”

2. South Korean financial watchdog will ban privacy coins from exchanges

According to a Nov. 3 announcement from South Korea’s Financial Services Commission, or FSC, virtual asset service providers within the country will no longer be able to handle any digital assets that present a high money laundering risk. These updates were made as part of the guidelines under the Special Payment Act — regulation which specifically covers the legality of cryptocurrencies in South Korea. The FIU specifically called out “dark coins”, which are privacy-oriented cryptocurrencies, for having transaction records that are reportedly difficult for the group to trace. This could potentially affect the usage of privacy coins such as Zcash (ZEC), Monero (XMR), and Dash (DASH).The financial watchdog’s amendments to the Special Payment Act are expected to be enforced starting in March 2021. The crypto bill calls for existing exchanges to employ sufficient Know Your Customer, or KYC, and anti-money laundering, or AML, policies. Exchanges must also report their operations within six months of the law’s implementation. In addition to not handling privacy coins, virtual asset service providers are required to confirm the real names of their customers by verifying them against personal data, such as national identity numbers.

3. Mongolia’s largest bank to offer crypto-related services

Mongolia’s largest bank will soon begin offering crypto services including custody, remittance, deposits, loans, and crypto-asset management.According to DDaily, blockchain company Hexland — founded by former Samsung developers — and white label tech company Delio havagreed to start working with the Ulaanbaatar-based Trade & Development Bank of Mongolia, or TDB Bank. It’s one of Mongolia’s oldest banks, with 50 branches across the nation, ranking second out of 17 Mongolian banks in terms of total assets.But the deal is not limited to the three parties aforementioned. The media outlet detailed that MDKI, a Mongolian mineral resource and blockchain company whose partners include crypto mining giant Bitfury, was also included in the agreement.Primarily, TDB Bank works with industrial clients. Its portfolio includes over 400 Mongolian companies, offering them services such as project loans, trade loans, financial consulting, among others.Hexland meanwhile provides services such as blockchain smart contract development and verification, as well as wallet development, among other solutions.

4.Weekly Investment Activities

2 investments activities took place in the blockchain industry this week, MSconnext got strategic investment from Future Capital, Terra Virtua got 2.5 million dollars in seed round investment from Woodstock,NGCVentures,AU21Capital etc.

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.

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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.

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.

Blockchain industry top think tank, affiliated to Huobi Group.

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Blockchain industry top think tank, affiliated to Huobi Group.

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