Huobi Research Weekly (Vol.144) (2020.12.7)-2020.12.13)

Abstract

This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 2.15%, with 76 projects decreased in value to varying degrees. According to coinmarketcap, as of December 13, 2020, the total market cap of cryptocurrencies was 559.0 billion U.S. dollars, decreased of 2.15%, and the total market cap of the top 100 cryptocurrencies was 552.5 billion U.S. dollars, decreased by 2.05% from last week. 2 cryptocurrency projects entered the top 100 this week, namely AVAX and CVT. As of December 13, 2020, Bitcoin was traded at 19142.38USD, 1.01% lower than its price last week. Ethereum was traded at 589.66USD, 1.95% lower than its price last week.

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

The average bitcoin Hashrate for the entire network reached 133.5EH/s, increased by 0.07% from the previous week.Average Hashrate for the entire Ethereum network was 285.17TH/s this week, increased by 0.06%. Average difficulty for mining Bitcoin this week was 19.15T, as same as last week. The average difficulty of mining Ethereum this week was 3625.31TH, increased by 0.29% from that of previous week.

In network activity, the average size of each block was 1.30MB, decreased by 2.99% from last week; there were on average 2238 transactions recorded in each block, increased by 14.07% from the previous week. The average number of transactions per block in Ethereum this week was 170.1, increased by 0.24%. The average size of each block was 40149.00 bytes, increased by 2.63% compared to last week. Average transaction fees of Bitcoin this week was $3.165, decreased by 32.44% from last week. Average transaction fees of Ethereum this week was $1.59, incresead by 7.29%. The total number of Bitcoin addresses was 61497483, increased by 721295 (1.19%). Chainlink was the most active project on GitHub this week, with 22 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, IPFSUNION got 0.1 billion yuan in A round investment from Industrial fund of Fuzhou high tech Zone, Lukka got C round investment from Street Corporation leading.

1. Weekly Market Review

This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 2.15%, with 76 projects decreased in value to varying degrees. According to coinmarketcap, as of December 13, 2020, the total market cap of cryptocurrencies was 559.0 billion U.S. dollars, decreased of 2.15%, and the total market cap of the top 100 cryptocurrencies was 552.5 billion U.S. dollars, decreased by 2.05% from last week, among which, AVAX had the largest increased of 190.60%, bringing its market cap ranking from №115 to №61, XRP had the largest decreased of -17.36%, bringing its market cap ranking from №3 to №3. In addition, there were 2 projects that entered TOP100, namely, AVAX (Avalanche, increased 190.60%, Now №61), CVT (CyberVein,increased 16.86%, Now №94). As of December 13, 2020, Bitcoin was traded at 19142.38USD, 1.01% lower than its price last week. Ethereum was traded at 589.66USD, 1.95% lower than its price last week.

The overall 24h trading volume decreased this week. Overall, the 24h trading volume decreased by 6.32% compared with the same period of last week. In this week, 37 of the top 100 projects increased in 24h trading volume, led by CEL with a weekly increase of 109.15%; there were 63 projects decreased in their 24h trading volume, there were 30 projects that saw over 20% decrease in their 24h trading volume, while 8 projects fell by more than 50%, led by ANT, with a decreased of -62.83%.

The top 10 cryptocurrencies’ market value decreased, the market share distribution remained stable. On December 13, 2020, the overall market cap of the top 10 cryptocurrencies was 494.6 billion USD, decreased by 2.11% from last week, accounting for 88.47% of the total market capitalization of cryptocurrencies, increased by 0.04% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 63.58%, increased by 0.73% 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 Application Project got the largest decrease. As of December 13, 2020, the total market cap of coin projects reached 395.4 billion USD, decreased by 1.02%. The average market cap of coin projects reached 8.59 billion USD, increased by 1.13%. The total market cap of platform projects reached 89.9 billion USD, decreased by 2.29%. The average market cap of platform projects reached 3.59 billion USD, decreased by 2.29%. The total market cap of application class projects reached 46.8 billion USD, decreased by 10.41%. The average market cap of application class projects reached 1.80 billion USD, decreased by 13.85%. The total market cap of asset-backed token projects reached 20.3 billion USD, increased by 0.49%. The average market cap of asset-backed token projects reached 6.78 billion USD, increased by 0.49%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of December 13, 2020, among the top 100 projects, the number of coin class projects decrease 1, application class projects increase 1, platform class projects and asset-backed token class remain the same.The largest overall market cap by segment was still coin projects, accounting for 71.57% 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 December 7, 2020- December 13, 2020, the average bitcoin Hashrate for the entire network reached 133.5EH/s, increased by 0.07% from the previous week.

Average Hashrate for the entire Ethereum network was 285.17TH/s this week, increased by 0.06%.

This week, the difficulty of mining Bitcoin not changed and Ethereum increased. As of December 13, 2020, average difficulty for mining Bitcoin this week was 19.15T, as same as last week. The average difficulty of mining Ethereum this week was 3625.31TH, increased by 0.29% from that of previous week.

The number of blocks in Bitcoin increased by 0.93%,Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings not changed, the number of blocks increased by 0.10%. In the past week, Bitcoin mined 980 blocks, increased by 0.93% from the previous week. Among the top five pools were F2Pool、Poolin、Binance Pool、Ant Pool、BTC.com, these 5 pools mined 182、126、118、102 and 95 blocks respectively, accounting for 18.57%、12.86%、12.04%、10.41% and 9.69% of all Bitcoins mined this week. The Hashrate was 24.76EH/s、17.14EH/s、16.05EH/s、13.88EH/s and 12.93EH/s, respectively.

In the past week, Ethereum’s entire network mined 48707 blocks, increased by 0.10% in the previous week. The top five pools were SparkPool, Ethermine, F2pool,Zhizhu.top, and Nanopool, each mined 12820、10632、4631、4067 and 2432 blocks respectively, accounting for 26.3207%、21.8285%、9.5079%、8.3499% and 4.9931% 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 December 7, 2020- December 13, 2020, the average size of each block was 1.30MB, decreased by 2.99% from last week; there were on average 2238 transactions recorded in each block, increased by 14.07% from the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 170.1, increased by 0.24%. The average size of each block was 40149.00 bytes, increased by 2.63% compared to last week.

Number of unconfirmed transactions in Bitcoin decreased by 65.34%. Number of unconfirmed transactions in Ethereum increased by 0.79% from the previous week. As of December 13, 2020, the number of 7-day average unconfirmed transactions in Bitcoin network was 2441, decreased by 65.34% from last week. There were 148605.53 unconfirmed transactions in the Ethereum network, increased by 0.79% from last week, with the lowest amount of unconfirmed transactions in the week being 107605 and the highest amount being 160478.

Total transaction fees of Bitcoin decreased but Ethereum increased. As of December 13, 2020, average transaction fees of Bitcoin this week was $3.165, decreased by 32.44% from last week. Average transaction fees of Ethereum this week was $1.59, incresead by 7.29%.

The average number of distinct miners per day in Ethereum increased. From December 7, 2020- December 13, 2020, the average number of distinct miners per day in Ethereum this week was 62.8, increased by 1.62% from last week.

The number of nodes in Bitcoin increased ,The number of nodes in Ethereum decreased this week. As of December 13, 2020, there were 11387 Bitcoin nodes, increased by 3.45% compared to last week, of which 1915 nodes were in the U.S, 1753 nodes were Germany, and 213 nodes were in China(№10), each accounting for 16.82%, 15.39% of the total number of Bitcoin nodes, respectively.

As of December 13, 2020, there were 11136 Ethereum nodes, decreased by 1.22% from the previous week. Specifically, there were 3157 nodes in the U.S, 1666 nodes in Germany, and 1230 nodes in China, each accounting for 28.35%, 14.96%, 11.05% 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 December 13, 2020, the total number of Bitcoin addresses was 61497483, increased by 721295 (1.19%).

LINK was the most active project on GitHub this week. From December 7, 2020 — December 13, 2020, Chainlink was the active project repository on GitHub with a total of 22 commits.

2.3 Community Activity Statistics

The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 951k, 625k and 180k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and TRON, with 1.1million , 996k, and 549k followers, respectively.

3. Weekly Blockchain News Review

1. Blockchain-powered Bordeaux? IBM announces wine supply chain tracing system

2. Thai tax collectors to streamline revenues with blockchain tech in 2021

3. LayerX will develop blockchain-based voting system using digital ID verification in Japan

3.2 International Policies

1. France moves to ban anonymous crypto accounts to prevent money laundering

2. Venezuela ramps up Bitcoin payments for imports from Iran and Turkey

3. Standard Chartered to launch institutional-grade crypto custody 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.

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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