Huobi Research Weekly (Vol.145) (2020.12.14)-2020.12.20)

Abstract

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 19.31%, with 76 projects increased in value to varying degrees. According to coinmarketcap, as of December 20, 2020, the total market cap of cryptocurrencies was 667.0 billion U.S. dollars, increased of 19.31%, and the total market cap of the top 100 cryptocurrencies was 650.9 billion U.S. dollars, increased by 17.80% from last week. 1 cryptocurrency projects entered the top 100 this week, namely BNT. As of December 13, 2020, Bitcoin was traded at 23477.3USD, 22.69% higher than its price last week. Ethereum was traded at 638.29USD, 8.34% higher than its price last week.

The hashrate of Bitcoin decreased and Ethereum decreased by this week. This week, the difficulty of mining Bitcoin decreased and the difficulty of mining Ethereum decreased. 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 increased and Ethereum increased. PIVX was the most active project on GitHub this week.

The average bitcoin Hashrate for the entire network reached 131.8EH/s, decreased by 1.27% from the previous week.Average Hashrate for the entire Ethereum network was 282.28TH/s this week, decreased by 1.01%. Average difficulty for mining Bitcoin this week was 18.67T, decreased by 2.51% from last week. The average difficulty of mining Ethereum this week was 3585.61TH, decreased by 1.10% from that of previous week.

In network activity, the average size of each block was 1.27MB, decreased by 2.31% from last week; there were on average 2392 transactions recorded in each block, increased by 6.88% from the previous week. The average number of transactions per block in Ethereum this week was 187.7, increased by 10.35%. The average size of each block was 40948.85 bytes, increased by 1.99% compared to last week. Average transaction fees of Bitcoin this week was $8.155, increased by 157.66% from last week. Average transaction fees of Ethereum this week was $2.76, incresead by 73.58%. The total number of Bitcoin addresses was 62245572, increased by 748089 (1.22%). PIVX was the most active project on GitHub this week, with 40 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, Maple Finance got 1.3 million dollars in seed round investment from Framework Ventures,FTX etc., Ferrari got strategic investment from BK Capital.

1. Weekly Market Review

1.1 Market overview

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 19.31%, with 76 projects increased in value to varying degrees. According to coinmarketcap, as of December 20, 2020, the total market cap of cryptocurrencies was 667.0 billion U.S. dollars, increased of 19.31%, and the total market cap of the top 100 cryptocurrencies was 650.9 billion U.S. dollars, increased by 17.80% from last week, among which, CHSB had the largest increased of 108.27%, bringing its market cap ranking from №100 to №70, AMPL had the largest decreased of -17.49%, bringing its market cap ranking from №63 to №71. In addition, there were 1 projects that entered TOP100, namely, BNT (Bancor, increased 26.45%, Now №100). As of December 13, 2020, Bitcoin was traded at 23477.3USD, 22.69% higher than its price last week. Ethereum was traded at 638.29USD, 8.34% higher than its price last week.

The overall 24h trading volume increased this week. Overall, the 24h trading volume increased by 59.20% compared with the same period of last week. In this week, 83 of the top 100 projects increased in 24h trading volume, led by CHSB with a weekly increase of 1920.57%; there were 15 projects decreased in their 24h trading volume, there were 5 projects that saw over 20% decrease in their 24h trading volume, while 1 projects fell by more than 50%, led by AMPL, with a decreased of -55.90%.

The top 10 cryptocurrencies’ market value increased, the market share distribution remained stable. On December 20, 2020, the overall market cap of the top 10 cryptocurrencies was 588.2 billion USD, increased by 18.92% from last week, accounting for 88.19% of the total market capitalization of cryptocurrencies, decreased by 0.29% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 65.38%, increased by 1.80% 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 December 20, 2020, the total market cap of coin projects reached 482.8 billion USD, increased by 22.10%. The average market cap of coin projects reached 10.2 billion USD, increased by 19.50%. The total market cap of platform projects reached 97.3 billion USD, increased by 8.25%. The average market cap of platform projects reached 3.89 billion USD, increased by 8.25%. The total market cap of application class projects reached 49.8 billion USD, increased by 6.59%. The average market cap of application class projects reached 1.99 billion USD, increased by 10.85%. The total market cap of asset-backed token projects reached 20.8 billion USD, increased by 2.25%. The average market cap of asset-backed token projects reached 6.93 billion USD, increased by 2.25%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of December 20, 2020, among the top 100 projects, the number of coin class projects increase 1, application class projects decrease 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 74.18% 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 and Ethereum decreased by this week. From December 14, 2020- December 20, 2020, the average bitcoin Hashrate for the entire network reached 131.8EH/s, decreased by 1.27% from the previous week.

Average Hashrate for the entire Ethereum network was 282.28TH/s this week, decreased by 1.01%.

This week, the difficulty of mining Bitcoin decreased and Ethereum decreased. As of December 20, 2020, average difficulty for mining Bitcoin this week was 18.67T, decreased by 2.51% from last week. The average difficulty of mining Ethereum this week was 3585.61TH, decreased by 1.10% from that of previous week.

The number of blocks in Bitcoin increased by 5.71%,Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings not changed, the number of blocks decreased by 0.59%. In the past week, Bitcoin mined 1036 blocks, increased by 5.71% from the previous week. Among the top five pools were F2Pool、Ant Pool、Poolin、Binance Pool、Huobi.pool, these 5 pools mined 177、121、109、103 and 103 blocks respectively, accounting for 17.08%、11.68%、10.52%、9.94% and 9.94% of all Bitcoins mined this week. The Hashrate was 23.53EH/s、16.08EH/s、14.49EH/s、13.69EH/s and 13.69EH/s, respectively.

In the past week, Ethereum’s entire network mined 48516 blocks, decreased by 0.59% in the previous week. The top five pools were SparkPool, Ethermine, F2pool,Zhizhu.top, and Nanopool, each mined 13241、10444、4394、3670 and 2422 blocks respectively, accounting for 27.2920%、21.5269%、9.0568%、7.5645% and 4.9922% 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 14, 2020- December 20, 2020, the average size of each block was 1.27MB, decreased by 2.31% from last week; there were on average 2392 transactions recorded in each block, increased by 6.88% from the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 187.7, increased by 10.35%. The average size of each block was 40948.85 bytes, increased by 1.99% compared to last week.

Number of unconfirmed transactions in Bitcoin increased by 1325.60%. Number of unconfirmed transactions in Ethereum increased by 0.14% from the previous week. As of December 20, 2020, the number of 7-day average unconfirmed transactions in Bitcoin network was 34799, increased by 1325.60% from last week. There were 148810.33 unconfirmed transactions in the Ethereum network, increased by 0.14% from last week, with the lowest amount of unconfirmed transactions in the week being 90213 and the highest amount being 166156.

Total transaction fees of Bitcoin increased and Ethereum increased. As of December 20, 2020, average transaction fees of Bitcoin this week was $8.155, increased by 157.66% from last week. Average transaction fees of Ethereum this week was $2.76, incresead by 73.58%.

The average number of distinct miners per day in Ethereum decreased. From December 14, 2020- December 20, 2020, the average number of distinct miners per day in Ethereum this week was 62.4, decreased by 0.64% from last week.

The number of nodes in Bitcoin increased ,The number of nodes in Ethereum decreased this week. As of December 20, 2020, there were 11426 Bitcoin nodes, increased by 0.34% compared to last week, of which 1970 nodes were in the U.S, 1788 nodes were Germany, and 210 nodes were in China(№11), each accounting for 17.24%, 15.65% of the total number of Bitcoin nodes, respectively.

As of December 20, 2020, there were 9999 Ethereum nodes, decreased by 10.21% from the previous week. Specifically, there were 2815 nodes in the U.S, 1433 nodes in Germany, and 1118 nodes in China, each accounting for 28.15%, 14.33%, 11.18% 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 20, 2020, the total number of Bitcoin addresses was 62245572, increased by 748089 (1.22%).

PIVX was the most active project on GitHub this week. From December 14, 2020 — December 20, 2020, PIVX was the active project repository on GitHub with a total of 40 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 181k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and TRON, with 1.1million , 1million, and 550k followers, respectively.

3. Weekly Blockchain News Review

3.1 Industrial Application

1. WEF tests tracking carbon emissions with blockchain technology

The World Economic Forum is progressing with its blockchain-based project tracking of greenhouse gas emissions.According to a announcement, the WEF’s Mining and Metals Blockchain Initiative, or MMBI, has released a proof-of-concept to trace carbon emissions for mining and metals firms. The initiative is a collaboration between the WEF and seven industry companies: Anglo American, Antofagasta Minerals, Eurasian Resources Group, Glencore, Klöckner & Co, Minsur, and Tata Steel.The project was initially announced in October 2019, aiming to build responsible sourcing and sustainability practices using blockchain. The initiative aims to accelerate an industry solution for supply chain visibility and promote environmental, social and governance requirements using blockchain. As part of the successful completion of the proof of concept, the MMBI introduced a new carbon tracing platform known as the COT. The platform is using distributed ledger technology to track carbon emissions, ensuring traceability of emissions from the mine to the final product.

2. New partnership turns up the volume in crowded blockchain-backed music space

Today, a freshly-announced partnership between the music-focused blockchain protocol Utopia Genesis Foundation and digital securities issuance platform STOKR makes it clear that the two companies are looking to heat up competition in the increasingly crowded blockchain-backed music space.In a press release from Utopia Genesis, the company laid out a series of ways that the collaboration would help artists tokenize and securitize their work, as well as allow listeners access to unique investment vehicles. The release says that Utopia Genesis’ partnership with STOKR “will allow artists and owners of the music to tokenize assets and create equity or debt instruments for crowdfunding the launch of albums, collectibles, merchandise and more,” as well as enable artists and music owners “to sell fractional ownership of their work’s revenue stream with the community.” With this partnership, we are bringing open transparency into the music industry and setting the tone for how tech can help solve many of the industry’s challenges. Daniele Sestagalli, Chief Strategy Officer at Utopia Genesis,said.

3. French Fashion Brand Adds Blockchain Tracking to Clothes Made From Ocean Plastic

True Tribe, a fashion brand that creates clothing out of discarded fishing nets and other plastic detritus from the world’s oceans, has gone live with its first garments to be tracked on a blockchain.France’s True Tribe has partnered with supply chain tracker SUKU, an Ethereum-based protocol developed by California-based Citizens Reserve. SUKU provides a mobile app with QR codes and lots of provenance data pertaining to the recycled clothing. The flagship blockchain-tracked batch was shipped last month to Browns Fashion on London’s swanky South Molton Street. True Tribe founder and CEO Alexandre Sundberg explained that a pair of swim shorts (the top-selling recycled item) are crafted out of 145 grams of used fishing nets, which are collected by NGOs such as Healthy Seas, a collective of divers in the Mediterranean, Adriatic and North seas.

3.2 International Policies

1. Italian Banca Generali to debut crypto services next year

Major Italian private bank, Banca Generali, is planning to introduce cryptocurrency services in 2021. According to a Dec. 15 announcement, Banca Generali has entered a corporate and commercial partnership with Conio — a fintech company providing traditional financial institutions with solutions for managing digital assets including wallets and custody. Banca Generali will also acquire a stake in Conio to support the company’s growth and the distribution of its products as part of the Bank’s range of digital services offered to its customers. As such, the bank has participated in Conio’s share capital increase of $14 million.Founded back in 2015, Conio claims to be the first Bitcoin (BTC) wallet from Italy. The firm has developed a proprietary custodial technology targeting institutions like banks. In the past, Conio has partnered up with major fintech banking platforms like Hype and Nexi Open Banking.

2. Sweden is studying a potential transition to the e-krona CBDC

The Swedish government is progressing with its central bank digital currency, or CBDC, by launching a formal review of a potential transition to the digital currency.According to a Bloomberg report published Friday, the review will explore the feasibility of moving the country’s payments infrastructure to a digital currency. The country features one of the most cashless economies in the world.Sweden’s financial markets minister, Per Bolund, reportedly said that the government expects to complete the digital currency review by the end of November 2022. Anna Kinberg Batra — a former chairwoman of the finance committee at Sweden’s central bank, Riksbank — would lead the initiative.Bolund emphasized that it is crucial to ensure that the digital payments system in the country functions in a safe way and is “available to everybody.” “Depending on how a digital currency is designed and which technologies are used, it can have large consequences for the entire financial system,” the minister said.

3. Bank of France’s Deputy Governor Discusses CBDC Progress, Regulatory Changes

Bank of France Deputy Governor Denis Beau, speaking Thursday at the Paris Blockchain Summit, discussed the progress being made with the central bank digital currency (CBDC) and touched upon possible regulatory changes and the legal framework. The bank is currently analyzing whether tokenization can help with cross-border payments, which Beau describes as being “costly, incur long delays before settlement, and give rise to uncertainties” on anti-money laundering checks.In his remarks, Beau said:“Upcoming CBDC experiments — there will be eight of them — will help us to investigate not only the potential of technology but also to question the players in the ecosystem on what tomorrow’s landscape could look like, on subjects as fundamental as the methods of exchanging financial instruments for CBDCs, the improvement of the conditions for executing cross-border payments or new ways of making CBDCs available to financial sector players. In turn, these experiments will lead us to assess whether the regulatory framework currently in force needs to be adapted since we are carrying out these experiments within the current legal framework.”

4.Weekly Investment Activities

2 investments activities took place in the blockchain industry this week, Maple Finance got 1.3 million dollars in seed round investment from Framework Ventures,FTX etc., Ferrari got strategic investment from BK 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.

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.

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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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