Huobi Research Weekly (Vol.147) (2020.12.28–2021.1.3)

Abstract

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 21.01%, with 81 projects increased in value to varying degrees. According to coinmarketcap, as of January 3, 2021, the total market cap of cryptocurrencies was 877.0 billion U.S. dollars, increased of 21.01%, and the total market cap of the top 100 cryptocurrencies was 865.1 billion U.S. dollars, increased by 24.74% from last week. 4 cryptocurrency projects entered the top 100 this week, namely BAND、HOT、NXM and GNO. As of January 3, 2021, Bitcoin was traded at 32782.02USD, 24.82% higher than its price last week. Ethereum was traded at 975.51USD, 43.02% 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 but the average block size of Ethereum decreased this week.The average transaction fees of Bitcoin increased and Ethereum increased. STORJ was the most active project on GitHub this week.

The average bitcoin Hashrate for the entire network reached 143.3EH/s, increased by 6.78% from the previous week.Average Hashrate for the entire Ethereum network was 294.85TH/s this week, increased by 2.17%. Average difficulty for mining Bitcoin this week was 18.59T, decreased by 0.43% from last week. The average difficulty of mining Ethereum this week was 3744.22TH, increased by 2.34% from that of previous week.

In network activity, the average size of each block was 1.40MB, increased by 1.45% from last week; there were on average 1968 transactions recorded in each block, decreased by 1.60% from the previous week. The average number of transactions per block in Ethereum this week was 182.4, increased by 3.52%. The average size of each block was 43180.14 bytes, decreased by 3.95% compared to last week. Average transaction fees of Bitcoin this week was $8.24, increased by 28.29% from last week. Average transaction fees of Ethereum this week was $5.132, incresead by 77.95% from last week. The total number of Bitcoin addresses was 63652587, increased by 689709 (1.10%). Storj was the most active project on GitHub this week, with 8 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, Luxor got 0.1 million dollars in seed round investment , OpenLand got strategic investment from Genesis capital..

1. Weekly Market Review

1.1 Market overview

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 21.01%, with 81 projects increased in value to varying degrees. According to coinmarketcap, as of January 3, 2021, the total market cap of cryptocurrencies was 877.0 billion U.S. dollars, increased of 21.01%, and the total market cap of the top 100 cryptocurrencies was 865.1 billion U.S. dollars, increased by 24.74% from last week, among which, DOGE had the largest increased of 115.01%, bringing its market cap ranking from №42 to №26, GRT had the largest decreased of -25.10%, bringing its market cap ranking from №45 to №57. In addition, there were 4 projects that entered TOP100, namely, GNO (Gnosis, increased 18.34%, Now №100), BAND (Band Protocol, increased 24.45%, Now №94), HOT (Holo, increased 27.92%, Now №98), NXM (Nexus Mutual, increased 46.13%, Now №86). As of January 3, 2021, Bitcoin was traded at 32782.02USD, 24.82% higher than its price last week. Ethereum was traded at 975.51USD, 43.02% higher than its price last week.

The overall 24h trading volume increased this week. Overall, the 24h trading volume increased by 26.46% compared with the same period of last week. In this week, 70 of the top 100 projects increased in 24h trading volume, led by SC with a weekly increase of 2948.61%; there were 30 projects decreased in their 24h trading volume, there were 14 projects that saw over 20% decrease in their 24h trading volume, while 4 projects fell by more than 50%, led by STX, with a decreased of -99.31%.

The top 10 cryptocurrencies’ market value increased, the market share distribution remained stable. On January 3, 2021, the overall market cap of the top 10 cryptocurrencies was 797.5 billion USD, increased by 25.91% from last week, accounting for 90.93% of the total market capitalization of cryptocurrencies, increased by 3.54% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 69.48%, increased by 2.12% 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 Platform Project got the largest increase. As of January 3, 2021, the total market cap of coin projects reached 669.1 billion USD, increased by 24.89%. The average market cap of coin projects reached 13.6 billion USD, increased by 22.34%. The total market cap of platform projects reached 139.0 billion USD, increased by 37.74%. The average market cap of platform projects reached 5.15 billion USD, increased by 27.53%. The total market cap of application class projects reached 35.1 billion USD, decreased by 1.57%. The average market cap of application class projects reached 1.67 billion USD, increased by 12.50%. The total market cap of asset-backed token projects reached 21.8 billion USD, increased by 3.06%. The average market cap of asset-backed token projects reached 7.27 billion USD, increased by 3.06%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of January 3, 2021, among the top 100 projects, the number of coin class projects increase 1, application class projects decrease 2, platform class projects increase 2 and asset-backed token class remain the same.The largest overall market cap by segment was still coin projects, accounting for 77.34% 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 December 28, 2020- January 3, 2021, the average bitcoin Hashrate for the entire network reached 143.3EH/s, increased by 6.78% from the previous week.

Average Hashrate for the entire Ethereum network was 294.85TH/s this week, increased by 2.17%.

This week, the difficulty of mining Bitcoin decreased and Ethereum increased. As of January 3, 2021, average difficulty for mining Bitcoin this week was 18.59T, decreased by 0.43% from last week. The average difficulty of mining Ethereum this week was 3744.22TH, increased by 2.34% from that of previous week.

The number of blocks in Bitcoin increased by 11.30%,Top 5 rankings not changed. The overall distribution of the Ethereum mining pools rankings not changed, the number of blocks increased by 0.07%. In the past week, Bitcoin mined 1093 blocks, increased by 11.30% from the previous week. Among the top five pools were F2Pool、Binance Pool、BTC.com、Poolin、AntPool, these 5 pools mined 206、128、115、107 and 101 blocks respectively, accounting for 18.85%、11.71%、10.52%、9.79% and 9.24% of all Bitcoins mined this week. The Hashrate was 27.29EH/s、16.69EH/s、15.24EH/s、14.18EH/s and 13.38EH/s, respectively.

In the past week, Ethereum’s entire network mined 48968 blocks, increased by 0.07% in the previous week. The top five pools were SparkPool, Ethermine, F2pool,Zhizhu.top, and Nanopool, each mined 11642、10322、4605、3900 and 2454 blocks respectively, accounting for 23.7747%、21.0791%、9.4041%、7.9644% and 5.0114% of all Ethereum mined this week, respectively.

2.2 Activity Statistics

The average number of transactions per block decreased but the average block size of Bitcoin increased. The average number of transactions per block increased but the average block size of Ethereum decreased this week. According to blockchain.info, from December 28, 2020- January 3, 2021, the average size of each block was 1.40MB, increased by 1.45% from last week; there were on average 1968 transactions recorded in each block, decreased by 1.60% from the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 182.4, increased by 3.52%. The average size of each block was 43180.14 bytes, decreased by 3.95% compared to last week.

Number of unconfirmed transactions in Bitcoin increased by 99.69%. Number of unconfirmed transactions in Ethereum decreased by 2.93% from the previous week. As of January 3, 2021, the number of 7-day average unconfirmed transactions in Bitcoin network was 21680, increased by 99.69% from last week. There were 149141.09 unconfirmed transactions in the Ethereum network, decreased by 2.93% from last week, with the lowest amount of unconfirmed transactions in the week being 93850 and the highest amount being 170687.

Total transaction fees of Bitcoin increased and Ethereum increased. As of January 3, 2021, average transaction fees of Bitcoin this week was $8.24, increased by 28.29% from last week. Average transaction fees of Ethereum this week was $5.132, incresead by 77.95% from last week.

The average number of distinct miners per day in Ethereum decreased. From December 28, 2020- January 3, 2021, the average number of distinct miners per day in Ethereum this week was 58.2, decreased by 2.02% from last week.

The number of nodes in Bitcoin increased ,The number of nodes in Ethereum icreased this week. As of January 3, 2021, there were 11286 Bitcoin nodes, increased by 0.11% compared to last week, of which 1992 nodes were in the U.S, 1807 nodes were Germany, and 176 nodes were in China(№11), each accounting for 17.65%, 16.01% of the total number of Bitcoin nodes, respectively.

As of January 3, 2021, there were 10224 Ethereum nodes, increased by 6.61% from the previous week. Specifically, there were 2831 nodes in the U.S, 1590 nodes in Germany, and 1099 nodes in China, each accounting for 27.69%, 15.55%, 10.75% 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 January 3, 2021, the total number of Bitcoin addresses was 63652587, increased by 689709 (1.10%).

STORJ was the most active project on GitHub this week. From December 28, 2020 — January 3, 2021, Storj was the active project repository on GitHub with a total of 8 commits.

2.3 Community Activity Statistics

The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 950k, 625k and 183k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and TRON, with 1.2million , 1million, and 556k followers, respectively.

3. Weekly Blockchain News Review

3.1 Industrial Application

1. Simplex partners with Visa to issue crypto debit cards

Over 200 Simplex partner companies can now offer crypto debit cards to their customers, potentially enabling greater adoption of cryptocurrencies for retail transactions.The development is the result of a recent partnership between Simplex and Visa announced Monday. Simplex, a fiat-to-crypto on-ramp service is now a principal member of Visa in Europe.A Simplex spokesperson explained to Cointelegraph that the partnership is mainly a boost for the company’s business-to-business activities. “The principal membership is what enables us to roll this out to our partner network, basically giving any Simplex partner the ability to offer a crypto or fiat Visa card.”For Simplex founder and CEO Nimrod Lehavi, the Visa partnership is an important step in the company’s plans of enabling greater access to digital currencies.

2. Bringing carbon emissions reporting into the new age via blockchain

Blockchain for supply chain management is one of the most practical business applications for large, multi-party sectors seeking trust and transparency across daily operations. As such, the mining and metals sector has now started to leverage blockchain technology to effectively track carbon emissions across complex, global supply chains. This month, the World Economic Forum launched a proof-of-concept to trace carbon emissions across the supply chains of seven mining and metals firms. Known as the Mining and Metals Blockchain Initiative, or MMBI, this is a collaboration between the WEF and industry companies including Anglo American, Antofagasta Minerals, Eurasian Resources Group, Glencore, Klöckner & Co., Minsur, and Tata Steel.Jörgen Sandström, head of the WEF’s Mining and Metals Industry, told Cointelegraph that the distributed nature of blockchain technology makes it the perfect solution for companies within the sector looking to trace carbon emissions:“Forward-thinking organizations in the mining and metals space are starting to understand the disruptive potential of blockchain to solve pain points, while also recognizing that the industry-wide collaboration around blockchain is necessary. According to Sandström, many blockchain projects intended to support responsible sourcing have been bilateral, resulting in a fractured system. However, this new initiative from the WEF is driven entirely by the mining and metals industry and aims to demonstrate blockchain’s full potential to track carbon emissions across the entire value chain.

3. Las Vegas luxury auto dealership rakes in Bitcoin payments

A luxury auto dealership in Nevada has reported a steady increase in Bitcoin (BTC) payments, a testament to the bull market currently underway as more investors convert their holdings into high-end sports cars. Vegas Auto Gallery, whose inventory includes makes and models from Aston Martin, Bentley, Ferrari and Lamborghini, recently sold two high-end sports cars to customers who paid more than $6 million in BTC. As the Wall Street Journal reports, owner Nick Dossa says that roughly 3% to 5% of the dealership’s revenue comes from Bitcoin transactions.The dealership isn’t accepting Bitcoin payments outright, but through BitPay, a third-party payment provider. BitPay transactions settle BTC payments in U.S. dollars upon receipt. In the case of Vegas Auto Gallery, a 1% fee is applied to all Bitcoin purchases, which is equivalent to BitPay’s transaction fee.

3.2 International Policies

1. Amid inflation woes, Turkey announces CBDC tests planned for 2021

As the country struggles with soaring consumer prices and an inflation rate in the double digits, in an announcement to members of Turkey’s Parliament central bank governor Naci Agbal revealed that “conceptual” research had been completed on a Turkish central bank digital currency (CBDC), and that practical tests for such a currency would begin in the latter half of 2021.“There is an R&D project initiated on digital money,” said Agbal, according to two local outlets. “Currently the conceptual phase of this project has been completed. We aim to start pilot tests in the second half of 2021.” The progress on a CBDC comes as the country’s central bank grapples with inflation as high as 14%. Agbal — who was appointed as the central bank’s head just last month — that the bank is “determined” to lower inflation and meet a year-end target of 9.4%.Turkey has previously been reported to be among the most active countries in the world for cryptocurrency, with 20% of the population holding digital money.

2. Serbia Legalizes Digital Assets Trading and Issuance

the Serbian government will now permit the issuance and trading of digital assets and related services under a law that went into effect Dec. 29. Under the new specifications, digital asset service providers in Serbia can operate after “obtaining permission from the supervisory authority.” The country’s Securities Commission and the National Bank of Serbia (NBS) are tasked with supervision and applying the law. With the new rules, digital assets can be issued in Serbia with or without an approved white paper, though an asset with an unapproved white paper cannot be advertised in the country and there are limitations on the amount of such assets that can be distributed. When it comes to trading, digital asset exchanges will need licenses to operate, according to the new law. Secondary trading of digital assets issued in Serbia (with an approved white paper), over-the-counter (OTC) trading and use of smart contracts in secondary trading are also allowed.

3. Japanese Internet Giant Licensed to Issue First JPY-Pegged Stablecoin in New York

The New York Department of Financial Services has issued a trust charter to GMO-Z.com Trust Company, allowing it to “issue, administer and redeem” Japanese yen (JPY)- and U.S. dollar-pegged stablecoins in New York.The regulated JPY-pegged stablecoin will be the first of its kind available to the public.GMO is a Tokyo-based internet conglomerate and said it is the world’s largest online FX trading platform.The charter makes GMO one of only 27 companies licensed in New York to engage in virtual currency activities.“We’re breaking ground with our move to issue the first regulated JPY-pegged stablecoin, which many see as a safe-haven asset,” said Ken Nakamura, president and CEO of GMO-Z.com Trust Company, in a statement.

4.Weekly Investment Activities

2 investments activities took place in the blockchain industry this week, Luxor got 0.1 million dollars in seed round investment , OpenLand got strategic investment from Genesis capital.

Huobi Research

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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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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.

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