Huobi Research Weekly (Vol.150) (2021.1.18–2021.1.24)

Abstract

This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 3.41%, with 49 projects decreased in value to varying degrees. According to coinmarketcap, as of January 24, 2021, the total market cap of cryptocurrencies was 976.1 billion U.S. dollars, decreased of 3.41%, and the total market cap of the top 100 cryptocurrencies was 949.7 billion U.S. dollars, decreased by 4.39% from last week. 3 cryptocurrency projects entered the top 100 this week, namely ENJ、AR and MANA. As of January 24, 2021, Bitcoin was traded at 32289.38USD, 9.75% lower than its price last week. Ethereum was traded at 1391.61USD, 13.22% higher than its price last week.

The hashrate of Bitcoin decreased but Ethereum increased by this week. This week, the difficulty of mining Bitcoin increased and the difficulty of mining Ethereum increased. The average number of transactions per block decreased and the average block size of Bitcoin decreased. The average number of transactions per block decreased but 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 144.3EH/s, decreased by 5.69% from the previous week. Average Hashrate for the entire Ethereum network was 333.48TH/s this week, increased by 2.57%. Average difficulty for mining Bitcoin this week was 20.73T, increased by 0.63% from last week. The average difficulty of mining Ethereum this week was 4233.12TH, increased by 2.69% from that of previous week.

In network activity, the average size of each block was 1.29MB, decreased by 2.27% from last week; there were on average 1969 transactions recorded in each block, decreased by 6.15% from the previous week. the average number of transactions per block in Ethereum this week was 182.4, decreased by 0.60%. The average size of each block was 43692.85 bytes, increased by 2.12% compared to last week. Average transaction fees of Bitcoin this week was $8.058, decreased by 23.84% from last week. Average transaction fees of Ethereum this week was $6.899, incresead by 7.31% from last week. The total number of Bitcoin addresses was 65568257, increased by 644400 (0.99%). Bitcoin cash was the most active project on GitHub this week, with 58 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 Ethereum.

2 investments activities took place in the blockchain industry this week, ArtGee Network got seed round investment from Digital Renaissance Foundation、Conflux Technologies、IMO Ventures, Nayms got 1.5 million pounds in seed round investment from XBTO leading.

1. Weekly Market Review

1.1 Market overview

This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 3.41%, with 49 projects decreased in value to varying degrees. According to coinmarketcap, as of January 24, 2021, the total market cap of cryptocurrencies was 976.1 billion U.S. dollars, decreased of 3.41%, and the total market cap of the top 100 cryptocurrencies was 949.7 billion U.S. dollars, decreased by 4.39% from last week, among which, CELO had the largest increased of 93.67%, bringing its market cap ranking from №83 to №59, VGX had the largest decreased of -20.14%, bringing its market cap ranking from №84 to №95. In addition, there were 3 projects that entered TOP100, namely, AR (Arweave, increased 31.01%, Now №97), MANA (Decentraland, increased 59.79%, Now №86), ENJ (Enjin Coin, increased 82.00%, Now №80). As of January 24, 2021, Bitcoin was traded at 32289.38USD, 9.75% lower than its price last week. Ethereum was traded at 1391.61USD, 13.22% higher than its price last week.

The overall 24h trading volume decreased this week. Overall, the 24h trading volume decreased by 7.48% compared with the same period of last week. In this week, 32 of the top 100 projects increased in 24h trading volume, led by HUSD with a weekly increase of 612.57%; there were 68 projects decreased in their 24h trading volume, there were 43 projects that saw over 20% decrease in their 24h trading volume, while 16 projects fell by more than 50%, led by EWT, with a decreased of -66.80%.

The top 10 cryptocurrencies’ market value decreased, the market share distribution remained stable. On January 24, 2021, the overall market cap of the top 10 cryptocurrencies was 858.6 billion USD, decreased by 5.11% from last week, accounting for 87.96% of the total market capitalization of cryptocurrencies, decreased by 1.58% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 61.56%, decreased by 4.33% 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 24, 2021, the total market cap of coin projects reached 677.7 billion USD, decreased by 8.68%. The average market cap of coin projects reached 13.2 billion USD, decreased by 6.89%. The total market cap of platform projects reached 195.3 billion USD, increased by 10.71%. The average market cap of platform projects reached 8.88 billion USD, increased by 15.75%. The total market cap of application class projects reached 50.8 billion USD, increased by 2.58%. The average market cap of application class projects reached 2.12 billion USD, decreased by 5.97%. The total market cap of asset-backed token projects reached 25.6 billion USD, increased by 2.48%. The average market cap of asset-backed token projects reached 8.54 billion USD, increased by 2.48%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of January 24, 2021, among the top 100 projects, the number of coin class projects decrease 1, application class projects increase 2, platform class projects decrease 1 and asset-backed token class remain the same.The largest overall market cap by segment was still coin projects, accounting for 71.37% 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

2.1 Cryptocurrency Mining Statistics

The hashrate of Bitcoin decreased but Ethereum increased by this week. From January 18, 2021- January 24, 2021, the average bitcoin Hashrate for the entire network reached 144.3EH/s, decreased by 5.69% from the previous week.

Average Hashrate for the entire Ethereum network was 333.48TH/s this week, increased by 2.57%.

This week, the difficulty of mining Bitcoin increased and Ethereum increased. As of January 24, 2021, average difficulty for mining Bitcoin this week was 20.73T, increased by 0.63% from last week. The average difficulty of mining Ethereum this week was 4233.12TH, increased by 2.69% from that of previous week.

The number of blocks in Bitcoin decreased by 3.27%,Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings not changed, the number of blocks increased by 0.39%. In the past week, Bitcoin mined 1006 blocks, decreased by 3.27% from the previous week. Among the top five pools were F2Pool、Poolin、Binance Pool、BTC.com、AntPool, these 5 pools mined 172、155、116、105 and 94 blocks respectively, accounting for 17.10%、15.41%、11.53%、10.44% and 9.34% of all Bitcoins mined this week. The Hashrate was 25.33EH/s、22.83EH/s、17.09EH/s、15.47EH/s and 13.85EH/s, respectively.

In the past week, Ethereum’s entire network mined 48877 blocks, increased by 0.39% in the previous week. The top five pools were SparkPool, Ethermine, F2pool,Zhizhu.top, and Nanopool, each mined 12168、10006、5459、3675 and 2372 blocks respectively, accounting for 24.8951%、20.4718%、11.1689%、7.5189% and 4.8530% 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 decreased but the average block size of Ethereum increased this week. According to blockchain.info, from January 18, 2021- January 24, 2021, the average size of each block was 1.29MB, decreased by 2.27% from last week; there were on average 1969 transactions recorded in each block, decreased by 6.15% from the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 182.4, decreased by 0.60%. The average size of each block was 43692.85 bytes, increased by 2.12% compared to last week.

Number of unconfirmed transactions in Bitcoin decreased by 51.55%. Number of unconfirmed transactions in Ethereum decreased by 2.39% from the previous week. As of January 17, 2021, the number of 7-day average unconfirmed transactions in Bitcoin network was 20116, decreased by 51.55% from last week. There were 154466.03 unconfirmed transactions in the Ethereum network, decreased by 2.39% from last week, with the lowest amount of unconfirmed transactions in the week being 90373 and the highest amount being 178897`.

Total transaction fees of Bitcoin decreased but Ethereum increased. As of January 24, 2021, average transaction fees of Bitcoin this week was $8.058, decreased by 23.84% from last week. Average transaction fees of Ethereum this week was $6.899, incresead by 7.31% from last week.

The average number of distinct miners per day in Ethereum increased. From January 18, 2021- January 24, 2021, the average number of distinct miners per day in Ethereum this week was 56.0, increased by 5.46% from last week.

The number of nodes in Bitcoin increased ,The number of nodes in Ethereum decreased this week. As of January 24, 2021, there were 12061 Bitcoin nodes, increased by 3.36% compared to last week, of which 2031 nodes were in the U.S, 1868 nodes were Germany, and 243 nodes were in China(№9), each accounting for 16.84%, 15.49% and 2.01% of the total number of Bitcoin nodes, respectively.

As of January 24, 2021, there were 11475 Ethereum nodes, increased by 4.08% from the previous week. Specifically, there were 3141 nodes in the U.S, 1762 nodes in Germany, and 1084 nodes in China, each accounting for 27.37%, 15.36%, 9.45% 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 24, 2021, the total number of Bitcoin addresses was 65568257, increased by 644400 (0.99%).

BCH was the most active project on GitHub this week. From January 18, 2021 — January 24, 2021, Bitcoin cash was the active project repository on GitHub with a total of 58 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 187k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and Ethereum, with 1.2million , 1million, and 606k followers, respectively.

3. Weekly Blockchain News Review

3.1 Industrial Application

1. Brave private browser integrates IPFS support to desktop version

Brave Browser, a popular blockchain-enabled web browser, has integrated native support of InterPlanetary File System, or IPFS, to strengthen the access to the decentralized web.According to an announcement, Brave has integrated IPFS into its desktop web browser for Windows, macOS and Linux, enabling users to install the protocol in a couple of clicks.IPFS is a peer-to-peer hypermedia protocol designed to make the web faster, safer, and more open. The protocol aims to supplement or possibly even replace the Hypertext Transfer Protocol, or HTTP, which is a major client-based protocol used to transfer web pages across a network. In the announcement, Brave pinpointed some crucial issues associated with HTTP:“The underlying protocol of the web today is HTTP, which dictates where power exists in those applications. HTTP puts publishers in complete control of service availability and data access, making end users passive receivers instead of having agency in the relationship.”

2. Ford, BMW back blockchain ‘birth certificates’ to combat used car fraud

The Mobility Open Blockchain Initiative, or MOBI, a non-profit consortium of the world’s top vehicle manufacturers including Ford and BMW, has launched an initiative to combat fraud in the secondhand markets with blockchain-powered “birth certificates.”The initiative will leverage blockchain to track the registration and maintenance history of vehicles using MOBI’s second vehicle identification standard, “VID II.” The system will help reduce fraud in the used vehicle markets, with an announcement stating: “Vehicle registration on blockchain allows formerly disconnected vehicle registration systems between states and countries to connect using a secure, shared, and trusted ledger. Maintenance traceability will provide a tamper-proof history to buyers, regulators, and insurers, therefore reducing vehicle information asymmetry. MOBI’s VID II working group is co-chaired by BMW and Ford, with Honda, IBM, Hitachi America, and Quantstamp also supporting the initiative, among others.

3. UK health service to use blockchain to monitor COVID-19 vaccine storage

Public distributed ledger network Hedera Hashgraph is being used by a United Kingdom-based digital asset tracking provider called Everyware to provide the country’s National Health Service with a system for managing its COVID-19 vaccine storage.Several of the widely-used COVID-19 vaccines being administered at present require ultra-cold storage conditions in order to remain effective, presenting a significant challenge for public and private health services around the world. To ensure that COVID-19 vaccine maintenance can be securely and transparently monitored by participants in the distribution process in the U.K., Everyware will provide several NHS facilities with its asset tracking and monitoring software, using the Hedera Consensus Service as a secure, distributed trust layer. The Hedera base layer provides a verifiable timestamp and ordering of events across the vaccine supply chain and allows healthcare facilities to securely share data with other participants involved in the vaccine delivery chain — among them pharmaceutical providers, centralized storage facilities, and transportation companies.

3.2 International Policies

1. Sweden is working with DLT for its CBDC proof-of-concept

Central Bank Digital Currencies, or CBDCs, were the talk of the town for many in crypto and banking in 2020, with Sweden’s prospective e-krona one of the frontrunners. Sweden’s central bank, Sveriges Riksbank, is investigating distributed ledger technology, or DLT, for its CBDC proof-of-concept, the bank’s deputy governor confirmed today. “The technology we use is the DLT called Corda,” Cecilia Skingsley, the deputy governor of Sweden’s central bank, said on Wednesday during a CfC St. The Riksbank teamed up with blockchain consulting outfit Accenture in late 2019 for its CBDC endeavors. The bank has put in slightly more than 12 months of work on its e-krona proof-of-concept, Skingsley noted.

2. Dubai financial regulator working on regulations for cryptocurrencies

The Dubai Financial Services Authority, the financial regulatory agency for the special economic zone, the Dubai International Financial Centre, is looking to enhance local cryptocurrency-related regulations.The DFSA is planning to introduce a regulatory framework for diverse digital assets as part of its 2021–2022 business plan released on Jan. 18.According to the DFSA, the upcoming crypto framework will further expand the DFSA’s regulation of digital asset issuers and associated trading platforms. The framework will include a number of digital asset types like tokenized securities and cryptocurrencies like Bitcoin (BTC):“We will build upon recent achievements in this space over the business planning period through developing a regulatory regime for digital assets (such as tokenised securities and crypto-currencies), having already implemented regulations supporting various innovative business models.”

3. Huobi Korea scores certification from Korea Internet and Security Agency

The South Korean arm of global crypto giant Huobi has acquired an ISMS certification to comply with the upcoming Special Payment Act. According to an announcement on Jan. 18, the Korea Internet and Security Agency, or KISA, has granted Huobi Korea an information security management system, or ISMS, certification. The ISMS certification will provide Huobi Korea with a comprehensive management system to ensure security and compliance with the Special Payment Act — new legislation requiring local crypto businesses to report transactions in line with revised Know Your Customer and Anti-Money Laundering policies. Specifically, exchanges must report the real names of their users to the Korean Financial Intelligence Unit in addition to verifying them against personal data, such as resident registration numbers. The Special Payment Act will come into force in March 2021.Park Si-deok, CEO of Huobi Korea, said that the acquisition of ISMS will further strengthen the company’s position as a provider of institutional-level crypto services. As previously reported, Huobi Korea officially launched trading in March 2018.

4.Weekly Investment Activities

2 investments activities took place in the blockchain industry this week, ArtGee Network got seed round investment from Digital Renaissance Foundation、Conflux Technologies、IMO Ventures, Nayms got 1.5 million pounds in seed round investment from XBTO leading.

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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