Huobi Research Weekly (Vol.154) (2021.2.22–2021.28)

Abstract

This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 1.43%, with 60 projects increased in value to varying degrees. According to coinmarketcap, as of February 28, 2021, the total market cap of cryptocurrencies was 1406.6 billion U.S. dollars, decreased of 1.43%, and the total market cap of the top 100 cryptocurrencies was 1354.8 billion U.S. dollars, decreased by 7.82% from last week. 6 cryptocurrency projects entered the top 100 this week, namely TFUEL、XVS、FLOW、NPXS、UST and HOT. As of February 28, 2021, Bitcoin was traded at 45137.77USD, 7.29% lower than its price last week. Ethereum was traded at 1416.05USD, 21.42% 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 decreased and the average block size of Bitcoin decreased. The average number of transactions per block decreased and the average block size of Ethereum decreased this week. The average transaction fees of Bitcoin decreased and Ethereum decreased. BTC was the most active project on GitHub this week.

The average bitcoin Hashrate for the entire network reached 154.4EH/s, increased by 0.78% from the previous week.Average Hashrate for the entire Ethereum network was 411.13TH/s this week, increased by 2.67%. Average difficulty for mining Bitcoin this week was 21.72T, as same as last week. The average difficulty of mining Ethereum this week was 5225.99TH, increased by 2.85% 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 2043 transactions recorded in each block, decreased by 6.92% from the previous week. The average number of transactions per block in Ethereum this week was 193.6, decreased by 0.26%. The average size of each block was 45052.42 bytes, decreased by 1.33% compared to last week. Average transaction fees of Bitcoin this week was $ 15.332, decreased by 40.96% from last week. Average transaction fees of Ethereum this week was $ 11.717, decresead by 50.56% from last week. The total number of Bitcoin addresses was 68696757, increased by 628567 (0.92%) Bitcoin was the most active project on GitHub this week, with 28 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, Async Art got 2 million dollars in seed round investment from Lemniscap leading, Compute North got 25 million dollars in debt financing from Post Road Group.

1. Weekly Market Review

1.1 Market overview

This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 1.43%, with 60 projects increased in value to varying degrees. According to coinmarketcap, as of February 28, 2021, the total market cap of cryptocurrencies was 1406.6 billion U.S. dollars, decreased of 1.43%, and the total market cap of the top 100 cryptocurrencies was 1354.8 billion U.S. dollars, decreased by 7.82% from last week, among which, FTM had the largest increased of 147.75%, bringing its market cap ranking from №98 to №61, CRV had the largest decreased of -38.43%, bringing its market cap ranking from №77 to №97. In addition, there were 6 projects that entered TOP100, namely, XVS (Venus, decreased 6.77%, Now №99), FLOW (Flow, increased 17.11%, Now №88), TFUEL (Theta Fuel, increased 61.13%, Now №89), UST (TerraUSD, increased 64.73%, Now №76), HOT (Holo, increased 90.38%, Now №96), NPXS (Pundi X, increased 95.68%, Now №94). As of February 28, 2021, Bitcoin was traded at 45137.77USD, 7.29% lower than its price last week. Ethereum was traded at 1416.05USD, 21.42% lower than its price last week.

The overall 24h trading volume decreased this week. Overall, the 24h trading volume decreased by -26.31% compared with the same period of last week. In this week, 33 of the top 100 projects increased in 24h trading volume, led by HUSD with a weekly increase of 786.57%; there were 67 projects decreased in their 24h trading volume, there were 58 projects that saw over 20% decrease in their 24h trading volume, while 37 projects fell by more than 50%, led by LEO, with a decreased of -83.17%.

The top 10 cryptocurrencies’ market value decreased, the market share distribution remained stable. On February 28, 2021, the overall market cap of the top 10 cryptocurrencies was 1192.0 billion USD, decreased by 7.38% from last week, accounting for 84.74% of the total market capitalization of cryptocurrencies, decreased by 5.44% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 59.82%, decreased by 3.78% from last week.

1.2 Segment Analysis

Among TOP 100 cryptocurrency project segments, the total market cap of Platform Project got the largest decrease. The average market cap of Platform Project got the largest decrease. As of February 28, 2021, the total market cap of coin projects reached 973.5 billion USD, decreased by 7.13%. The average market cap of coin projects reached 19.0 billion USD, decreased by 7.13%. The total market cap of platform projects reached 249.6 billion USD, decreased by 10.85%. The average market cap of platform projects reached 9.98 billion USD, decreased by 17.98%. The total market cap of application class projects reached 95.8 billion USD, decreased by 4.49%. The average market cap of application class projects reached 4.35 billion USD, increased by 4.20%. The total market cap of asset-backed token projects reached 35.7 billion USD, increased by 9.89%. The average market cap of asset-backed token projects reached 17.8 billion USD, increased by 9.89%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of February 28, 2021, among the top 100 projects, the number of coin class projects reamin the same, 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 71.86% 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 but Ethereum increased by this week. From February 22, 2021- February 28, 2021, the average bitcoin Hashrate for the entire network reached 154.4EH/s, increased by 0.78% from the previous week.

Average Hashrate for the entire Ethereum network was 411.13TH/s this week, increased by 2.67%.

This week, the difficulty of mining Bitcoin not changed and Ethereum increased. As of February 28, 2021, average difficulty for mining Bitcoin this week was 21.72T, as same as last week. The average difficulty of mining Ethereum this week was 5225.99TH, increased by 2.85% from that of previous week.

The number of blocks in Bitcoin increased by 1.73%,Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings not changed, the number of blocks increased by 0.26%. In the past week, Bitcoin mined 1000 blocks, increased by 1.73% from the previous week. Among the top five pools were F2Pool、Poolin、Binance Pool、Huobi. Pool、AntPool, these 5 pools mined 165、141、127、101 and 95 blocks respectively, accounting for 16.50%、14.10%、12.70%、10.10% and 9.50% of all Bitcoins mined this week. The Hashrate was 25.51EH/s、21.80EH/s、19.63EH/s、15.61EH/s and 14.69EH/s, respectively.

In the past week, Ethereum’s entire network mined 49378 blocks, increased by 2.37% in the previous week. The top five pools were SparkPool, Ethermine, F2pool, Zhizhu.top, and Nanopool, each mined 12110、9922、5211、3368 and 2495 blocks respectively, accounting for 24.5251%、20.0940%、10.5533%、6.8209% and 5.0529% 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 and the average block size of Ethereum decreased this week. According to blockchain.info, from February 22, 2021- February 28, 2021, the average size of each block was 1.29MB, decreased by 2.27% from last week; there were on average 2043 transactions recorded in each block, decreased by 6.92% from the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 193.6, decreased by 0.26%. The average size of each block was 45052.42 bytes, decreased by 1.33% compared to last week.

Number of unconfirmed transactions in Bitcoin decreased by 43.66%. Number of unconfirmed transactions in Ethereum decreased by 1.68% from the previous week. As of February 28, 2021, the number of 7-day average unconfirmed transactions in Bitcoin network was 42962, decreased by 43.66% from last week. There were 158323.55 unconfirmed transactions in the Ethereum network, decreased by 1.68% from last week, with the lowest amount of unconfirmed transactions in the week being 39177 and the highest amount being 179245`.

Total transaction fees of Bitcoin decreased and Ethereum decreased. As of February 28, 2021, average transaction fees of Bitcoin this week was $15.332, decreased by 40.96% from last week. Average transaction fees of Ethereum this week was $11.717, decresead by 50.56% from last week.

The average number of distinct miners per day in Ethereum decreased. From February 22, 2021- February 28, 2021, the average number of distinct miners per day in Ethereum this week was 49.4, decreased by 1.20% from last week.

The number of nodes in Bitcoin increased ,The number of nodes in Ethereum decreased this week. As of February 28, 2021, there were 10475 Bitcoin nodes, increased by 2.13% compared to last week, of which 1937 nodes were in U.S, 1798 nodes were in Germany, and 231 nodes were in China(№9), each accounting for 18.49%, 17.16% and 2.21% of the total number of Bitcoin nodes, respectively.

As of February 28, 2021, there were 11216 Ethereum nodes, decreased by 5.35% from the previous week. Specifically, there were 2938 nodes in the U.S, 2104 nodes in Germany, and 917 nodes in China, each accounting for 26.19%, 18.76%, 8.18% 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 February 28, 2021, the total number of Bitcoin addresses was 68696757, increased by 628567 (0.92%).

BTC was the most active project on GitHub this week. From February 22, 2021 — February 28, 2021, Bitcoin was the active project repository on GitHub with a total of 28 commits.

2.3 Community Activity Statistics

The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 949k, 625k and 197k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and Ethereum, with 1.5million , 1.2million, and 749k followers, respectively.

3. Weekly Blockchain News Review

3.1 Industrial Application

1. Christie’s auctions its first purely digital artwork in form of blockchain token

British auction house Christie’s has announced the auction of its first ever “purely digital work of art.” Announcing the news Tuesday, Christie’s said that the nonfungible token artwork will be issued in partnership with major NFT marketplace MakersPlace. According to the official page of the NFT auction, the starting price for the work, which interested parties can bid on from Feb. 25 until March 11, is just $100. “Minted exclusively for Christie’s in February 2021, this monumental digital collage marks the first time Beeple’s work will be sold at a major auction house,” it said in the announcement. “It’s also the first-ever purely digital artwork (NFT) to be offered at a traditional auction house, with its authenticity assured thanks to blockchain technology,” Christie’s added. This new auction is not the company’s first foray into blockchain-based art. In October 2020, a similar Christie’s auction sold a Bitcoin (BTC)-themed art piece and NFT based on blockchain technology for $131,250.

2. Charter schools in California to use blockchain system to fight COVID-19

The new applications and measures being implemented by public health authorities across the world during the COVID-19 pandemic have sparked debate over how to balance biosurveillance with individuals’ right to the privacy of their personal information.In California, the Collaborative Charter Services Organization, which provides administrative support services to charter schools, has chosen to roll out a pandemic management system that prioritizes its users’ data privacy. Called “Team.Care Network,” the blockchain solution was developed by healthcare startup Solve.Care and runs as a mobile application.Solve.Care said the solution will help schools to track possible COVID-19 exposure in their community and should help them to manage the return to in-person education in a more controlled, cautious manner. Pradeep Goel, CEO of Solve.Care, has noted that lawmakers in California have increasingly recognized the importance of data privacy rights and established a legislative framework to help protect their residents.

3. Russian mobile carriers consider smartphone integration for digital ruble

Major Russian mobile network operators like MegaFon and Beeline are considering how the digital ruble will function on their mobile devices. According to a Feb. 16 report by local news agency Izvestia, Beeline and MegaFon proposed to set up smartphone wallets for Russia’s central bank digital currency.The carriers also suggested additional services like linking a digital wallet to a customer’s phone number. This would allow users to store digital rubles directly on their smartphones as well as transfer and pay with the digital currency using smart devices, a spokesperson for MegaFon said.According to Izvestia, both MegaFon and Beeline have been actively involved in digital ruble discussions with the Russian central bank. The companies’ representatives said:“We are interested in digital ruble aspects like maintaining wallets on smart devices, which is not part of the current version of the concept, as well as the possibility of performing P2P payment transactions without the participation of financial intermediaries, including offline mode support.”

3.2 International Policies

1. Sweden extends digital krona digital currency pilot until 2022

Sweden’s central bank, the Riksbank, recently announced that it has extended an ongoing pilot aimed at creating a digital version of the Swedish krona until 2022.In combination with professional services firm Accenture, the “e-krona” pilot program was created to address what the Riksbank sees as “the marginalization of cash”:“The Riksbank sees potential problems with the marginalisation of cash and has therefore initiated a pilot project to develop a proposal for a technical solution for a central bank digital currency, an e-krona that can work as a complement to cash.”The recent announcement states that no decision has been made on how, or even if, the e-krona will be issued. But a brief whitepaper from 2020 details the use of R3’s Corda blockchain — a private distributed ledger created for business and enterprise. Unlike public blockchains such as Bitcoin and Ethereum, projects built on Corda will be accessible via invite only.

2. EU appoints major finserv firm to lead blockchain social media project

The executive body of the European Union has appointed a major financial services firm to lead a three-year initiative aimed at boosting the integrity of social media posts using blockchain technology.Dubbed “TruBlo,” the project will oversee a wealth of blockchain development as part of the European Commission’s Next Generation Internet initiative. The French financial services firm, Worldline, has been appointed to lead TruBlo. Toni Paradell, TruBlo coordinator and research and development manager at Worldline Iberia, said developing trust models in the age of rapidly advancing technology was a fundamental issue:“The nine projects that are implemented will be key to creating trust models that power the exchange of content generated by individuals from any device. This is fundamental if we are to make the technologies part of our lives and increase our ability to drive an agile, effective and secure digital transformation environment.”

3. Kyrgyzstan central bank plans to introduce licenses for crypto exchanges

The National Bank of the Kyrgyz Republic, or NBKR, is reportedly planning to introduce a licensing regime for cryptocurrency exchanges in a move to protect local investors.NBKR chairman Tolkunbek Abdygulov announced that the country’s central bank is planning to start regulating exchange operations involving cryptocurrencies like Bitcoin (BTC), local economic publication Tazabek reports Feb. 12. Abdygulov said that the regulatory initiative aims to safeguard crypto operations in the Kyrgyz Republic and provide investor protections similar to those that are already in place for traditional finance. Despite the NBKR’s ambitious plans to help local people safely invest in crypto, the central bank is still warning the public about the high risks of crypto investments. “If Bitcoin hit $50,000 yesterday, it could drop to $20,000 tomorrow. And then all your invested money will be burned,” Abdygulov cautioned.

4.Weekly Investment Activities

2 investments activities took place in the blockchain industry this week, Async Art got 2 million dollars in seed round investment from Lemniscap leading, Compute North got 25 million dollars in debt financing from Post Road Group.

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.

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Blockchain industry top think tank, affiliated to Huobi Group.

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