Huobi Research Weekly (Vol.155) (2021.3.1–2021.3.7)

Abstract

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 13.61%, with 91 projects increased in value to varying degrees. According to coinmarketcap, as of March 7, 2021, the total market cap of cryptocurrencies was 1598.1 billion U.S. dollars, increased of 13.61%, and the total market cap of the top 100 cryptocurrencies was 1549.4 billion U.S. dollars, increased by 14.36% from last week. 3 cryptocurrency projects entered the top 100 this week, namely ZKS、CHZ and OCEAN. As of March 7, 2021, Bitcoin was traded at 51206.69USD, 13.48% higher than its price last week. Ethereum was traded at 1723.15USD, 21.79% higher than its price last week.

The hashrate of Bitcoin decreased but Ethereum increased by this week. This week, the difficulty of mining Bitcoin decreased but 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 decreased and the average block size of Ethereum decreased this week. The average transaction fees of Bitcoin decreased and Ethereum decreased. Chainlink was the most active project on GitHub this week.

The average bitcoin Hashrate for the entire network reached 152.7EH/s, decreased by 1.10% from the previous week.Average Hashrate for the entire Ethereum network was 420.84TH/s this week, increased by 2.36%. Average difficulty for mining Bitcoin this week was 21.47T, decreased by 1.15% from last week. The average difficulty of mining Ethereum this week was 5344.91TH, increased by 2.28% from that of previous week.

In network activity, the average size of each block was 1.35MB, increased by 4.65% from last week; there were on average 1894 transactions recorded in each block, decreased by 7.29% from the previous week. The average number of transactions per block in Ethereum this week was 185.6, decreased by 4.13%. The average size of each block was 44808.85 bytes, decreased by 0.54% compared to last week. Average transaction fees of Bitcoin this week was $13.152, decreased by 14.22% from last week. Average transaction fees of Ethereum this week was $10.682, decresead by 8.83% from last week. The total number of Bitcoin addresses was 69134392, increased by 437635 (0.64%). Chainlink was the most active project on GitHub this week, with 24 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, Polkadex got 3 million dollars in strategic investment from LD Capital,Kenetic Capital etc, Yield Guild Games got 1.3 million dollars in strategic from DelphiDigital,ScalarCapital etc.

1. Weekly Market Review

1.1 Market overview

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 13.61%, with 91 projects increased in value to varying degrees. According to coinmarketcap, as of March 7, 2021, the total market cap of cryptocurrencies was 1598.1 billion U.S. dollars, increased of 13.61%, and the total market cap of the top 100 cryptocurrencies was 1549.4 billion U.S. dollars, increased by 14.36% from last week, among which, ZKS had the largest increased of 181.21%, bringing its market cap ranking from №232 to №95, ADA had the largest decreased of -11.03%, bringing its market cap ranking from №3 to №5. In addition, there were 3 projects that entered TOP100, namely, OCEAN (Ocean Protocol, increased 77.13%, Now №93), CHZ (Chiliz, increased 152.79%, Now №85), ZKS (ZKSwap, increased 181.21%, Now №95). As of March 7, 2021, Bitcoin was traded at 51206.69USD, 13.48% higher than its price last week. Ethereum was traded at 1723.15USD, 21.79% higher than its price last week.

The overall 24h trading volume decreased this week. Overall, the 24h trading volume decreased by 29.00% compared with the same period of last week. In this week, 28 of the top 100 projects increased in 24h trading volume, led by OCEAN with a weekly increase of 1322.28%; there were 72 projects decreased in their 24h trading volume, there were 51 projects that saw over 20% decrease in their 24h trading volume, while 16 projects fell by more than 50%, led by MATIC, with a decreased of -81.64%.

The top 10 cryptocurrencies’ market value increased, the market share distribution remained stable. On March 7, 2021, the overall market cap of the top 10 cryptocurrencies was 1358.5 billion USD, increased by 13.97% from last week, accounting for 85.00% of the total market capitalization of cryptocurrencies, increased by 0.26% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 59.75%, decreased by 0.07% 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 March 7, 2021, the total market cap of coin projects reached 1104.2 billion USD, increased by 13.42%. The average market cap of coin projects reached 21.2 billion USD, increased by 11.24%. The total market cap of platform projects reached 298.1 billion USD, increased by 19.44%. The average market cap of platform projects reached 12.4 billion USD, increased by 24.41%. The total market cap of application class projects reached 109.8 billion USD, increased by 14.60%. The average market cap of application class projects reached 4.99 billion USD, increased by 14.60%. The total market cap of asset-backed token projects reached 37.1 billion USD, increased by 3.78%. The average market cap of asset-backed token projects reached 18.5 billion USD, increased by 3.78%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of March 7, 2021, among the top 100 projects, the number of coin class projects increase 1, application class projects remain the same, 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 71.27% 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 March 1, 2021- March 7, 2021, the average bitcoin Hashrate for the entire network reached 152.7EH/s, decreased by 1.10% from the previous week.

Average Hashrate for the entire Ethereum network was 420.84TH/s this week, increased by 2.36%.

This week, the difficulty of mining Bitcoin decreased but Ethereum increased. As of March 7, 2021, average difficulty for mining Bitcoin this week was 21.47T, decreased by 1.15% from last week. The average difficulty of mining Ethereum this week was 5344.91TH, increased by 2.28% from that of previous week.

The number of blocks in Bitcoin decreased by 1.30%,Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings not changed, the number of blocks decreased by 2.75%. In the past week, Bitcoin mined 987 blocks, decreased by 1.30% from the previous week. Among the top five pools were F2Pool、Poolin、Binance Pool、AntPool、ViaBTC, these 5 pools mined 177、136、119、118 and 95 blocks respectively, accounting for 17.93%、13.78%、12.06%、11.96% and 9.63% of all Bitcoins mined this week. The Hashrate was 27.23EH/s、20.93EH/s、18.31EH/s、18.16EH/s and 14.62EH/s, respectively.

In the past week, Ethereum’s entire network mined 48020 blocks, decreased by 2.75% in the previous week. The top five pools were SparkPool, Ethermine, F2pool, Zhizhu.top, and Nanopool, each mined 11541、9630、5104、3153 and 2358 blocks respectively, accounting for 24.0337%、20.0541%、10.6289%、6.5660% and 4.9105% 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 decreased and the average block size of Ethereum decreased this week. According to blockchain.info, from March 1, 2021- March 7, 2021, the average size of each block was 1.35MB, increased by 4.65% from last week; there were on average 1894 transactions recorded in each block, decreased by 7.29% from the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 185.6, decreased by 4.13%. The average size of each block was 44808.85 bytes, decreased by 0.54% compared to last week.

Number of unconfirmed transactions in Bitcoin decreased by 20.31%. Number of unconfirmed transactions in Ethereum decreased by 0.67% from the previous week. As of March 7, 2021, the number of 7-day average unconfirmed transactions in Bitcoin network was 34235, decreased by 20.31% from last week. There were 157256.07 unconfirmed transactions in the Ethereum network, decreased by 0.67% from last week, with the lowest amount of unconfirmed transactions in the week being 32162 and the highest amount being 182619`.

Total transaction fees of Bitcoin decreased and Ethereum decreased. As of March 7, 2021, average transaction fees of Bitcoin this week was $13.152, decreased by 14.22% from last week. Average transaction fees of Ethereum this week was $10.682, decresead by 8.83% from last week.

The average number of distinct miners per day in Ethereum increased. From March 1, 2021- March 7, 2021, the average number of distinct miners per day in Ethereum this week was 52.5, increased by 6.28% from last week.

The number of nodes in Bitcoin decreased ,The number of nodes in Ethereum decreased this week. As of March 7, 2021, there were 10397 Bitcoin nodes, decreased by 0.74% compared to last week, of which 1929 nodes were in U.S, 1826 nodes were in Germany, and 233 nodes were in China(№9), each accounting for 18.55%, 17.56% and 2.24% of the total number of Bitcoin nodes, respectively.

As of March 7, 2021, there were 11008 Ethereum nodes, decreased by 1.85% from the previous week. Specifically, there were 3051 nodes in the U.S, 1921 nodes in Germany, and 951 nodes in China, each accounting for 27.72%, 17.45%, 8.64% 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 March 7, 2021, the total number of Bitcoin addresses was 69134392, increased by 437635 (0.64%).

LINK was the most active project on GitHub this week. From March 1, 2021 — March 7, 2021, Chainlink was the active project repository on GitHub with a total of 24 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 198k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and Ethereum, with 1.6million , 1.2million, and 767k followers, respectively.

3. Weekly Blockchain News Review

3.1 Industrial Application

1. Public, private actors in Delhi trial blockchain-based solar energy trading

Tata Power DDL, a leading electricity distribution company that serves over seven million residents in North Delhi, is piloting a solar energy trading project together with Australian blockchain firm PowerLedger and the India Smart Grid Forum, or ISGF.The pilot, which runs until June, aims to enable the development of distributed energy infrastructure and electronic trading resources that will encourage consumers to become prosumers — consumers who also produce — by selling their excess rooftop solar power in a peer-to-peer marketplace. Using PowerLedger’s blockchain technology to provide transparent settlement of energy trades, the pilot will test out various trading algorithms, including dynamic trading, to create an energy auction pool between prosumers and consumers. Grid-connected, distributed energy resources that can directly participate in the P2P marketplace will include electronic vehicle charging stations and battery energy storage systems.

2. Rakuten’s customers can now use Bitcoin for shopping

Japanese retail giant Rakuten has integrated its crypto wallet with its payment app, enabling consumers to directly load and convert their Bitcoin holdings for use in everyday spending. According to an announcement published last Wednesday, users are now able to load up their Rakuten Pay accounts seamlessly with their wallet holdings of Bitcoin (BTC), Bitcoin Cash (BCH) and Ether (ETH). Rakuten Pay is a mobile payment app that is operational nationwide and supported at a wide range of large- and medium-scale retailers. To make use of the integration, users will need to be a Rakuten member and have a trading account set up for Rakuten Wallet. The company is also offering a small bonus of Rakuten points to incentivize the new service.

3. Gazprom Neft uses blockchain tech to streamline aircraft refueling

Gazprom Neft’s aviation refueling subsidiary has piloted a blockchain-based refueling payment project to automate and accelerate transactions. Russian oil firm Gazprom Neft’s aviation subsidiary, Gazpromneft-Aero, announced Monday that it has completed a successful pilot of its blockchain-based refueling project, Smart Fuel. Dmitry Makarov, head of the Smart Fuel project,said: Based on the major blockchain framework Hyperledger Fabric, the new tool uses smart contracts to automate and accelerate refueling payment processing times. The system is capable of processing refueling payments in a matter of seconds, while traditional payment transactions usually take up to four or five daysMakarov explained that the traditional process for refueling payments is paperwork-heavy and involves excessive spending. “Since it’s impossible to forecast the exact volume of fuel needed for a flight, airlines need to transfer an excessive amount of funds to fuel operators to make sure there’s enough to cover the refueling,” he said. The new tool guarantees data safety and maximum transparency for all the participants in a transaction, Makarov stated.

3.2 International Policies

1. Vietnam’s finance ministry warns about crypto trading risks

Vietnamese financial authorities have warned the public about the risks of cryptocurrency investment, as the industry is not regulated in Vietnam, local news agency Thanh Nien reported Wednesday.The Ministry of Finance of Vietnam stated, “Vietnam has not adopted any legislation related to the issuance, trading, and exchange of virtual currencies and virtual assets.”The ministry stated that digital currencies are not part of Vietnamese securities laws and that there are only two exchanges, Ho Chi Minh Stock Exchange and Hanoi Stock Exchange, that are allowed to trade securities in Vietnam.To address this gap, the ministry has established a dedicated research group to investigate the crypto industry and develop crypto regulation policies in the country. The ministry also emphasized the need to raise awareness about the industry in order to avoid potential risks in trading and investing, as well as risks associated with illegal and fraudulent crypto-related schemes.

2. Colombia’s oldest commercial bank pilots crypto services

Colombia’s oldest commercial banking institution, Banco de Bogotá, is reportedly exploring cryptocurrency-related services.According to a report by local news agency Portafolio, Banco de Bogotá announced Monday that it will participate in a pilot project directed by the Superintendencia Financiera de Colombia, the country’s top financial regulator. The project will be run within a regulatory sandbox — dubbed la Arenera — which was approved by the Ministry of Finance and Public Credit in September 2020.Banco de Bogotá will explore the business model and potential risks associated with the management of crypto assets by allowing a select group of clients to buy and sell cryptocurrencies from the bank with the national fiat currency, the peso.Oscar Bernal Quintero, vice president for technology development at Banco de Bogotá, said:“One of our great motivations is to be an active part of the transformation of the country and we consider it valuable to participate in the construction of the possible regulation that would enable the exchange of crypto assets within the Colombian regulatory framework.”

3. SEC’s Division of Examinations issues Risk Alert on digital assets

The Security and Exchange Commission’s Division of Examinations published a blueprint for investment managers and institutions on how the division will inspect the handling of crypto assets, or “digital asset securities,” moving forward. The division (formerly the Office of Compliance Inspections and Examinations) is the second-largest wing of the SEC and is tasked with overseeing securities industry players to ensure regulatory compliance.Targeted toward investment advisors, broker-dealers, exchanges and transfer agents, this Risk Alert provided a broad list of specific procedural, bookkeeping and advisory steps the division will be expecting from securities companies in future examinations.“As more securities industry participants seek to engage in digital asset-related activities, this Risk Alert provides transparency about areas of focus for the Division’s future examinations,” the office wrote.Investment advisors should be aware of risks associated with forks and airdrops, and the Division will be reviewing advisors’ “fulfillment of their fiduciary duty with respect to investment advice,” a comment presumably related to disclosing the risks associated with crypto.

4.Weekly Investment Activities

2 investments activities took place in the blockchain industry this week, Polkadex got 3 million dollars in strategic investment from LD Capital,Kenetic Capital etc, Yield Guild Games got 1.3 million dollars in strategic from DelphiDigital,ScalarCapital etc.

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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