Huobi Research Weekly (Vol.156) (2021.3.8–2021.3.14)
Abstract
This week, the overall market capitalization for the top 100 cryptocurrencies increased of 12.38%, with 64 projects increased in value to varying degrees. According to coinmarketcap, as of March 14, 2021, the total market cap of cryptocurrencies was 1796.0 billion U.S. dollars, increased of 12.38%, and the total market cap of the top 100 cryptocurrencies was 1743.9 billion U.S. dollars, increased by 12.55% from last week. 3 cryptocurrency projects entered the top 100 this week, namely REEF、ONE and NPXS. As of March 14, 2021, Bitcoin was traded at 59302.32USD, 15.85% higher than its price last week. Ethereum was traded at 1854.56USD, 7.71% 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 but the difficulty of mining Ethereum increased. The average number of transactions per block increased and the average block size of Bitcoin increased. 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. Chainlink was the most active project on GitHub this week.
The average bitcoin Hashrate for the entire network reached 156.0EH/s, increased by 2.16% from the previous week.Average Hashrate for the entire Ethereum network was 431.38TH/s this week, increased by 2.50%. Average difficulty for mining Bitcoin this week was 21.44T, decreased by 0.14% from last week. The average difficulty of mining Ethereum this week was 5491.73TH, increased by 2.75% from that of previous week.
In network activity, the average size of each block was 1.41MB, increased by 4.44% from last week; there were on average 1938 transactions recorded in each block, increased by 2.32% from the previous week. The average number of transactions per block in Ethereum this week was 194.8, increased by 4.96%. The average size of each block was 46073.71 bytes, increased by 2.82% compared to last week. Average transaction fees of Bitcoin this week was $24.808, increased by 88.63% from last week. Average transaction fees of Ethereum this week was $18.479, incresead by 72.99% from last week. the total number of Bitcoin addresses was 69514376, increased by 379984 (0.55%). Chainlink was the most active project on GitHub this week, with 46 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, Chain fuse of China got Pre-A investment from Sanya links the world，Pluto Digital Assets got 40 million dollars in strategic from Argo Blockchain leading.
1. Weekly Market Review
1.1 Market overview
This week, the overall market capitalization for the top 100 cryptocurrencies increased of 12.38%, with 64 projects increased in value to varying degrees. According to coinmarketcap, as of March 14, 2021, the total market cap of cryptocurrencies was 1796.0 billion U.S. dollars, increased of 12.38%, and the total market cap of the top 100 cryptocurrencies was 1743.9 billion U.S. dollars, increased by 12.55% from last week, among which, CHZ had the largest increased of 422.17%, bringing its market cap ranking from №85 to №30, XEM had the largest decreased of -53.11%, bringing its market cap ranking from №33 to №16. In addition, there were 3 projects that entered TOP100, namely, REEF (Reef, increased 30.60%, Now №99), NPXS (Pundi X, increased 85.27%, Now №82), ONE (Harmony, increased 121.60%, Now №87). As of March 14, 2021, Bitcoin was traded at 59302.32USD, 15.85% higher than its price last week. Ethereum was traded at 1854.56USD, 7.71% higher than its price last week.
The overall 24h trading volume increased this week. Overall, the 24h trading volume increased by 12.14% compared with the same period of last week. In this week, 64 of the top 100 projects increased in 24h trading volume, led by NPXS with a weekly increase of 1939.13%; there were 38 projects decreased in their 24h trading volume, there were 22 projects that saw over 20% decrease in their 24h trading volume, while 8 projects fell by more than 50%, led by RENBTC, with a decreased of -99.24%.
The top 10 cryptocurrencies’ market value increased, the market share distribution remained stable. On March 14, 2021, the overall market cap of the top 10 cryptocurrencies was 1528.6 billion USD, increased by 12.52% from last week, accounting for 85.11% of the total market capitalization of cryptocurrencies, increased by 0.11% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 61.59%, increased by 1.84% 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 Asset-backed Project got the largest increase. As of March 14, 2021, the total market cap of coin projects reached 1277.7 billion USD, increased by 15.71%. The average market cap of coin projects reached 24.1 billion USD, increased by 13.53%. The total market cap of platform projects reached 310.5 billion USD, increased by 4.15%. The average market cap of platform projects reached 12.9 billion USD, increased by 4.15%. The total market cap of application class projects reached 117.3 billion USD, increased by 6.84%. The average market cap of application class projects reached 5.33 billion USD, increased by 6.84%. The total market cap of asset-backed token projects reached 38.2 billion USD, increased by 3.00%. The average market cap of asset-backed token projects reached 38.2 billion USD, increased by 106.00%.
The market segment distribution of the top 100 cryptocurrencies remained stable. As of March 14, 2021, among the top 100 projects, the number of coin class projects increase 1, application class projects remain the same, platform class projects remain the same and asset-backed token class decrease 1.The largest overall market cap by segment was still coin projects, accounting for 73.27% 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 increased and Ethereum increased by this week. From March 8, 2021- March 14, 2021, the average bitcoin Hashrate for the entire network reached 156.0EH/s, increased by 2.16% from the previous week.
Average Hashrate for the entire Ethereum network was 431.38TH/s this week, increased by 2.50%.
This week, the difficulty of mining Bitcoin decreased but Ethereum increased. As of March 14, 2021, average difficulty for mining Bitcoin this week was 21.44T, decreased by 0.14% from last week. The average difficulty of mining Ethereum this week was 5491.73TH, increased by 2.75% from that of previous week.
The number of blocks in Bitcoin increased by 4.46%,Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings not changed, the number of blocks increased by 0.27%. In the past week, Bitcoin mined 1031 blocks, increased by 4.46% from the previous week. Among the top five pools were F2Pool、Poolin、AntPool、BTC.com、Binance Pool, these 5 pools mined 170、135、127、127 and 120 blocks respectively, accounting for 16.49%、13.09%、12.32%、12.32% and 11.64% of all Bitcoins mined this week. The Hashrate was 25.92EH/s、20.58EH/s、19.36EH/s、19.36EH/s and 18.30EH/s, respectively.
In the past week, Ethereum’s entire network mined 48150 blocks, increased by 0.27% in the previous week. The top five pools were SparkPool, Ethermine, F2pool, Zhizhu.top, and Nanopool, each mined 11289、9703、4903、3201 and 2398 blocks respectively, accounting for 23.4455%、20.1516%、10.1828%、6.6480% and 4.9803% of all Ethereum mined this week, respectively.
2.2 Activity Statistics
The average number of transactions per block increased and the average block size of Bitcoin increased. The average number of transactions per block increased and the average block size of Ethereum increased this week. According to blockchain.info, from March 8, 2021- March 14, 2021, the average size of each block was 1.41MB, increased by 4.44% from last week; there were on average 1938 transactions recorded in each block, increased by 2.32% from the previous week.
According to etherscan, the average number of transactions per block in Ethereum this week was 194.8, increased by 4.96%. The average size of each block was 46073.71 bytes, increased by 2.82% compared to last week.
Number of unconfirmed transactions in Bitcoin decreased by 40.43%. Number of unconfirmed transactions in Ethereum increased by 2.75% from the previous week. As of March 14, 2021, the number of 7-day average unconfirmed transactions in Bitcoin network was 20395, decreased by 40.43% from last week. There were 161579.29 unconfirmed transactions in the Ethereum network, increased by 2.75% from last week, with the lowest amount of unconfirmed transactions in the week being 20127 and the highest amount being 184802`.
Total transaction fees of Bitcoin increased and Ethereum increased. As of March 14, 2021, average transaction fees of Bitcoin this week was $24.808, increased by 88.63% from last week. Average transaction fees of Ethereum this week was $18.479, incresead by 72.99% from last week.
The average number of distinct miners per day in Ethereum decreased. From March 8, 2021- March 14, 2021, the average number of distinct miners per day in Ethereum this week was 51.4, decreased by 2.10% from last week.
The number of nodes in Bitcoin decreased ,The number of nodes in Ethereum decreased this week. As of March 14, 2021, there were 10347 Bitcoin nodes, decreased by 0.48% compared to last week, of which 1976 nodes were in U.S, 1860 nodes were in Germany, and 242 nodes were in China(№9), each accounting for 19.10%, 17.98% and 2.34% of the total number of Bitcoin nodes, respectively.
As of March 14, 2021, there were 7568 Ethereum nodes, decreased by 31.25% from the previous week. Specifically, there were 2210 nodes in the U.S, 1186 nodes in Germany, and 656 nodes in China, each accounting for 29.20%, 15.67%, 8.67% 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 14, 2021, the total number of Bitcoin addresses was 69514376, increased by 379984 (0.55%).
LINK was the most active project on GitHub this week. From March 8, 2021 — March 14, 2021, Chainlink was the active project repository on GitHub with a total of 46 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 200k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and Ethereum, with 1.6million , 1.2million, and 791k followers, respectively.
3. Weekly Blockchain News Review
3.1 Industrial Application
1. Major Swiss retailers set to debut Bitcoin gift cards
Manor and Valora are leveraging the current crypto hype to sell Bitcoin gift cards in their stores across Switzerland. Switzerland’s crypto boom has entered another dimension with retailers rolling out Bitcoin (BTC) vouchers and gift cards.According to Swiss daily Tages-Anzeiger, Manor — the country’s largest department store chain — is already selling Bitcoin voucher cards in 59 of its branches.Meanwhile, the retail giant Valora will begin selling BTC gift cards in its kiosks across the country starting April 1. According to Simon Grylka, head of operations at Värdex, Cryptonow offers a simple onboarding channel for would-be cryptocurrency adopters daunted by the usual avenues for acquiring virtual currency. For Grylka, the Cryptonow voucher is akin to digital gold coins.The Cryptonow voucher cards will be available in three different variants ranging from 100 to 500 francs ($107 to $535).
2. Southeast Asia’s first Bitcoin fund launches to meet local institutional demand
The Malaysia-based BCMG Genesis Bitcoin Fund-I, or BGBF-I, has officially launched, claiming to have become the first insured institutional crypto product available in the Southeast Asian region.An announcement states the fund launched in response to a growing demand for institutional crypto products in Southeast Asia. The fund leverages an Artificial Intelligence (AI) powered blockchain-based platform provided by Calfin Global Crypto Exchang, which purports to offer increased security for customer holdings. The investment vehicle also offers insurance coverage and underwriting for Public Offering Security Insurance. Fund Manager, Subbu Vempati explained:“BGBF-I is a secure, insured and regulated platform where investors can get exposure to the Digital Assets industry. Investors get to benefit from our expertise in the financial, technical, and security aspects of Bitcoin investments, as well as enter this class with a peace of mind without any challenges or risk in directly handling the Digital Asset.”
3. Thailand’s largest movie theater chain accepts Bitcoin
Major Cineplex Group, the largest operator of movie theaters in Thailand, has reportedly enabled some of its customers to buy tickets with cryptocurrencies like Bitcoin (BTC).According to a Thursday report by local news agency Siam Rath, Major Cineplex has announced the launch of its cryptocurrency payment pilot project in a move to support innovation and new technologies.In order to unlock the new payment option, the company has partnered with local crypto exchange Zipmex and lo digital payment startup RapidZ.Major Cineplex debuted the new feature at Bangkok’s Major Cineplex Ratchayothin movie theater on March 4, allowing customers to buy tickets with Bitcoin via RapidZ by scanning a QR code. The news apparently marks the first time in history that Thai movie theater has accepted crypto as payment.Narut Jiansanong, a spokesperson for Major Cineplex, said that the new initiative intends to attract more customers that invest in crypto. He said that Thailand is now estimated to have up to 1 million Bitcoin holders, accounting for 2% of the country’s total adult population.
3.2 International Policies
1. Bank of Russia to start digital ruble trials in 2022
The central bank of Russia is expecting to start pilots for its central bank digital currency in 2022, a senior executive reportedly claimed.Bank of Russia deputy governor Alexey Zabotkin said that the bank is planning to complete a prototype digital ruble by the end of 2021, local news agency Prime reports Wednesday. Zabotkin stated that the prototype will not support “real transactions” but would rather serve as a starting point to build the ecosystem on. “Based on this prototype, including refinement, we will start rolling out trial rounds next year,” Zabotkin stated. In late February, the Bank of Russia’s first deputy governor Olga Skorobogatova reportedly announced that the bank is planning to develop a concept on the chosen model of the digital ruble. She said that the bank has not ruled out the possiblity of taking fees for transfers between digital ruble wallets.
2. US Lawmakers Make Third Attempt to Bring Legal Clarity to Cryptocurrencies
Rep. Warren Davidson said the window of opportunity for the U.S. to lead the world on blockchain technology is “closing.” U.S. Representative Warren Davidson (R-Ohio) reintroduced his signature bill on Monday, marking the third attempt in three years to push through regulation that would provide a clearer legal standing for cryptocurrencies.According to a press release from Davidson’s office on Monday, the Token Taxonomy Act, first introduced in 2018, seeks to exempt certain cryptocurrencies and digital assets from federal securities laws.Specifically, the bill aims to amend the Securities Act of 1933 and the Securities Exchange Act of 1940 for that purpose. If successful, regulators such as the Securities and Exchange Commission would be afforded greater clarity on how best to enforce securities laws as it relates to cryptocurrency tokens. Davidson said the window of opportunity for the U.S. to lead the world on blockchain technology is “closing” and that his country needs to move quickly for fear of being “left behind.” Only by establishing the “appropriate regulatory environment” can the U.S. ensure blockchain innovations happen locally “for the benefit of Americans,” he said.
3. South Korea to Fine Crypto Exchanges That Fail to Tackle Illicit Activity
Penalties will apply if trading venues fail to follow three regulations, the Financial Services Commission said. South Korea’s Financial Services Commission (FSC) said Wednesday it will issue financial penalties to exchanges that fail to follow rules designed to curb illicit cryptocurrency activity. In an announcement, the regulator said it will fine exchanges that fail to follow three regulations covering internal controls, information and data retention, and identity verification of virtual asset traders.Exchange operators are must retain information and data connected to any suspicious transactions, including those made using large amounts of fiat currency. Fines for breaches range from 30 million to 100 million won (roughly $26,000–$88,000).Penalties may be reduced by up to 50% under some circumstances such as erroneous breaches, the FSC said.South Korea is also planning to bring in a cryptocurrency tax of 20% if gains exceed 2.5 million won (US$2,200).
4.Weekly Investment Activities
2 investments activities took place in the blockchain industry this week, Chain fuse of China got Pre-A investment from Sanya links the world，Pluto Digital Assets got 40 million dollars in strategic from Argo Blockchain leading.
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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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