Huobi Research Weekly (Vol.157) (2021.3.15–2021.3.21)

Abstract

This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 4.53%, with 31 projects decreased in value to varying degrees. According to coinmarketcap, as of March 21, 2021, the total market cap of cryptocurrencies was 1714.6 billion U.S.dollars, decreased of 4.53%, and the total market cap of the top 100 cryptocurrencies was 1705.1 billion U.S. dollars, decreased by 2.22% from last week. 5 cryptocurrency projects entered the top 100 this week, namely DENT、AR、MVL、VTHO and HNT. As of March 21, 2021, Bitcoin was traded at 57523.42USD, 2.96% lower than its price last week. Ethereum was traded at 1788.22USD, 3.49% lower than its price last week.

The hashrate of Bitcoin increased and 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 increased and the average block size of Ethereum increased 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 157.4EH/s, increased by 0.90% from the previous week.Average Hashrate for the entire Ethereum network was 449.62TH/s this week, increased by 4.22%. Average difficulty for mining Bitcoin this week was 21.86T, increased by 1.96% from last week. The average difficulty of mining Ethereum this week was 5703.83TH, increased by 3.86% from that of previous week.

In network activity, the average size of each block was 1.34MB, decreased by 4.96% from last week; there were on average 1863 transactions recorded in each block, decreased by 3.87% from the previous week. The average number of transactions per block in Ethereum this week was 198.5, increased by 1.90%. The average size of each block was 46719.28 bytes, increased by 1.40% compared to last week. Average transaction fees of Bitcoin this week was $17.289, decreased by 30.31% from last week. Average transaction fees of Ethereum this week was $16.395, decresead by 11.28% from last week. The total number of Bitcoin addresses was 69946135, increased by 431759 (0.62%). Chainlink was the most active project on GitHub this week, with 34 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, BlackOcean got 4.3 million dollars in strategic investment from AKG Ventures、YBB Foundation etc,Alchemix got 3.1 million dollars in strategic from Spartan Capital Securities、Delphi Ventures etc.

1. Weekly Market Review

1.1 Market overview

This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 4.53%, with 31 projects decreased in value to varying degrees. According to coinmarketcap, as of March 21, 2021, the total market cap of cryptocurrencies was 1714.6 billion U.S.dollars, decreased of 4.53%, and the total market cap of the top 100 cryptocurrencies was 1705.1 billion U.S. dollars, decreased by 2.22% from last week, among which, MVL had the largest increased of 265.06%, bringing its market cap ranking from №169 to №94, FLOW had the largest decreased of -16.98%, bringing its market cap ranking from №72 to №86. In addition, there were 5 projects that entered TOP100, namely, AR (Arweave, increased 43.51%, Now №95), HNT (Helium, increased 49.17%, Now №92), DENT (Dent, increased 109.96%, Now №100), MVL (MVL, increased 265.06%, Now №94), VTHO (VeThor Token, increased 150.44%, Now №99). As of March 21, 2021, Bitcoin was traded at 57523.42USD, 2.96% lower than its price last week. Ethereum was traded at 1788.22USD, 3.49% lower than its price last week.

The overall 24h trading volume decreased this week. Overall, the 24h trading volume decreased by 3.03% compared with the same period of last week. In this week, 41 of the top 100 projects increased in 24h trading volume, led by MVL with a weekly increase of 508.03%; there were 59 projects decreased in their 24h trading volume, there were 35 projects that saw over 20% decrease in their 24h trading volume, while 14 projects fell by more than 50%, led by MANA, with a decreased of -83.84%.

The top 10 cryptocurrencies’ market value decreased, the market share distribution remained stable. On March 21, 2021, the overall market cap of the top 10 cryptocurrencies was 1497.8 billion USD, decreased by 2.01% from last week, accounting for 87.36% of the total market capitalization of cryptocurrencies, increased by 2.25% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 62.61%, increased by 1.02% from last week.

1.2 Segment Analysis

Among TOP 100 cryptocurrency project segments, the total market cap of Coin Project got the largest decrease. The average market cap of Platform Project got the largest decrease. As of March 21, 2021, the total market cap of coin projects reached 1255.6 billion USD, decreased by 1.73%. The average market cap of coin projects reached 24.6 billion USD, increased by 2.12%. The total market cap of platform projects reached 312.8 billion USD, increased by 0.73%. The average market cap of platform projects reached 12.5 billion USD, decreased by 3.30%. The total market cap of application class projects reached 124.6 billion USD, increased by 6.19%. The average market cap of application class projects reached 5.41 billion USD, increased by 1.58%. The total market cap of asset-backed token projects reached 39.7 billion USD, increased by 3.85%. The average market cap of asset-backed token projects reached 39.7 billion USD, increased by 3.85%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of March 21, 2021, among the top 100 projects, the number of coin class projects decrease 2, application class projects increase 1, platform class projects increase 1 and asset-backed token class remain the same.The largest overall market cap by segment was still coin projects, accounting for 72.46% 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 15, 2021- March 21, 2021, the average bitcoin Hashrate for the entire network reached 157.4EH/s, increased by 0.90% from the previous week.

Average Hashrate for the entire Ethereum network was 449.62TH/s this week, increased by 4.22%.

This week, the difficulty of mining Bitcoin increased and Ethereum increased. As of March 21, 2021, average difficulty for mining Bitcoin this week was 21.86T, increased by 1.96% from last week. The average difficulty of mining Ethereum this week was 5703.83TH, increased by 3.86% from that of previous week.

The number of blocks in Bitcoin decreased by 0.58%,Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings had changed, the number of blocks decreased by 0.32%. In the past week, Bitcoin mined 1025 blocks, decreased by 0.58% from the previous week. Among the top five pools were Poolin、F2Pool、Binance Pool、AntPool、BTC.com, these 5 pools mined 169、165、120、116 and 98 blocks respectively, accounting for 16.49%、16.10%、11.71%、11.32% and 9.56% of all Bitcoins mined this week. The Hashrate was 25.85EH/s、25.24EH/s、18.36EH/s、17.74EH/s and 14.99EH/s, respectively.

In the past week, Ethereum’s entire network mined 47998 blocks, decreased by 0.32% in the previous week. The top five pools were SparkPool, Ethermine, F2pool, Zhizhu.top and Hiveon Pool, each mined 11163、9746、4955、2746 and 2263 blocks respectively, accounting for 23.2572%、20.3050%、10.3233%、5.7211% and 4.7148% 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 increased and the average block size of Ethereum increased this week. According to blockchain.info, from March 15, 2021- March 21, 2021, the average size of each block was 1.34MB, decreased by 4.96% from last week; there were on average 1863 transactions recorded in each block, decreased by 3.87% from the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 198.5, increased by 1.90%. The average size of each block was 46719.28 bytes, increased by 1.40% compared to last week.

Number of unconfirmed transactions in Bitcoin decreased by 7.94%. Number of unconfirmed transactions in Ethereum increased by 3.22% from the previous week. As of March 21, 2021, the number of 7-day average unconfirmed transactions in Bitcoin network was 18776, decreased by 7.94% from last week. There were 166786.15 unconfirmed transactions in the Ethereum network, increased by 3.22% from last week, with the lowest amount of unconfirmed transactions in the week being 39990 and the highest amount being 197216`.

Total transaction fees of Bitcoin decreased and Ethereum decreased. As of March 21, 2021, average transaction fees of Bitcoin this week was $17.289, decreased by 30.31% from last week. Average transaction fees of Ethereum this week was $16.395, decresead by 11.28% from last week.

The average number of distinct miners per day in Ethereum decreased. From March 15, 2021- March 21, 2021, the average number of distinct miners per day in Ethereum this week was 49.8, decreased by 3.11% from last week.

The number of nodes in Bitcoin decreased by 0.63% ,The number of nodes in Ethereum decreased by 40.87% this week. As of March 21, 2021, there were 10282 Bitcoin nodes, decreased by 0.63% compared to last week, of which 1985 nodes were in U.S, 1829 nodes were in Germany, and 231 nodes were in China(№9), each accounting for 19.31%, 17.79% and 2.25% of the total number of Bitcoin nodes, respectively.

As of March 21, 2021, there were 7568 Ethereum nodes, decreased by 31.25% from the previous week. Specifically, there were 1493 nodes in the U.S, 942 nodes in Germany, and 297 nodes in China, each accounting for 33.36%, 21.05%, 6.64% 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 21, 2021, the total number of Bitcoin addresses was 69946135, increased by 431759 (0.62%).

LINK was the most active project on GitHub this week. From March 15, 2021 — March 21, 2021, Chainlink was the active project repository on GitHub with a total of 34 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 202k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and Ethereum, with 1.7million , 1.2million, and 816k followers, respectively.

3. Weekly Blockchain News Review

3.1 Industrial Application

1. P & G’s toilet paper brand Charmin launched NFT

es, there are now toilet paper NFTs. The Procter & Gamble-owned brand just rolled out a series of digital cryptographic collectibles that they’re appropriately calling “NFT(P)s.” Five total Charmin NFT crypto artwork pieces are currently up for auction at Rarible, with the top bid on any of the pieces sitting at 0.15 WETH (about $265) as of this writing. Charmin worked with artists Donna Adi, Shanee Benjamin, and Made by Radio to produce original artwork for the collectibles, while one of the other NFTs features the familiar Charmin cartoon bears from its marketing materials. Each winning bidder will also receive a physical display so they can show off their “NFT(P)” alongside the real thing in the bathroom.

2. Tuvalu plans to use blockchain technology to become the world’s first paperless society

Tuvalu, a small island country in the Pacific, is planning to use cryptocurrency. The goal of Tuvalu’s government is to become the first paperless society in the world and create a national digital ledger using blockchain technology. This means that all Tuvalu’s data — whether legislative, executive, judicial or financial — will be stored online through BSV’s public ledger. The country also wants to turn its cash economy into one that uses some form of digital currency.

3. Nigerians Turn to Stablecoins for Protection Against Inflation

Traditional savings groups in Nigeria are looking at dollar-pegged stablecoins as a tool to protect their savings from local inflation. Okeke Leticia Chigozie, a 28-year-old Nigerian logistics worker, dreams of opening her own shoe store in Nigeria. Having no credit history, she does not qualify for a bank loan to fund her enterprise. Instead, she joined a traditional savings group in her community, sometimes called esusu. These savings circles allow those without access to traditional banking services to save money and acquire loans or credit. Dollar stablecoins have become a compelling option for individuals and businesses in markets facing local currency volatility and hyperinflation, according to Josh Hawkins, senior vice president of marketing at Circle. In Argentina, another inflationary economy, people are increasingly turning to DAI, a stablecoin backed by the U.S. dollar, after the government imposed restrictions on the amount of dollars citizens could purchase. The problem is that in inflationary countries like Nigeria and Zimbabwe, the value of savings could plummet. Stablecoins — cryptocurrencies pegged to a strong fiat currency like the U.S. dollar or a basket of assets to keep their prices stable — could be a solution to Leticia’s problem.

3.2 International Policies

1. Putin issues orders to combat ‘illegal cross-border transfers’ of digital assets

Russian President Vladimir Putin has stressed the importance of developing additional measures to fight against illegal cross-border transactions of digital financial assets.Speaking at a board meeting of the General Prosecutor’s office Wednesday, Putin stated that “criminal elements have been increasingly deploying digital financial assets,” which needs special attention from the government.“There is one more point — quite new, but essential: we should take additional measures to suppress illegal cross-border movement of digital financial assets,” Putin said. The President ordered local enforcement as well as the Federal Service for Financial Monitoring, or Rosfinmonitoring, to give all their attention to this issue.As Putin did not elaborate on the context of illegal cross-border transactions using digital assets, it now appears to be unclear what violations exactly he meant.

2. EU securities regulator warns about risks of ‘non-regulated’ cryptos

The European Securities and Markets Authority, the European Union’s independent financial authority, has warned about the high risk of cryptocurrency investment.In its latest “Trends, Risks and Vulnerabilities” report published Wednesday, the ESMA analyzed the impact of COVID-19 on financial markets, highlighting the increased risks linked with investment in “non-regulated crypto-assets.” Amid the increasing volumes and demand, crypto assets are “highly volatile and bear high risks for investors,” the ESMA warned, stating, “Prices of non-regulated crypto assets at all-time highs imply significant risks for investors.”As part of the new report, the ESMA also noted the growing DeFi industry, outlining its supposed benefits like disintermediation, 24/7 availability and censorship resistance as well as risks including operational resilience, scalability and governance. The ESMA will continue to monitor developments in DeFi, as it may raise specific regulatory and supervisory challenges, it said.

3. Bank of Japan Governor Stresses Need to Prepare for Digital Currency Launch

Although the Bank of Japan has no plans to launch the central bank’s digital currency (CBDC), President Kuroda still believes it is necessary to prepare for the issue of digital currency, Reuters reported. It is understood that as central banks around the world develop digital currencies, the BoJ is also preparing. The Bank of Japan said the bank began a feasibility study on digital currency in fy2021 (beginning in April 2021). “From the point of view of ensuring the stability and efficiency of the entire payment and settlement system, we must be fully prepared to respond to changes in the situation in an appropriate manner,” he said at a seminar. The plan for issuing digital RMB in neighboring China has been determined and the project has entered the open test stage. South Korea is also studying digital currency, has released research reports on the CBDC project and plans to test it later this year. “

4.Weekly Investment Activities

2 investments activities took place in the blockchain industry this week, BlackOcean got 4.3 million dollars in strategic investment from AKG Ventures、YBB Foundation etc,Alchemix got 3.1 million dollars in strategic from Spartan Capital Securities、Delphi Ventures 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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