Huobi Research Weekly (Vol.176) (2021.7.26–2021.8.1)

Abstract

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 5.94%, with 90 projects increased in value to varying degrees. According to coinmarketcap, as of August 1, 2021, the total market cap of cryptocurrencies was 1601.1 billion U.S.dollars, increased of 5.94%, and the total market cap of the top 100 cryptocurrencies was 1568.6 billion U.S. dollars, increased by 12.72% from last week. 4 cryptocurrency projects entered the top 100 this week, namely ANKR, ICX, FTM, and OMG. As of August 1, 2021, Bitcoin was traded at 39974.9USD, 13.12% higher than its price last week. Ethereum was traded at 2561.85USD, 17.00% lower 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 not changed and the average block size of Bitcoin decreased. The average number of transactions per block increased and the average block size of Ethereum decreased this week. The average transaction fees of Bitcoin increased and Ethereum decreased. LINK was the most active project on GitHub this week.

The average bitcoin Hashrate for the entire network reached 107.8EH/s, increased by 8.94% from the previous week. Average Hashrate for the entire Ethereum network was548.55TH/s this week, increased by 4.38%. Average difficulty for mining Bitcoin this week was 13.67T, decreased by 0.65% from last week. The average difficulty of mining Ethereum this week was 7160.93TH, increased by 5.66% from that of previous week.

In network activity, the average size of each block was 977.0KB, decreased by 0.61% from last week; there were on average 1494 transactions recorded in each block, as same as the previous week. The average number of transactions per block in Ethereum this week was 197.2, increased by 5.34%. The average size of each block was 60768.85 bytes, decreased by 0.37% compared to last week. Average transaction fees of Bitcoin this week was $2.255, increased by 2.87% from last week. Average transaction fees of Ethereum this week was $9.857, incresead by 153.92% from last week. The total number of Bitcoin addresses was 75030218, increased by 135346 (0.18%). Chainlink was the most active project on GitHub this week, with 35 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, Prime Trust got 64 million dollars in A round from Mercato Partners leading,Pastel got 5 million dollars in seed round investment from Innovating Capital leading.

1. Weekly Market Review

1.1 Market overview

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 5.94%, with 90 projects increased in value to varying degrees. According to coinmarketcap, as of August 1, 2021, the total market cap of cryptocurrencies was 1601.1 billion U.S.dollars, increased of 5.94%, and the total market cap of the top 100 cryptocurrencies was 1568.6 billion U.S. dollars, increased by 12.72% from last week, among which, GRT had the largest increased of 98.45%, bringing its market cap ranking from №55 to №32, TFUEL had the largest decreased of -12.71%, bringing its market cap ranking from №49 to №58. In addition, there were 4 projects that entered TOP100, namely, OMG (OMG Network, increased 14.22%, Now №100), ANKR (Ankr, increased 74.98%, Now №88), ICX (ICOIN, increased 22.02%, Now №95), FTM (Fantom, increased 24.46%, Now №99). As of August 1, 2021, Bitcoin was traded at 39974.9USD, 13.12% higher than its price last week. Ethereum was traded at 2561.85USD, 17.00% lower than its price last week.

The overall 24h trading volume increased this week. Overall, the 24h trading volume increased by 30.83% compared with the same period of last week. In this week, 81 of the top 100 projects increased in 24h trading volume, led by ANKR with a weekly increased of 1661.80%; there were 19 projects decreased in their 24h trading volume, there were 15 projects that saw over 20% decrease in their 24h trading volume, while 6 projects fell by more than 50%. The most decresed project led by TFUEL, with a decreased of -75.46%.

The top 10 cryptocurrencies’ market value increased, the market share distribution remained stable. On August 1, 2021, the overall market cap of the top 10 cryptocurrencies was 1329.0 billion USD, increased by 12.86% from last week, accounting for 83.00% of the total market capitalization of cryptocurrencies, increased by 5.80% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 46.87%, increased by 2.98% 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 Asset-backed project got the largest increase. As of August 1, 2021, the total market cap of coin projects reached 939.9 billion USD, increased by 12.95%. The average market cap of coin projects reached 18.7 billion USD, increased by 8.43%. The total market cap of platform projects reached 424.8 billion USD, increased by 14.29%. The average market cap of platform projects reached 18.4 billion USD, increased by 19.26%. The total market cap of application class projects reached 140.7 billion USD, increased by 13.40%. The average market cap of application class projects reached 5.62 billion USD, increased by 13.40%. The total market cap of asset-backed token projects reached 63.1 billion USD, decreased by 0.81%. The average market cap of asset-backed token projects reached 31.5 billion USD, increased by 48.78%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of August 1, 2021, among the top 100 projects, the number of coin class projects increase 2, application class projects remain the same, asset-backed token class projects decrease 1 , and platform class decrease 1.The largest overall market cap by segment was still coin projects, accounting for 59.92% 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 July 26, 2021- August 1, 2021, the average bitcoin Hashrate for the entire network reached 107.8EH/s, increased by 8.94% from the previous week.

Average Hashrate for the entire Ethereum network was548.55TH/s this week, increased by 4.38%.

This week, the difficulty of mining Bitcoin decreased but Ethereum increased. As of August 1, 2021, average difficulty for mining Bitcoin this week was 13.67T, decreased by 0.65% from last week. The average difficulty of mining Ethereum this week was 7160.93TH, increased by 5.66% from that of previous week.

The number of blocks in Bitcoin increased by 9.23%,Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings not changed, the number of blocks increased by 0.60%. In the past week, Bitcoin mined 1124 blocks, increased by 9.23% from the previous week. Among the top five pools were AntPool、ViaBTC、Binance Pool、Poolin、BTC.com, these 5 pools mined 184、136、126、124 and 107 blocks respectively, accounting for 16.37%、12.10%、11.21%、11.03% and 9.52% of all Bitcoins mined this week. The Hashrate was 18.06EH/s、13.35EH/s、12.37EH/s、12.17EH/s and 10.50EH/s, respectively.

In the past week, Ethereum’s entire network mined 47485 blocks, increased by 0.60% in the previous week. The top five pools were Ethermine, Spark Pool, F2pool Old, Hiveon Pool and BeePool, each mined 11486、9404、4776、3109 and 2540 blocks respectively, accounting for 24.1887%、19.8041%、10.0579%、6.5473% and 5.3491% 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 not changed. The average number of transactions per block increased but the average block size of Ethereum decreased this week. According to blockchain.info, from July 26, 2021- August 1, 2021, the average size of each block was 977.0KB, decreased by 0.61% from last week; there were on average 1494 transactions recorded in each block, as same as the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 197.2, increased by 5.34%. The average size of each block was 60768.85 bytes, decreased by 0.37% compared to last week.

Number of unconfirmed transactions in Bitcoin increased by 2.68%. Number of unconfirmed transactions in Ethereum increased by 2.31% from the previous week. As of August 1, 2021, the number of 7-day average unconfirmed transactions in Bitcoin network was 2451, increased by 2.68% from last week. There were 152246.11 unconfirmed transactions in the Ethereum network, increased by 2.31% from last week, with the lowest amount of unconfirmed transactions in the week being 29241 and the highest amount being 171691.

Total transaction fees of Bitcoin increased and Ethereum increased. As of August 1, 2021, average transaction fees of Bitcoin this week was $2.255, increased by 2.87% from last week. Average transaction fees of Ethereum this week was $9.857, incresead by 153.92% from last week.

The average number of distinct miners per day in Ethereum increased. From July 26, 2021- August 1, 2021, the average number of distinct miners per day in Ethereum this week was 47.7, increased by 5.76% from last week.

The number of nodes in Bitcoin decreased by 14.22% ,The number of nodes in Ethereum increased by 2.04% this week. As of August 1, 2021, there were 10735 Bitcoin nodes, decreased by 14.22% compared to last week, of which 1823 nodes were in U.S, 1720 nodes were in Germany, and 153 nodes were in China(№10), each accounting for 16.98%, 16.02% and 1.43% of the total number of Bitcoin nodes, respectively.

As of August 1, 2021, there were 4990 Ethereum nodes, decreased by 22.73% from the previous week. Specifically, there were 1731 nodes in the U.S, 726 nodes in Germany, and 432 nodes in China, each accounting for 34.69%, 14.55%, 8.66% 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 August 1, 2021, the total number of Bitcoin addresses was 75030218, increased by 135346 (0.18%).

LINK was the most active project on GitHub this week. From July 26, 2021 — August 1, 2021, Chainlink was the active project repository on GitHub with a total of 35 commits.

2.3 Community Activity Statistics

The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 947k, 625k and 234k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and Ethereum, with 2.9million , 1.9million, and 1.4million followers, respectively.

3. Weekly Blockchain News Review

3.1 Industrial Application

1. PayPal’s crypto ‘super app’ set to roll out soon

Dan Schulman said the project was already “code complete” and planned to be fully ramped in the United States in the next several months. Payment provider company PayPal said its users may not have much longer to wait to have greater crypto functionality through the platform. During PayPal’s Q2 2021 investor update call today, CEO Dan Schulman said the initial version of the company’s super app wallet was “code complete.” The PayPal president said the company planned for the wallet to be fully ramped in the United States in the next several months.The super app wallet will feature high yield savings, early access to direct deposit funds, messaging capability, “additional crypto capabilities,” and more. Schulman said each wallet would be “unique, driven by advanced AI and machine learning capabilities.”

2. Coca-Cola officially gets into NFTs for charity

“Each NFT was created to celebrate elements that are core to the Coca-Cola brand, reinterpreted for a virtual world in new and exciting ways,” said Selman Careaga. One of the most recognizable brand names in the world is planning to release a collection of nonfungible tokens to raise money for Special Olympics International.The OpenSea marketplace will be holding a three-day auction for Coca-Cola branded nonfungible tokens, or NFTs, starting on July 30. The NFT collections, created in partnership with digital designer Tafi, were “inspired by video-game loot boxes” and contain “hidden surprises” available only to those who purchase the artwork.The “Friendship Boxes” feature a classic Coca-Cola cooler, a wearable bubble jacket which can be used in the Ethereum-based virtual reality world Decentraland, a friendship card, and a sound visualizer which plays audio of a bottle opening, a beverage being poured over ice, and the fizz sound common to carbonated beverages. Soft drink enthusiasts can place their bids in Ether (ETH) through OpenSea until Aug. 2.

3. Dash launches retail consumer app for shopping in stores across America

Dash has announced the launch of DashDirect — a consumer app that allows users to spend the DASH cryptocurrency in stores across America.Dash revealed that the new customer-focused app will offer up to 12% in savings on purchases by users.Detailing the rebates and discount features, Mashall Greenwald, DashDirect Founder and CEO of CrayPay told Cointelegraph: “After you enter the exact amount of your current purchase in the app, an immediate discount of up to 12% is applied,” adding:“This allows anyone to spend Dash for everyday purchases as easily as using USD, but with the added protections of decentralized money and the added value of 5% average savings due to Dash’s efficient, low-cost transactions and DashDirect’s unique merchant network.”

3.2 International Policies

1. Kazakhstan to reportedly allow banks to process crypto purchases

The government of Kazakhstan is reportedly planning to officially authorize local banking institutions to open bank accounts for cryptocurrency transactions.Several banks in Kazakhstan will soon be officially approved to service companies and businesses providing exposure to cryptocurrencies like Bitcoin (BTC), local news channel Khabar 24 reported Sunday.Citing executives from the Data Center Industry and Blockchain Association of Kazakhstan, the report notes that it is unclear what financial institutions or banks would participate in the pilot project. Cryptocurrency exchanges will be able to cooperate with banks by signing up for the project at Astana International Financial Centre, a major financial hub in Kazakhstan.The pilot project will reportedly run for one year, aiming to enable local crypto businesses to legally provide crypto investment services and allow investors to buy and sell cryptocurrencies like Bitcoin safely. As part of the project, the Kazakhstan government also intends to assess the potential risks associated with digital currency investment as crypto trading is not yet legally adopted in the country, the report notes.

2. Blockchain Australia calls the state for crypto safe harbor

Blockchain Australia, a major association representing the local cryptocurrency industry, has officially introduced its crypto regulation recommendations to the federal government.The association filed a submission to the Senate Select Committee on Australia as a Technology and Financial Centre last Friday, calling the government to provide a safe harbor for local crypto service providers.Pointing out a set of regulatory recommendations, Blockchain Australia stressed the need for a coordinated and graduated approach to adopt a “fit-for-purpose regulatory framework,” ensuring innovation and competition in the country while enhancing consumer outcomes. The crypto advocates emphasized that local industry “cannot afford to wait years for regulatory clarity,” and local consumers require confidence to access regulated crypto services in the country, stating:“The government and relevant regulators should provide crypto asset providers a safe harbor until such a time that they introduce guidance or legislation. Any legislation should contain an appropriate transition period and not apply retrospectively.”

3. Countries representing over 90% of global GDP are exploring CBDCs

Governments around the world are pouring more resources into CBDC research and exploratory use cases. Among the major economies, China appears to be pulling ahead and has plans to implement digital yuan usage during the 2022 Winter Olympics in Beijing. The quest to understand the opportunities and challenges of a central bank digital currency, or CBDC, is underway in 81 countries, with five nations fully implementing a digital version of their currency, according to a new CBDC tracker from the Atlantic Council. The Caribbean region is home to all five CBDCs that are currently in use, with the Bahamas, Saint Kitts and Nevis, Antigua and Barbuda, Saint Lucia, and Grenada all implementing digital cash systems.CBDCs are in their pilot stage in 14 other countries, including South Korea and Sweden, the tracker shows. Among the countries with the four largest central banks — the United States Federal Reserve, European Central Bank, Bank of Japan and Bank of England — the U.S. is furthest behind in terms of CBDC development.

4.Weekly Investment Activities

2 investments activities took place in the blockchain industry this week, Prime Trust got 64 million dollars in A round from Mercato Partners leading,Pastel got 5 million dollars in seed round investment from Innovating Capital leading.

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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