Huobi Research Weekly (Vol.98) 2020.1.20–2020.1.26)

Abstract

This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 3.09%, with 50 projects decreased in value to varying degrees. According to coinmarketcap, as of January 26th, 2020, the total market cap of cryptocurrencies was 237.7 billion U.S. dollars, decreased by 3.09%, and the total market cap of the top 100 cryptocurrencies was 235.5 billion U.S. dollars,decreased by 0.72% from last week. 1 cryptocurrency projects entered the top 100 this week, namely DGD. As of January 26th, 2020, Bitcoin was traded at 8596.83USD, 1.18% lower than its price last week. Ethereum was traded at 168.08USD, 0.75% higher than its price last week.

The hashrate of Bitcoin and Ethereum both 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 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 and Ethereum both decreased. ZSC was the most active project on GitHub this week.

The average bitcoin Hashrate for the entire network reached 110.6EH/s, increased by 1.28% from the previous week.Average Hashrate for the entire Ethereum network was 143.82TH/s this week, increased by 13.25%. Average difficulty for mining Bitcoin this week was 14.77T, increased by 3.87% from last week. The average difficulty of mining Ethereum this week was 2092.78TH, increased by 0.43% from that of previous week.

In network activity, the average size of each block was 993.2KB, increased 0.95% form last week; there were on average 2063 transactions recorded in each block, decreased by 0.39% from the previous week. The average number of transactions per block in Ethereum this week was 82.4, decreased by 15.57%. The average size of each block was 18691.00 bytes, decreased by 31.89% compared to last week. As of January 26th, 2020, average transaction fees of Bitcoin this week was $0.333, decreased by 39.56% from last week. Average transaction fees of Ethereum this week was $0.0701, decresead by 26.05%. The total number of Bitcoin addresses was 45294230 increased by 938184 (2.12%). ZSC was the most active project on GitHub this week, with 80 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 Tron.

2 investments activities took place in the blockchain industry this week, Yuhu got A round investment from Nanjing Yangtze blockchain equity investment fund, SuperTree got A round investment from Korea Investment Partners and SBI Investment.

1. Weekly Market Review

1.1 Market overview

This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 3.09%, with 50 projects decreased in value to varying degrees. According to coinmarketcap, as of January 26th, 2020, the total market cap of cryptocurrencies was 237.7 billion U.S. dollars, decreased by 3.09%, and the total market cap of the top 100 cryptocurrencies was 235.5 billion U.S. dollars,decreased by 0.72% from last week, among which, MOF had the largest increased of 91.43%, bringing its market cap ranking from №78 to №47, 999 had the largest decreased of -36.31%, bringing its market cap ranking from №21 to №26. In addition, there were 1 projects that entered TOP100, namely, DGD (DigixDAO, increased 12.54%, Now №94). As of January 26th, 2020, Bitcoin was traded at 8596.83USD, 1.18% lower than its price last week. Ethereum was traded at 168.08USD, 0.75% higher than its price last week.

The overall 24h trading volume decreased this week. Overall, the 24h trading volume decreased by 31.87% compared with the same period of last week. In this week, 18 of the top 100 projects increased in 24h trading volume, led by BDX with a weekly increase of 2640.30%; there were 80 projects decreased in their 24h trading volume, there were 54 projects that saw over 20% decrease in their 24h trading volume, while 11 projects fell by more than 50%, led by STEEM, with a decreased of 90.57%.

The top 10 cryptocurrencies’ market value decreased, the market share distribution remained stable. On January 26th, 2020, the overall market cap of the top 10 cryptocurrencies was 211.7 billion USD, decreased by 0.89% from last week, accounting for 89.05% of the total market capitalization of cryptocurrencies, increased by 1.98% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 65.75%, increased by 1.27% from last week.

1.2 Segment Analysis

Among TOP 100 cryptocurrency project segments, the total market cap of Platform projects got the largest increase. The average market cap of Coin projects got the largest increase. As of January 26th, 2020, the total market cap of coin projects reached 180.4 billion USD, decreased by 0.92%. The average market cap of coin projects reached 5.15 billion USD, increased by 4.74%. The total market cap of platform projects reached 29.0 billion USD, increased by 1.47%. The average market cap of platform projects reached 0.88 billion USD, increased by 1.47%. The total market cap of application class projects reached 21.22 billion USD, decreased by 2.09%. The average market cap of application class projects reached 0.70 billion USD, decreased by 8.61%. The total market cap of asset-backed token projects reached 4.78 billion USD, increased by 0.20%. The average market cap of asset-backed token projects reached 2.39 billion USD, increased by 0.20%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of January 26th, 2020, among the top 100 projects, the number of coin class projects decreased 2, application class projects increased 2, platform class projects remain the same and asset-backed token class remain the same. The largest overall market cap by segment was still coin projects, accounting for 76.61% 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 and Ethereum both increased by this week. From January 20th, 2020 — January 26th, 2020, the average bitcoin Hashrate for the entire network reached 110.6EH/s, increased by 1.28% from the previous week.

Average Hashrate for the entire Ethereum network was 143.82TH/s this week, increased by 13.25%.

This week, the difficulty of mining Bitcoin and Ethereum both increased. As of January 26th, 2020, average difficulty for mining Bitcoin this week was 14.77T, increased by 3.87% from last week. The average difficulty of mining Ethereum this week was 2092.78TH, increased by 0.43% from that of previous week.

The number of blocks in Bitcoin increased by 4.26%. Top 5 rankings has changed. The overall distribution of the Ethereum mining pools rankings remain the same, the number of blocks increased 2.96%. In the past week, Bitcoin mined 1076 blocks, increased 4.26% from the previous week. Among the top five pools were F2Pool、 Poolin、AntPool、BTC.com、ViaBTC, these 5 pools mined 199、179、121、118 and 79 blocks respectively, accounting for 18.49% 、16.64%、11.25%、10.97% and 7.34% of all Bitcoins mined this week. The Hashrate was 20.94 EH/s、18.84EH/s、12.73EH/s、12.42EH/s and 8.31EH/s, respectively.

In the past week, Ethereu’s entire network mined 49499 blocks, d increased 2.96% from the previous week. The top five pools were SparkPool, Ethermine, F2pool, Nanopool and Zhizhu.top, each mined 16026、10397、5364、4024 and 2096 blocks respectively, accounting for 32.3764%、21.0045%、10.8366%、8.1295% and 4.2344% 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 increased. The average number of transactions per block decreased and the average block size of Ethereum decreased this week. According to blockchain.info, from January 20th, 2020-January 26th, 2020, the average size of each block was 993.2KB, increased 0.95% form last week; there were on average 2063 transactions recorded in each block, decreased by 0.39% from the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 82.4, decreased by 15.57%. The average size of each block was 18691.00 bytes, decreased by 31.89% compared to last week.

Number of unconfirmed transactions in Bitcoin decreased by 33.34%. Number of unconfirmed transactions in Ethereum decreased by 8.00% from the previous week. As of January 26th, 2020, the number of 7-day average unconfirmed transactions in Bitcoin network was 4155, decreased by 33.34% from last week. There were 57995.73 unconfirmed transactions in the Ethereum network, decreased by 8.00% from last week, with the lowest amount of unconfirmed transactions in the week being 12217 and the highest amount being 69591.

Total transaction fees of Bitcoin and Ethereum both decreased. As of January 26th, 2020, average transaction fees of Bitcoin this week was $0.333, decreased by 39.56% from last week. Average transaction fees of Ethereum this week was $0.0701, decresead by 26.05%.

The average number of distinct miners per day in Ethereum decreased by 3.05% from last week. From January 20th, 2020-January 26th, 2020,the average number of distinct miners per day in Ethereum this week was 50.8, decreased by 3.05% from last week.

The number of nodes in Bitcoin increased ,The number of nodes in Ethereum decreased this week. As of January 26th, 2020, there were 10930 Bitcoin nodes, increased by 2.06% compared to last week, of which 2388 nodes were in the U.S, 1861 nodes were in Germany, and 251 nodes were in China(№9), each accounting for 21.85%, 17.03% and 2.30% of the total number of Bitcoin nodes, respectively.

As of January 26th, 2020, there were 7539 Ethereum nodes, decreased by 2.63% from the previous week. Specifically, there were 2038 nodes in the U.S, 1078 nodes in China, and 744 nodes in Germany, each accounting for 27.03%, 14.30%,9.87% of total number of nodes, respectively.

This week, the growth rate for new addresses of Bitcoin increased. According to the data on etherchain, as of January 26th, 2020, the total number of Bitcoin addresses was 45294230 increased by 938184 (2.12%).

ZSC was the most active project on GitHub this week. From January 20th,2020-January 26th,2020, RDN was the active project repository on GitHub with a total of 65 commits.

2.3 Community Activity Statistics

The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 967k, 521k and 157k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and TRON, with 1million , 943k, and 495k followers, respectively.

3. Weekly Blockchain News Review

3.1 Industrial Application

1. Osman launched the first blockchain skin care product in China

In January 19th, OSM group of Zhejiang announced that the essence of OSM OSM product, called “little white light”, became the first product of the group’s application block chain technology. Wang Yingshuai, vice president of Osman Digital Research Institute, said at the international blockchain conference in November last year that the development of Osman’s digital proof system has been completed and the scheme design of blockchain technology application is close to the end. And said that blockchain technology can make production, sales, purchase and other open and transparent. oSM will establish the life cycle quality management system of Pearl biologics through the application of block chain technology. However, according to the information disclosed by the group at present, there is no specific explanation on how to apply blockchain technology to “small white light”.

2. Britain’s Tax Agency Offering Contract for Tech to Combat Crypto Tax Evasion

Britain’s tax agency is inviting contractors to provide a tech tool to help Britain’s tax agency combat crypto cybercriminals. The technology, which Her Majesty’s Revenue & Customs (HMRC) posted on Jan. 17 in an open contract call worth 100,000 pounds sterling, should gather intelligence through cluster analysis. The HMRC’s Cybercrime team hopes this will help them correlate crypto-asset transactions with service providers. As opposed to free online tools and human analysis that exist, HMRC reportedly believes a commercial product would help the agency illuminate the blind spots that currently allow criminal activity to fester.

3. Sports Live-Streamer Will Reward Viewers With Its Own Crypto

Sports live-streaming provider SportsCastr is launching its own cryptocurrency to reward viewers and encourage interactions. SportsCastr says the tokens can be earned at the “thousands of sports bars” on FanWide’s U.S. network and will be redeemable for cash. A wallet for the tokens, called (surprise) FanWallet has also been set up by the firms.“FanWide has promoted over 1.5 million watch parties and is the official fan club network of teams in the NFL, LaLiga, Ruby League and others,” said SportsCastr CEO Kevin April. “This rollout represents one of the largest real-world deployments of blockchain in fandom, and we’re just getting started.”The firms hope in future to grow the usage of FANZ to local bars and venues, where they would accept the tokens in exchange for discounts, drinks or “other rewards.”

3.2 International Policies

1. India Central Bank Says It Hasn’t Banned Crypto

The Reserve Bank of India (RBI) said regulated entities cannot offer crypto assets in the country, but that does not equate to an overall digital asset ban.In a Jan. 21 article, The Economic Times of India cited a document the RBI submitted to the country’s supreme court in September, which said:“Firstly, the RBI has not prohibited VCs (virtual currencies) in the country. The RBI has directed the entities regulated by it to not provide services to those persons or entities dealing in or settling VCs”

2. Hong Kong and Thailand Pilot DLT-Based Project for Cross-Border Payments

Hong Kong and Thailand’s central banks have stepped closer to implementing a joint central bank digital currency (CBDC) for cross-border payments.On Jan. 22, the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) officially announced the outcomes of a joint CBDC research project called Project Inthanon-LionRock. After the HKMA and the BOT initiated the Inthanon-LionRock project back in May 2019, the banks completed the joint initiative in December 2019, the official announcement reads.The project involved ten participating banks from both Hong Kong and Thailand and featured a Proof-of-Concept (PoC) prototype based on distributed ledger technology. Particularly, Thai participants included banks like Bangkok Bank and Siam Commercial Bank (SCB), while Hong Kong participants included the Hongkong and Shanghai Banking Corporation and ZA Bank. Additionally, the project is supported by major enterprise blockchain consortium R3, which acts as a technology partner, the joint report notes.

3. Turkish City Developing Crypto and Blockchain Solutions for Public Services

First revealed by Konya Metropolitan Mayor Uğur İbrahim Altay during a local smart city congress in Ankara on Jan. 16, this Turkish city is looking for ways to develop a “City Coin” and create a blockchain-based financial ecosystem around it. The project will enable the local government and other stakeholders to manage the reserve fund for social aid on the blockchain. The city aims to launch a prototype within six months and go live within a year. Konya hopes to be a global model for local governments with the City Coin project. Çıbıkdiken said:”The cryptocurrency we are currently developing will be used in social aid programs, municipal corporations’ activities, public transport, and environmental services. This blockchain-based local ecosystem will serve the Konya citizens. The project will also see the development of a payment system to enable crypto in many municipal services.”

3.3 Technological Breakthrough

1. Blockchain opens a new chapter in health care — Huobi blockchain industry application Series II

Health care industry is one of the largest and fastest growing industries in China. With the increasing demand of residents’ pension and health management, China’s medical and health industry has developed rapidly. China’s large health market is expected to grow to 17 trillion yuan in 2022. This report focuses on the analysis of medical services, medical manufacturing and medical health insurance in the medical and health industry. Due to the particularity of the medical field, many problems such as poor medical experience, contradictions between doctors and patients, fake medicine and inferior medicine arise due to the poor data flow and information asymmetry. In the face of various problems or pain points in the medical and health industry, the blockchain technology, with the characteristics of distributed, tamperable and traceable, can break through the information flow of medical data on the premise of ensuring the privacy of patients’ data, improve the status quo of mutual data island between institutions, rebuild the trust between doctors and patients, and improve the efficiency of the industry. With its inherent characteristics, blockchain can make great contributions to the health care industry in data sharing and circulation, establishing trust mechanism and circulation traceability.

【This report and more can be obtained through the following ways:

(1) Official website of fire coin Research Institute: https://research.hoobi.cn/

(2) Baidu online disk: link: https://pan.baidu.com/s/1d08lwixlvqlzn2qwsjtq

Extraction code: 4b2x】

4.Weekly Investment Activities

2 investments activities took place in the blockchain industry this week, Yuhu got A round investment from Nanjing Yangtze blockchain equity investment fund, SuperTree got A round investment from Korea Investment Partners and SBI Investment.

Huobi Research

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