Huobi Research Weekly (Vol.104) 2020.3.2–2020.3.8）
Abstract:
This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 5.10%, with 76 projects decreased in value to varying degrees. According to coinmarketcap, as of March 8, 2020, the total market cap of cryptocurrencies was 231.1 billion U.S. dollars, decreased by 5.10%, and the total market cap of the top 100 cryptocurrencies was 227.2 billion U.S. dollars,decreased by 5.99% from last week. 3 cryptocurrency projects entered the top 100 this week, namely SURE、XET and ABBC. As of March 8, 2020, 2020, Bitcoin was traded at 8108.12USD, 5.32% lower than its price last week. Ethereum was traded at 200.69USD, 8.27% lower than its price last week.
The hashrate of Bitcoin increased and Ethereum decreased by this week. This week, the difficulty of mining Bitcoin decreased and the difficulty of mining Ethereum decreased. The average number of transactions per block decreased and the average block size of Bitcoin decreased. 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 increased. ELF was the most active project on GitHub this week.
the average bitcoin Hashrate for the entire network reached 121.3EH/s, increased by 8.40% from the previous week.Average Hashrate for the entire Ethereum network was 180.51TH/s this week, decreased by 0.54%. Average difficulty for mining Bitcoin this week was 15.48T, decreased by 0.19% from last week. The average difficulty of mining Ethereum this week was 2267.50TH, decreased by 0.84% from that of previous week.
In network activity, the average size of each block was 1.05MB, decreased 0.94% form last week; there were on average 2140 transactions recorded in each block, decreased by 5.14% from the previous week. The average number of transactions per block in Ethereum this week was 102.3, decreased by 0.68%. The average size of each block was 22113.57 bytes, decreased by 4.78% compared to last week. As of March 8, 2020, average transaction fees of Bitcoin this week was $0.536, increased by 2.49% from last week. Average transaction fees of Ethereum this week was $0.142, incresead by 19.33%. The total number of Bitcoin addresses was 46415100 increased by 156835 (0.34%). ELF was the most active project on GitHub this week, with 88 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, Jassby got 5 million dollars investment in A round, C Chain got strategic investment from Nan Xiang VC.
1. Weekly Market Review
1.1 Market overview
This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 5.10%, with 76 projects decreased in value to varying degrees. According to coinmarketcap, as of March 8, 2020, the total market cap of cryptocurrencies was 231.1 billion U.S. dollars, decreased by 5.10%, and the total market cap of the top 100 cryptocurrencies was 227.2 billion U.S. dollars,decreased by 5.99% from last week, among which, SURE had the largest increased of 215.17%, bringing its market cap ranking from №180 to №83, XET had the largest decreased of -37.37%, bringing its market cap ranking from №46 to №67. In addition, there were 3 projects that entered TOP100, namely, ABBC (ABBC Coin, increased 22.60%, Now №97), REN (Ren, increased 33.42%, Now №96), SURE (inSure, increased 215.17%, Now №83). As of March 8, 2020, 2020, Bitcoin was traded at 8108.12USD, 5.32% lower than its price last week. Ethereum was traded at 200.69USD, 8.27% lower than its price last week.
The overall 24h trading volume increased this week. Overall, the 24h trading volume increased by 15.30% compared with the same period of last week. In this week, 58 of the top 100 projects increased in 24h trading volume, led by INO with a weekly increase of 640.56%; there were 40 projects decreased in their 24h trading volume, there were 22 projects that saw over 20% decrease in their 24h trading volume, while 7 projects fell by more than 50%, led by XIN, with a decreased of 89.40%.
The top 10 cryptocurrencies’ market value decreased, the market share distribution remained stable. On March 8, 2020, the overall market cap of the top 10 cryptocurrencies was 203.2 billion USD, decreased by 6.21% from last week, accounting for 87.91% of the total market capitalization of cryptocurrencies, decreased by 1.04% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 64.05%, decreased by 0.09% from last week.
1.2 Segment Analysis
Among TOP 100 cryptocurrency project segments, the total market cap of Asset-backed Project got the largest increase. The average market cap of Asset-backed Project got the largest increase. As of March 8, 2020, the total market cap of coin projects reached 169.5 billion USD, decreased by 5.67%. The average market cap of coin projects reached 4.84 billion USD, decreased by 5.67%. The total market cap of platform projects reached 32.0 billion USD, decreased by 8.46%. The average market cap of platform projects reached 1.03 billion USD, decreased by 5.51%. The total market cap of application class projects reached 20.8 billion USD, decreased by 6.12%. The average market cap of application class projects reached 0.65 billion USD, decreased by 9.05%. The total market cap of asset-backed token projects reached 4.82 billion USD, increased by 0.85%. The average market cap of asset-backed token projects reached 2.41 billion USD, increased by 0.85%.
The market segment distribution of the top 100 cryptocurrencies remained stable. As of March 8, 2020, among the top 100 projects, the number of coin class projects remain the same, application class projects increased 1, platform class projects decreased 1 and asset-backed token class remain the same. The largest overall market cap by segment was still coin projects, accounting for 74.59% 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 but Ethereum decreased by this week. From March 2, 2020 — March 8, 2020 ,the average bitcoin Hashrate for the entire network reached 121.3EH/s, increased by 8.40% from the previous week.
Average Hashrate for the entire Ethereum network was 180.51TH/s this week, decreased by 0.54%.
This week, the difficulty of mining Bitcoin decreased and Ethereum decreased. As of March 8, 2020, average difficulty for mining Bitcoin this week was 15.48T, decreased by 0.19% from last week. The average difficulty of mining Ethereum this week was 2267.50TH, decreased by 0.84% from that of previous week.
The number of blocks in Bitcoin increased by 8.57%. Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings remain the same, the number of blocks increased 0.20%. In the past week, Bitcoin mined 1115 blocks, increased 8.57% from the previous week. Among the top five pools were F2Pool、Poolin、AntPool、 BTC.com、ViaBTC, these 5 pools mined 188、183、133、126 and 80 blocks respectively, accounting for 16.86% 、16.41%、11.93%、11.30% and 7.17% of all Bitcoins mined this week. The Hashrate was 20.70 EH/s、20.15EH/s、14.65EH/s、13.87EH/s and 8.81EH/s, respectively.
In the past week, Ethereu’s entire network mined 48001 blocks, increased 0.20% from the previous week. The top five pools were SparkPool, Ethermine, F2pool, Nanopool and Zhizhu.top, each mined 14899、11047、5102、3925 and 1845 blocks respectively, accounting for 31.0389%、23.0141%、10.6289%、8.1769% and 3.8437% 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 decreased and the average block size of Ethereum decreased this week. According to blockchain.info, from March,2,2020-March,8,2020, the average size of each block was 1.05MB, decreased 0.94% form last week; there were on average 2140 transactions recorded in each block, decreased by 5.14% from the previous week.
According to etherscan, the average number of transactions per block in Ethereum this week was 102.3, decreased by 0.68%. The average size of each block was 22113.57 bytes, decreased by 4.78% compared to last week.
Number of unconfirmed transactions in Bitcoin decreased by 2.64%. Number of unconfirmed transactions in Ethereum increased by 14.97% from the previous week. As of March 8, 2020, the number of 7-day average unconfirmed transactions in Bitcoin network was 5863, decreased by 2.64% from last week. There were 63309.2 unconfirmed transactions in the Ethereum network, increased by 14.97% from last week, with the lowest amount of unconfirmed transactions in the week being 15793 and the highest amount being 67610.
Total transaction fees of Bitcoin and Ethereum both increased. As of March 8, 2020, average transaction fees of Bitcoin this week was $0.536, increased by 2.49% from last week. Average transaction fees of Ethereum this week was $0.142, incresead by 19.33%.
The average number of distinct miners per day in Ethereum increased by 4.11% from last week. From March 2, 2020-March 8, 2020,the average number of distinct miners per day in Ethereum this week was 53.2, increased by 4.11% from last week.
The number of nodes in Bitcoin increased ,The number of nodes in Ethereum decreased this week. As of March 8, 2020, there were 10327 Bitcoin nodes, increased by 0.16% compared to last week, of which 2099 nodes were in the U.S, 1805 nodes were Germany, and 247 nodes were in China(№9), each accounting for 20.33%, 17.48% and 2.39% of the total number of Bitcoin nodes, respectively.
As of March 8, 2020, there were 7008 Ethereum nodes, decreased by 1.31% from the previous week. Specifically, there were 2083 nodes in the U.S, 451 nodes in China, and 750 nodes in Germany, each accounting for 29.72%, 6.44%, 10.70% 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 8, 2020, the total number of Bitcoin addresses was 46415100 increased by 156835 (0.34%).
ELF was the most active project on GitHub this week. From March 2, 2020 — March 8, 2020, aelf was the active project repository on GitHub with a total of 88 commits.
2.3 Community Activity Statistics
The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 963k, 533k and 159k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and TRON, with 1 million , 946k, and 500k followers, respectively.
3. Weekly Blockchain News Review
3.1 Industrial Application
1. Finboot’s CEO: Blockchain Adoption Will Improve Industrial Processes
Corporates that advocate for Environmental, Social and Governance (ESG) responsibility initiatives should adopt blockchain technology, the CEO of Spanish blockchain software firm Finboot said on March 5th in a blog post.According to Finboot CEO and co-founder Juan Miguel Perez, to communicate the achievements of ESG initiatives, companies must obtain quantitative metrics that verify their progress and authenticate what they say. That is where blockchain technology comes in.But the introduction of traceability in ESG policies, says the Finboot CEO, is not as easy as they appear, as such implementation involves complicated supply chains. Thanks to blockchain’s handling of the transparency and trust issues that ESG initiatives face, Perez says it is an “outstanding” technology for tracing industrial processes.
2. Telecom Giant Vodafone Explores Blockchain to Verify Suppliers
Multinational telecommunications company Vodafone is exploring blockchain’s capabilities to improve its supply chain.By integrating blockchain into its internal processes, Vodafone aims to advance its supply chain by promoting and verifying a number of suppliers through a digital identity platform dubbed Trust Your Supplier, the company announced on March 6.Trust Your Supplier was jointly developed by tech giant IBM and blockchain company Chainyard last summer. Alongside Vodafone, the network’s founding members include tech companies Cisco, Lenovo, Nokia, Schneider Electric and British pharmaceutical company GlaxoSmithKline, among others.The platform aims to eliminate time-consuming manual processes and help reduce the risk of fraud and errors.
3. Samsung Partners With Israeli Fintech on Blockchain Solution for Merchants
Samsung SDS, the South Korean tech giant’s IT services subsidiary, has just announced a partnership with Israel-based fintech and smart payments provider Credorex. According to a report from The Korea Herald, March 4, the two companies will collaborate to develop a payment platform for European merchants and banks. One part of the proposed solution will be developed using Samsung SDS’ Nexledger Universal blockchain platform and will allow merchants to automatically reconcile payments, remittances and invoices with their bank records.This will integrate into a payments platform, built using Samsung SDS’ AI-based Brity Works, which is designed to automate various work processes.
3.2 International Policies
1. UK Adds Further Regulation to Already-Strict 5AMLD Guidelines
To combat the alleged risks associated with crypto assets and their networks, Her Majesty’s Treasury, the United Kingdom’s finance and economics department, has added additional measures.The new Money Laundering Regulations, or MLRs position the U.K.’s Financial Conduct Authority (FCA) as the Anti-Money Laundering (AML) overseer for certain crypto objectives, Director of Retail and Regulatory Investigations, Therese Chambers said in a March 6 speech.These MLRs go “beyond the 5MLD to include a broader set of activities, such as Initial Coin Offerings (ICOs), as recommended by FATF last year,” Chamber’s said. Chambers explained that the FCA’s regulatory overwatch focuses more on the business dealings within the crypto space.
2. Reserve Bank of India to Appeal Supreme Court’s Crypto Decision
The Reserve Bank of India (RBI) is planning to file a petition against the recent landmark judgment made by the Supreme Court that nullified the controversial banking ban it imposed on companies transacting in cryptocurrencies.According to a report by The Economic Times on March 6, the RBI is worried that the court’s decision could lead to cryptocurrency trading and put the banking system at risk. This led to petitions from industry players and public alike, until the challenge was brought to the Supreme Court by the Internet & Mobile Association of India (IAMAI), a not for profit industry body representing internet consumers and investors.
3. Brazilian Ministry of Education Proposes Issuing Diplomas on the Blockchain
In an attempt to fight against the falsification of university diplomas in Brazil, the Ministry of Education (MEC) has proposed, creating a Blockchain-based platform to issue digital certifications among non-state universities.According to Cointelegraph Brazil, MEC minister Abraham Weintraub has raised this possibility, which also seeks to create cohesion between diplomas and thus generate a space for self-regulation.To finance the creation of the platform, Brazilian newspaper Valor Economico has said that the resources will come from the private educational institutions themselves since they will be exclusively responsible for issuing diplomas. Also, for the measure to be implemented, the ministry would require universities to create an independent department that is responsible for managing the blockchain-based platform.
4.Weekly Investment Activities
2 investments activities took place in the blockchain industry this week, Jassby got 5 million dollars investment in A round, C Chain got strategic investment from Nan Xiang VC.
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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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