Huobi Research Weekly (Vol.108) 2020.3.30–2020.4.5）
Abstract
This week, the overall market capitalization for the top 100 cryptocurrencies increased of 13.43%, with 94 projects increased in value to varying degrees. According to coinmarketcap, as of April 5, 2020, the total market cap of cryptocurrencies was 190.5 billion U.S. dollars, increased by 13.43%, and the total market cap of the top 100 cryptocurrencies was 190.4 billion U.S. dollars, increased by 14.62% from last week. 5 cryptocurrency projects entered the top 100 this week, namely SXP、QQQ、QNT、VSYS、and MB. As of April 5, 2020, Bitcoin was traded at 6791.13USD, 14.76% higher than its price last week. Ethereum was traded at 143.55USD, 14.40% 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 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 decreased but Ethereum increased. LSK was the most active project on GitHub this week.
the average bitcoin Hashrate for the entire network reached 108.6 EH/s, increased by 8.17% from the previous week. Average Hashrate for the entire Ethereum network was 176.72TH/s this week, increased by 0.33%. Average difficulty for mining Bitcoin this week was 13.91T, decreased by 12.13% from last week. The average difficulty of mining Ethereum this week was 2221.93TH, increased by 1.12% from that of previous week.
In network activity, the average size of each block was 1.08MB, decreased 0.92% form last week; there were on average 1613 transactions recorded in each block, decreased by 19.59% from the previous week. The average number of transactions per block in Ethereum this week was 105.7, decreased by 10.20%. The average size of each block was 22816.71 bytes, decreased by 7.18% compared to last week. As of April 5, 2020, average transaction fees of Bitcoin this week was $0.446, decreased by 40.21% from last week. Average transaction fees of Ethereum this week was $ 0.0828, incresead by 6.43%. The total number of Bitcoin addresses was 47276550 increased by 239935 (0.51%). LSK was the most active project on GitHub this week, with 138 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, COTI got 3.5 million dollars strategic investment , Bao Quan.com got Pre-A round investment from Lakala VC leader.
1. Weekly Market Review
1.1 Market overview
This week, the overall market capitalization for the top 100 cryptocurrencies increased of 13.43%, with 94 projects increased in value to varying degrees. According to coinmarketcap, as of April 5, 2020, the total market cap of cryptocurrencies was 190.5 billion U.S. dollars, increased by 13.43%, and the total market cap of the top 100 cryptocurrencies was 190.4 billion U.S. dollars, increased by 14.62% from last week, among which, SXP had the largest increased of 121.10%, bringing its market cap ranking from №165 to №100, EDC had the largest decreased of -37.90%, bringing its market cap ranking from №43 to №67. In addition, there were 5 projects that entered TOP100, namely, VSYS (v.systems, increased 19.43%, Now №98), QNT (Quant, increased 40.79%, Now №86), MB (MineBee, increased 57.27%, Now №94)， QQQ (Poseidon Network, increased 68.87%, Now №88), SXP (Swipe, increased 121.10%, Now №100). As of April 5, 2020, Bitcoin was traded at 6791.13USD, 14.76% higher than its price last week. Ethereum was traded at 143.55USD, 14.40% higher than its price last week.
The overall 24h trading volume increased this week. Overall, the 24h trading volume increased by 4.48% compared with the same period of last week. In this week, 57 of the top 100 projects increased in 24h trading volume, led by BAY with a weekly increase of 631.90%; there were 43 projects decreased in their 24h trading volume, there were 17 projects that saw over 20% decrease in their 24h trading volume, while 4 projects fell by more than 50%, led by XIN, with a decreased of 89.25%.
The top 10 cryptocurrencies’ market value increased, the market share distribution remained stable. On April 5, 2020, the overall market cap of the top 10 cryptocurrencies was 169.8 billion USD, increased by 15.00% from last week, accounting for 89.19% of the total market capitalization of cryptocurrencies, increased by 1.22% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 65.25%, increased by 0.76% 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 April 5, 2020, the total market cap of coin projects reached 142.8 billion USD, increased by 14.55%. The average market cap of coin projects reached 3.96 billion USD, increased by 11.37%. The total market cap of platform projects reached 23.2 billion USD, increased by 13.32%. The average market cap of platform projects reached 0.89 billion USD, increased by 22.04%. The total market cap of application class projects reached 17.9 billion USD, increased by 11.64%. The average market cap of application class projects reached 0.50 billion USD, increased by 8.54%. The total market cap of asset-backed token projects reached 6.32 billion USD, increased by 31.98%. The average market cap of asset-backed token projects reached 3.16 billion USD, increased by 31.98%.
The market segment distribution of the top 100 cryptocurrencies remained stable. As of April 5, 2020, among the top 100 projects, the number of coin class projects increased 1, application class projects increased 1, platform class projects decreased 2 and asset-backed token class remain the same. The largest overall market cap by segment was still coin projects, accounting for 75.03% 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 30, 2020 — April 5, 2020 ,the average bitcoin Hashrate for the entire network reached 108.6 EH/s, increased by 8.17% from the previous week.
Average Hashrate for the entire Ethereum network was 176.72TH/s this week, increased by 0.33%.
This week, the difficulty of mining Bitcoin decreased but Ethereum increased. As of April 5, 2020, average difficulty for mining Bitcoin this week was 13.91T, decreased by 12.13% from last week. The average difficulty of mining Ethereum this week was 2221.93TH, increased by 1.12% from that of previous week.
The number of blocks in Bitcoin increased by 14.96%. Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings remain the same, the number of blocks increased 1.26%. In the past week, Bitcoin mined 1053 blocks, increased 14.96% from the previous week. Among the top five pools were F2Pool、Poolin、BTC.com、AntPool、OKExPool, these 5 pools mined 222、174、133、106 and 89 blocks respectively, accounting for 21.08%、16.52%、12.63%、10.07% and 8.45% of all Bitcoins mined this week. The Hashrate was 22.00 EH/s、17.24EH/s、13.18EH/s、10.50EH/s and 8.82EH/s, respectively.
In the past week, Ethereu’s entire network mined 48038 blocks, increased 1.26% from the previous week. The top five pools were SparkPool, Ethermine, F2pool, Nanopool and Zhizhu.top, each mined 15933、10721、4688、3445 and 1865 blocks respectively, accounting for 33.1675%、22.3177%、9.7589%、7.1714% and 3.8823% 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,30,2020-April 5, 2020, the average size of each block was 1.08MB, decreased 0.92% form last week; there were on average 1613 transactions recorded in each block, decreased by 19.59% from the previous week.
According to etherscan, the average number of transactions per block in Ethereum this week was 105.7, decreased by 10.20%. The average size of each block was 22816.71 bytes, decreased by 7.18% compared to last week.
Number of unconfirmed transactions in Bitcoin decreased by 83.32%. Number of unconfirmed transactions in Ethereum increased by 1.15% from the previous week. As of April 5, 2020, the number of 7-day average unconfirmed transactions in Bitcoin network was 1371, decreased by 83.32% from last week. There were 63745.19 unconfirmed transactions in the Ethereum network, increased by 1.15% from last week, with the lowest amount of unconfirmed transactions in the week being 18356 and the highest amount being 69398.
Total transaction fees of Bitcoin decreased but Ethereum increased. As of April 5, 2020, average transaction fees of Bitcoin this week was $0.446, decreased by 40.21% from last week. Average transaction fees of Ethereum this week was $ 0.0828, incresead by 6.43%.
The average number of distinct miners per day in Ethereum decreased by 4.06% from last week. From March 30, 2020-April 5, 2020,the average number of distinct miners per day in Ethereum this week was 54.4, decreased by 4.06% from last week.
The number of nodes in Bitcoin increased ,The number of nodes in Ethereum decreased this week. As of April 5, 2020, there were 10132 Bitcoin nodes, increased by 1.46% compared to last week, of which 2030 nodes were in the U.S, 1783 nodes were Germany, and 244 nodes were in China(№9), each accounting for 20.04%, 17.60% and 2.41% of the total number of Bitcoin nodes, respectively.
As of April 5, 2020, there were 6710 Ethereum nodes, decreased by 1.79% from the previous week. Specifically, there were 1951 nodes in the U.S, 408 nodes in China, and 728 nodes in Germany, each accounting for 29.08%, 6.08%, 10.85% 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 April 5, 2020, the total number of Bitcoin addresses was 47276550 increased by 239935 (0.51%).
LSK was the most active project on GitHub this week. From March 30, 2020 — April 5, 2020, Lisk was the active project repository on GitHub with a total of 138 commits.
2.3 Community Activity Statistics
The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 960k, 545k and 160k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and TRON, with 1 million , 945k, and 503k followers, respectively.
3. Weekly Blockchain News Review
3.1 Industrial Application
1. General Motors Files Patent for a Blockchain-Based Navigation Map
Major car manufacturer, General Motors, or GM, has filed a patent application for a continuously updating navigation map system. The system would use blockchain to integrate data from vehicle sensors and build a reliable map for autonomous vehicles. General Motors’ solution is to distribute the process to many vehicles, which would collect data about their surroundings through sensors as they simply drive around.The real-time data would be compared with a discrepancy detector, which analyzes the existing maps. Any difference is transmitted to a blockchain network that holds all the map data. The “candidate transaction” is then validated if other vehicles report a similar change. The patent suggests that the network would be maintained by vehicles and mining nodes located in data centers.
2. Ontario Conservation Authorities Test Blockchain for Green Energy on Smart Grids
Canadian conservation authorities and technology firm Insolar are conducting a test-bed blockchain project for renewable energy management.Within the scope of its Sustainable Technologies Evaluation Program (STEP), on April 1 the Toronto and Region Conservation Authority (TRCA) announced a collaboration with blockchain specialist Insolar to leverage the technology for managing distributed energy resources (DERs).Ontario’s long-term energy plan has reportedly identified DERs as an essential policy strategy that will help to close the growing gap in electricity supply as the region works to replace 30% of its conventional power production with sustainable sources over the next 15 years. Sources such as solar and wind can be used as a backup or replacement to achieve a more sustainable energy mix, provided they are coordinated on the power grid’s edge. This ostensibly ensures they do not stop utilities from providing a reliable energy supply.
3. BMW’s Blockchain Solution for Supply Chains to Roll Out in 2020
World-famous car manufacturer BMW Group plans to roll out its blockchain supply chain solution to 10 suppliers this year.Dubbed “PartChain,” the platform has already been successfully tested by BMW in 2019, an official announcement on March 31 revealed. In its early version, PartChain is designed to ensure traceability and immediate data transparency for automobile components across complex supply chains that engage multiple international parties. The 2019 pilot implemented the solution for purchasing and tracking front lights, with the involvement of two of BMW Group’s total 31 plants, as well as three locations of the supplier Automotive Lighting. In the long-term, BMW’s vision is to use blockchain to create “an open platform that will allow data within supply chains to be exchanged and shared safely and anonymized across the industry.”
3.2 International Policies
1. Malaysian Securities Regulator Approves Crypto Trading Platform
Following a nine-month-long probationary period, Malaysia-based cryptocurrency trading firm, Tokenize Malaysia, has received full approval from local securities watchdog.With the approval to operate a Digital Assets Exchange, the company’s cryptocurrency trading platform, Tokenize Xchange, became legally approved and regulated by the Securities Commission (SC) of Malaysia, local news outlet, SoyaCincau, reported on April 3. The exchange offers fiat-to-digital asset pairings.Malaysian laws require that local cryptocurrency exchanges register with the SC, after which they have up to nine month to achieve compliance with the SC’s regulation standards. The SC introduced the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 on January 15, 2019. The regulation classifies digital currencies, tokens, and crypto-assets as securities, placing them under the Securities Commission’s authority.
2. South African National Blockchain Alliance Holds Online Launch
The South African National Blockchain Alliance carried out an online livestream launch while the country is in the midst of a 21-day lockdown to curb the spread of the coronavirus pandemic. The organization was due to be launched at the beginning of April in Johannesburg but had to be taken online as South Africa and the world tackles a global health crisis. Akhona Damane heads up the project and said that SANBA intends to be the central cog in a network of partnerships between South Africa’s government, industry-leading companies, startups and civil society. An important consideration for SANBA is the development of blockchain-based systems and solutions coming from inside South Africa. Another major focus will be driving the development of skills needed to explore and create blockchain solutions. An integral part of this will be educating civil society on the various use cases and further potential of the technology to improve a wide variety of industries.
3. DHS Names Blockchain Managers Among Critical Infrastructure Workers
A memorandum published by the United States Department of Homeland Security (DHS) has named blockchain managers among the nation’s essential critical infrastructure workers.On March 19, the DHS’ Cybersecurity and Infrastructure Security Agency (CISA) published a memo emphasizing the special responsibility of workers within a critical infrastructure industry to maintain normal working schedules amid the intensifying coronavirus lockdown. The document names blockchain managers alongside healthcare, pharmaceuticals, and food supply as critical infrastructure industries.The inclusion of blockchain managers on CISA’s list may indicate the DHS’s recognition of the potential for distributed ledger technologies (DLT) to be employed in coronavirus relief efforts.
4.Weekly Investment Activities
2 investments activities took place in the blockchain industry this week, COTI got 3.5 million dollars strategic investment , Bao Quan.com got Pre-A round investment from Lakala VC leader.
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