Huobi Research Weekly (Vol.110) 2020.4.13–2020.4.19）
Abstract
This week, the overall market capitalization for the top 100 cryptocurrencies increased of 4.21%, with 81 projects increased in value to varying degrees. According to coinmarketcap, as of April 19, 2020, the total market cap of cryptocurrencies was 206.8 billion U.S. dollars, increased by 4.21%, and the total market cap of the top 100 cryptocurrencies was 206.6 billion U.S. dollars, increased by 3.75% from last week. 4 cryptocurrency projects entered the top 100 this week, namely KMD、NMR、REN and SEELE. As of April 19, 2020, Bitcoin was traded at 7189.42USD, 3.21% higher than its price last week. Ethereum was traded at 181.61USD, 12.80% higher than its price last week.
The hashrate of Bitcoin decreased but 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 increased and the average block size of Bitcoin increased. The average number of transactions per block increased and the average block size of Ethereum increased this week.The average transaction fees of Bitcoin increased and Ethereum increased. ZSC was the most active project on GitHub this week.
The average bitcoin Hashrate for the entire network reached 115.6 EH/s, decreased by 0.60% from the previous week.Average Hashrate for the entire Ethereum network was 178.92TH/s this week, increased by 2.37%. Average difficulty for mining Bitcoin this week was 14.72T, increased by 0.07% from last week. The average difficulty of mining Ethereum this week was 2248.25TH, increased by 2.18% from that of previous week.
In network activity, the average size of each block was 1.15MB, increased 46.53% form last week; there were on average 1830 transactions recorded in each block, increased by 17.38% from the previous week. The average number of transactions per block in Ethereum this week was 118.6, increased by 4.59%. The average size of each block was 24565.57 bytes, increased by 2.36% compared to last week. As of April 19, 2020, average transaction fees of Bitcoin this week was $0.475, increased by 25.00% from last week. Average transaction fees of Ethereum this week was $ 0.132, incresead by 42.55%. The total number of Bitcoin addresses was 47766528 increased by 230155 (0.48%). ZSC was the most active project on GitHub this week, with 82 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, KPG public chain got tens of millions Yuan in strategic investment , Crypto Finance got 14,5 million dollars in B round investment from Rainer-Marc Frey and Lingfeng Capital leader.
1. Weekly Market Review
1.1 Market overview
This week, the overall market capitalization for the top 100 cryptocurrencies increased of 4.21%, with 81 projects increased in value to varying degrees. According to coinmarketcap, as of April 19, 2020, the total market cap of cryptocurrencies was 206.8 billion U.S. dollars, increased by 4.21%, and the total market cap of the top 100 cryptocurrencies was 206.6 billion U.S. dollars, increased by 3.75% from last week, among which, HEX had the largest increased of 187.09%, bringing its market cap ranking from №77 to №40, MB had the largest decreased of -69.90%, bringing its market cap ranking from №42 to №94. In addition, there were 4 projects that entered TOP100, namely, SEELE (seele, increased 7.83%, Now №99), REN (Ren, increased 15.39%, Now №100), NMR (Numeraire, increased 34.92%, Now №95), KMD (Komodo, increased 46.59%, Now №78). As of April 19, 2020, Bitcoin was traded at 7189.42USD, 3.21% higher than its price last week. Ethereum was traded at 181.61USD, 12.80% higher than its price last week.
The overall 24h trading volume increased this week. Overall, the 24h trading volume increased by 1.16% compared with the same period of last week. In this week, 59 of the top 100 projects increased in 24h trading volume, led by HEX with a weekly increase of 4125.38%; there were 41 projects decreased in their 24h trading volume, there were 19 projects that saw over 20% decrease in their 24h trading volume, while 5 projects fell by more than 50%, led by XIN, with a decreased of 91.45%.
The top 10 cryptocurrencies’ market value increased, the market share distribution remained stable. On April 19, 2020, the overall market cap of the top 10 cryptocurrencies was 183.9 billion USD, increased by 3.95% from last week, accounting for 88.89% of the total market capitalization of cryptocurrencies, decreased by 0.22% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 63.72%, decreased by 0.62% 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 Platform Project got the largest increase. As of April 19, 2020, the total market cap of coin projects reached 152.3 billion USD, increased by 3.16%. The average market cap of coin projects reached 4.01 billion USD, increased by 0.44%. The total market cap of platform projects reached 28.0 billion USD, increased by 9.94%. The average market cap of platform projects reached 1.12 billion USD, increased by 14.34%. The total market cap of application class projects reached 20.0 billion USD, increased by 3.40%. The average market cap of application class projects reached 0.57 billion USD, increased by 3.40%. The total market cap of asset-backed token projects reached 6.54 billion USD, decreased by 0.03%. The average market cap of asset-backed token projects reached 3.27 billion USD, decreased by 0.03%.
The market segment distribution of the top 100 cryptocurrencies remained stable. As of April 19, 2020, among the top 100 projects, the number of coin class projects increased 1, application class projects remain the same, 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 73.60% 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 decreased but Ethereum increased by this week. From April 13 30, 2020 — April 19, 2020 ,the average bitcoin Hashrate for the entire network reached 115.6 EH/s, decreased by 0.60% from the previous week.
Average Hashrate for the entire Ethereum network was 178.92TH/s this week, increased by 2.37%.
This week, the difficulty of mining Bitcoin increased and Ethereum increased. As of April 19, 2020, average difficulty for mining Bitcoin this week was 14.72T, increased by 0.07% from last week. The average difficulty of mining Ethereum this week was 2248.25TH, increased by 2.18% from that of previous week.
The number of blocks in Bitcoin decreased by 0.55%. Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings remain the same, the number of blocks decreased 0.35%. In the past week, Bitcoin mined 1092 blocks, decreased 0.55% from the previous week. Among the top five pools were F2Pool、Poolin、BTC.com、AntPool、ViaBTC, these 5 pools mined 205、186、155、148 and 79 blocks respectively, accounting for 19.77%、17.03%、14.19%、13.55% and 7.23% of all Bitcoins mined this week. The Hashrate was 21.41 EH/s、19.43EH/s、16.19EH/s、15.46EH/s and 8.25EH/s, respectively.
In the past week, Ethereu’s entire network mined 47800 blocks, decreased 0.35% from the previous week. The top five pools were SparkPool, Ethermine, F2pool, Nanopool and Zhizhu.top, each mined 15579、10435、4695、3285 and 2494 blocks respectively, accounting for 32.5921%、21.8305%、9.8222%、6.8724% and 5.2176% of all Ethereum mined this week, respectively.
2.2 Activity Statistics
The average number of transactions per block increased and the average block size of Bitcoin increased. The average number of transactions per block increased and the average block size of Ethereum increased this week. According to blockchain.info, from April 13, 2020-April 19, 2020, the average size of each block was 1.15MB, increased 46.53% form last week; there were on average 1830 transactions recorded in each block, increased by 17.38% from the previous week.
According to etherscan, the average number of transactions per block in Ethereum this week was 118.6, increased by 4.59%. The average size of each block was 24565.57 bytes, increased by 2.36% compared to last week.
Number of unconfirmed transactions in Bitcoin decreased by 54.52%. Number of unconfirmed transactions in Ethereum increased by 5.43% from the previous week. As of April 19, 2020, the number of 7-day average unconfirmed transactions in Bitcoin network was 564, decreased by 54.52% from last week. There were 68943.93 unconfirmed transactions in the Ethereum network, increased by 5.43% from last week, with the lowest amount of unconfirmed transactions in the week being 29929 and the highest amount being 80599.
Total transaction fees of Bitcoin increased and Ethereum increased. As of April 19, 2020, average transaction fees of Bitcoin this week was $0.475, increased by 25.00% from last week. Average transaction fees of Ethereum this week was $ 0.132, incresead by 42.55%.
The average number of distinct miners per day in Ethereum increased by 8.18% from last week. From April 13, 2020-April 19, 2020,the average number of distinct miners per day in Ethereum this week was 58.2, increased by 8.18% from last week.
The number of nodes in Bitcoin increased ,The number of nodes in Ethereum increased this week. As of April 19, 2020, there were 10334 Bitcoin nodes, increased by 3.60% compared to last week, of which 2006 nodes were in the U.S, 1807 nodes were Germany, and 228 nodes were in China(№10), each accounting for 19.41%, 17.49% and 2.21% of the total number of Bitcoin nodes, respectively.
As of April 19, 2020, there were 6982 Ethereum nodes, increased by 113.58% from the previous week. Specifically, there were 1941 nodes in the U.S, 665 nodes in China, and 756 nodes in Germany, each accounting for 27.80%, 9.52%, 9.83% 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 19, 2020, the total number of Bitcoin addresses was 47766528 increased by 230155 (0.48%).
ZSC was the most active project on GitHub this week. From April 13, 2020 — April 19, 2020, ZSC was the active project repository on GitHub with a total of 82 commits.
2.3 Community Activity Statistics
The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 964k, 553k and 161k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and TRON, with 1 million , 948k, and 505k followers, respectively.
3. Weekly Blockchain News Review
3.1 Industrial Application
1. Retail Banks in Poland Launch BIK’s Blockchain-Based Client Data Tool
Polish Credit Bureau launched commercial use of its blockchain-based customer data platform for retail banks. Blockchain’s varied applications are becoming more useful for global banking institutions with each passing day. Yesterday, Polish retail banks rolled out a blockchain-based customer data platform developed by the Polish Credit Bureau, also known as Biuro Informacji Kredytowej, or BIK.BIK, the biggest credit bureau in Central and Eastern Europe, has enabled banks in Poland to send notifications of commissions and fees changes on blockchain via its new document management product. According to a statement by Billon, the main purpose of the BIK Blockchain Platform project is to eliminate paper-based client notifications by digitizing the data and recording it on blockchain to enhance security. According to the firm, the jointly developed system fully complies with European Union’s financial records-related regulations, including the European Union’s MiFID II and GDPR.
2. Japanese Holdings Company to Use Blockchain for Forex Trading
SBI Holdings will start implementing R3 blockchain-consortium technology in their Foreign Exchange services. Japan-based SBI Holdings announced on April 16 that it will begin using R3 blockchain-consortium technology for Forex Trading. This will be the first practical application of the Corda blockchain in the country.According to the announcement published in Nikkei Japan, the technology will be implemented in conjunction with a Tokyo-based systems management services firm called CAC. According to the company, blockchain technology will allow SBILM to automate confirmation processes in foreign exchange transactions, instead of using email and telephone confirmations.Regarding the announcement, SBI Holdings issued the following statement:“We have reduced the operational risk in the confirmation business and ensured high privacy protection and tamper resistance. Also, the blockchain guarantees the identity of transaction data between the parties and improves the reliability of collation work.”
3. Blockchain Tech Used to Trace Ethical Eggs Sold at Target
Ethical egg distribution company Farmers Hen House is using blockchain to let consumers trace the origin of their produce. Farmer’s Hen House, an egg grading and distribution company that works with local farmers in Iowa, has partnered with blockchain-based food traceability company, Bytable.As of April 15, Farmer’s Hen House eggs are sold in cartons featuring QR-codes that allow consumers to trace the origins and supply chain underpinning the produce.The blockchain-based data repository will include information regarding what day the eggs were picked and from what farm, where they were packed, and information regarding each farmer and their certifications.
3.2 International Policies
1. South Korean Government Labels Blockchain a Golden Opportunity
Vice Minister of Strategy and Finance calls to take advantage of “golden” chances in the blockchain industry. The South Korean government has stated that the blockchain market represents a “golden opportunity” for the country. They are now calling for private sector companies throughout South Korea to exploit this potential.According to a report published on April 17 from Fn News, the Vice Minister of Strategy and Finance, Koo Yun-cheol, held a meeting on blockchain technology which brought together a number of private industry experts. Koo pointed to positive forecasts regarding the growth of blockchain technology development in foreign markets, such as Europe and the US. He added:“The size of the blockchain-related industry is expected to grow by more than 80% per year on average, and is competitively supporting foreign countries to preoccupy the market that is attracting attention as a promising technology in the future.”
2. World Bank Digs Deeper Into DLT and FinTech for Financial Inclusion
The world’s largest development bank, the World Bank Group, has issued a new report on payment aspects of financial inclusion in the fintech era. Financial institutions all over the world are increasingly experimenting with emerging technologies like blockchain to streamline payment systems and achieve financial inclusion. In a new study, the World Bank has once again emphasized blockchain’s potential for financial inclusion. Among major PAFI tools, the World Bank listed distributed ledger technology (DLT), stablecoins, CBDCs and payment tokenization systems, placing them in line with other fintechs like big data analytics and cloud computing. Combining several technologies, products and access models, the World Bank drew up the so-called “PAFI fintech wheel” to identify fintech developments that are potentially relevant to the payment aspects of financial inclusion.
3. Gibraltar to Crack Down on Market Manipulation in DLT Sector
Gibraltar’s digital and financial services minister has revealed updates to the territory’s regulation of DLT firms, with new rules addressing market manipulation. Gibraltar’s minister for digital and financial services, Albert Isola, has announced forthcoming regulations to reduce market manipulation among blockchain firms.In an interview with The Banker published April 10, Isola also discussed his government’s decision to abandon its development of a legislative apparatus for token sales amid the bursting of the initial coin offering, or ICO, bubble. Isola states that Gibraltar’s government will introduce regulations to mitigate market manipulations in the blockchain sector “in the next few months.”The minister describes manipulation as an “increasing risk” among distributed ledger technology (DLT) companies, emphasizing that a tenth “core” regulatory principle will address the issue.
4.Weekly Investment Activities
2 investments activities took place in the blockchain industry this week, KPG public chain got tens of millions Yuan in strategic investment , Crypto Finance got 14,5 million dollars in B round investment from Rainer-Marc Frey and Lingfeng Capital leader.
Huobi Research
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