Huobi Research Weekly (Vol.120) 2020.6.22–2020.6.28）
Abstract
This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 2.47%, with 60 projects decreased in value to varying degrees. According to coinmarketcap, as of June 28, 2020, the total market cap of cryptocurrencies was 259.0 billion U.S. dollars, decreased by 2.47%, and the total market cap of the top 100 cryptocurrencies was 258.0 billion U.S. dollars, decreased by 1.77% from last week. 3 cryptocurrency projects entered the top 100 this week, namely CKB、CCA、and CEL. As of June 28, 2020, Bitcoin was traded at 9143.58USD, 1.69% lower than its price last week. Ethereum was traded at 225.35USD, 1.51% lower than its price last week.
The hashrate of Bitcoin increased and Ethereum increased by this week. This week, the difficulty of mining Bitcoin not changed and the difficulty of mining Ethereum increased. 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 and the average block size of Ethereum increased 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 115.2 EH/s, increased by 8.78% from the previous week.Average Hashrate for the entire Ethereum network was 188.47TH/s this week, increased by 2.04%. Average difficulty for mining Bitcoin this week was 15.78T, as same as last week. The average difficulty of mining Ethereum this week was 2368.3TH, increased by 2.05% from that of previous week.
In network activity, the average size of each block was 1.11MB, as same as last week; there were on average 1996 transactions recorded in each block, decreased by 3.76% from the previous week. The average number of transactions per block in Ethereum this week was 162.7, increased by 17.22%. The average size of each block was 36615.85 bytes, increased by 26.68% compared to last week. As of June 28, 2020, average transaction fees of Bitcoin this week was $0.777, decreased by 21.20% from last week. Average transaction fees of Ethereum this week was $0.566, incresead by 19.16%. The total number of Bitcoin addresses was 50600687 increased by 275365 (0.55%). Lisk was the most active project on GitHub this week, with 73 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, Mo Qun got millions of dollars in Angel investment from Sinovation Ventures、Ruby Lu、Jerry Yang etc., Braintrust got 6 million dollars in strategic investment from True Ventures、Homebrew Ventures etc.
1. Weekly Market Review
1.1 Market overview
This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 2.47%, with 60 projects decreased in value to varying degrees. According to coinmarketcap, as of June 28, 2020, the total market cap of cryptocurrencies was 259.0 billion U.S. dollars, decreased by 2.47%, and the total market cap of the top 100 cryptocurrencies was 258.0 billion U.S. dollars, decreased by 1.77% from last week, among which, CEL had the largest increased of 55.77%, bringing its market cap ranking from №111 to №82, SNX had the largest decreased of -40.81%, bringing its market cap ranking from №42 to №63. In addition, there were 3 projects that entered TOP100, namely, CKB (Nervos Network, decreased 2.37%, Now №100), CCA (Counos Coin, increased 0.11%, Now №99), CEL (Celsius, increased 55.77%, Now №82). As of June 28, 2020, Bitcoin was traded at 9143.58USD, 1.69% lower than its price last week. Ethereum was traded at 225.35USD, 1.51% lower than its price last week.
The overall 24h trading volume decreased this week. Overall, the 24h trading volume decreased by 1.68% compared with the same period of last week. In this week, 49 of the top 100 projects increased in 24h trading volume, led by TMTG with a weekly increase of 205.84%; there were 49 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 MWC, with a decreased of 71.59%.
The top 10 cryptocurrencies’ market value decreased, the market share distribution remained stable. On June 28, 2020, the overall market cap of the top 10 cryptocurrencies was 227.0 billion USD, decreased by 1.87% from last week, accounting for 87.66% of the total market capitalization of cryptocurrencies, increased by 0.54% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 65.01%, increased by 0.52% from last week.
1.2 Segment Analysis
Among TOP 100 cryptocurrency project segments, the total market cap of Coin Project got the largest decrease. The average market cap of Platform Project got the largest decrease. As of June 28, 2020, the total market cap of coin projects reached 190.5 billion USD, decreased by 2.06%. The average market cap of coin projects reached 4.88 billion USD, increased by 0.45%. The total market cap of platform projects reached 35.2 billion USD, decreased by 1.59%. The average market cap of platform projects reached 1.35 billion USD, decreased by 5.38%. The total market cap of application class projects reached 22.7 billion USD, decreased by 0.43%. The average market cap of application class projects reached 0.71 billion USD, decreased by 0.43%. The total market cap of asset-backed token projects reached 9.47 billion USD, increased by 0.19%. The average market cap of asset-backed token projects reached 3.15 billion USD, increased by 0.19%.
The market segment distribution of the top 100 cryptocurrencies remained stable. As of June 28, 2020, among the top 100 projects, the number of coin class projects decrease 1, application class projects remain the same, platform class projects increase 1 and asset-backed token class remain the same. The largest overall market cap by segment was still coin projects, accounting for 73.82% 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 June 22, 2020- June 28, 2020 ,the average bitcoin Hashrate for the entire network reached 115.2 EH/s, increased by 8.78% from the previous week.
Average Hashrate for the entire Ethereum network was 188.47TH/s this week, increased by 2.04%.
This week, the difficulty of mining Bitcoin not changed and Ethereum increased. As of June 28, 2020, average difficulty for mining Bitcoin this week was 15.78T, as same as last week. The average difficulty of mining Ethereum this week was 2368.3TH, increased by 2.05% from that of previous week.
The number of blocks in Bitcoin increased by 4.24%. Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings not changed, the number of blocks decreased 1.63%. In the past week, Bitcoin mined 1032 blocks, increased by 4.24% from the previous week. Among the top five pools were Poolin、F2Pool、AntPool、BTC.com、Huobi.Pool, these 5 pools mined 185、184、123、118 and 75 blocks respectively, accounting for 17.93 %、17.83 %、11.92 %、11.43 % and 7.27 % of all Bitcoins mined this week. The Hashrate was 20.76EH/s、20.65EH/s、13.80EH/s、13.24EH/s and 8.42EH/s, respectively.
In the past week, Ethereum’s entire network mined 47880 blocks, decreased 1.63% from the previous week. The top five pools were SparkPool, Ethermine, F2pool, Zhizhu.top and Nanopool, each mined 14029、9992、4394、3534 and 2756 blocks respectively, accounting for 29.3003%、20.8688%、9.1771%、7.3810% and 5.7561% of all Ethereum mined this week, respectively.
2.2 Activity Statisti
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 and the average block size of Ethereum increased this week. According to blockchain.info, from June 22, 2020-June 28, 2020, the average size of each block was 1.11MB, as same as last week; there were on average 1996 transactions recorded in each block, decreased by 3.76% from the previous week.
According to etherscan, the average number of transactions per block in Ethereum this week was 162.7, increased by 17.22%. The average size of each block was 36615.85 bytes, increased by 26.68% compared to last week.
Number of unconfirmed transactions in Bitcoin increased by 116.96%. Number of unconfirmed transactions in Ethereum increased by 1.10% from the previous week. As of June 28, 2020, the number of 7-day average unconfirmed transactions in Bitcoin network was 9581, increased by 116.96% from last week. There were 102571.1 unconfirmed transactions in the Ethereum network, increased by 1.10% from last week, with the lowest amount of unconfirmed transactions in the week being 62941 and the highest amount being 113970.
Total transaction fees of Bitcoin decreased but Ethereum increased. As of June 28, 2020, average transaction fees of Bitcoin this week was $0.777, decreased by 21.20% from last week. Average transaction fees of Ethereum this week was $0.566, incresead by 19.16%.
The average number of distinct miners per day in Ethereum increased by 5.65% from last week. From June 22, 2020- June 28, 2020, the average number of distinct miners per day in Ethereum this week was 50.5, increased by 5.65% from last week.
The number of nodes in Bitcoin decreased ,The number of nodes in Ethereum decreased this week. As of June 28, 2020, there were 10549 Bitcoin nodes, decreased by 0.60% compared to last week, of which 1975 nodes were in the U.S, 1774 nodes were Germany, and 186 nodes were in China(№10), each accounting for 18.72%, 16.82% and 1.76% of the total number of Bitcoin nodes, respectively.
As of June 28, 2020, there were 8088 Ethereum nodes, decreased by 1.46% from the previous week. Specifically, there were 2169 nodes in the U.S, 1135 nodes in China, and 815 nodes in Germany, each accounting for 26.82%, 14.03%, 10.08% 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 June 28, 2020, the total number of Bitcoin addresses was 50600687 increased by 275365 (0.55%).
LSK was the most active project on GitHub this week. From June 22, 2020 — June 28, 2020, Lisk was the active project repository on GitHub with a total of 73 commits.
2.3 Community Activity Statistics
The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 961k, 600k and 169k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and TRON, with 1.1million , 951.4k, and 509k followers, respectively.
3. Weekly Blockchain News Review
3.1 Industrial Application
1. Blockchain Verifies the Authenticity of Non-Genuine Nikes
Blockchain-based traceability platform VeChain will be used to power the issuance of a limited-edition run of licensed Nike Air Max 1 shoes.Announced on June 24, Australian shoemaker Chase Shiel and retailer The Kickz Stand have partnered to produce a limited run of the sneakers — which are also based on Stussy’s ‘SB Dunk’ shoe that was launched in 2005. The Australian shoemaker first revealed that they were partnering with VeChain in November 2019, tweeting that the traceability platform would be leveraged to prove authenticity and fight counterfeit products.Chase Shiel’s shoes are shipping with VeChain’s tracking chip, which allows customers and retailers to access detailed product information by scanning a QR code.
2. Cyprus Hospital Ready to Store COVID-19 Test Results on Blockchain
Blockchain tracking platform VeChain announced on Twitter on June 20 that its blockchain-based medical data management platform co-developed with digital healthcare solution firm I-Dante has gone live and will store COVID-19 testing results. The platform, dubbed E-NewHealthLife, was deployed in the Mediterranean Hospital in the Republic of Cyprus.Cyprus citizens who go to the hospital’s COVID-19 laboratory to undergo real-time diagnostic and antibodies testing, will have their medical and test records on the blockchain. The records will be encrypted, hashed and uploaded onto the VeChainThor Blockchain. The results will also be available on the E-HCert application. Adoption of E-HCert, the company said, reduces the cost of data storage and sharing. E-HCert App shows immutable test results and lets users have full control over their data and medical records. Once the test is done, people can access their results through the app. It can also be used to prove his or her health status.
3. Blockchain Tech May Soon Fuel Medical Tourism in South Korea
In Busan, a private-public consortium in South Korea announced their intention to build a blockchain-powered medical tourism platform. No deadline for launch is currently set.According to Gyeongnam Ilbo, the initiative will be led by Busan Bank. They are looking to establish the platform within the second largest city of the country in terms of population. The group’s main goal is to strengthen the medical tourism sector. The agreement states that local companies will join forces with the banking sector, specifically with Busan Bank, to launch a smartphone mobile app called “Regional Mobile Medical Tourism Platform.”The banking institution intends to channel all medical tourism-based transactions through the blockchain-powered application — especially those seeking plastic surgery and other cosmetic procedures. They intend to do this by offering currency exchange and account opening services.
3.2 International Policies
1. Italian Banking Association Ready to Accept Digital Euro
The Italian Banking Association (ABI) has revealed it would be willing to support the implementation of a digital currency from the European Central Bank.According to a June 18 update on the ABI website, the association had approved guidelines governing its position on digital currency and central bank digital currencies (CBDCs). The ABI — representing a group of banks in Italy — stated it was ready to “participate in projects and experiments regarding a digital currency from the European Central Bank […] to speed up the implementation of a European-level initiative.”“Digital money needs to be fully trusted by citizens. To this end, it is essential that the highest standards of regulatory compliance, safety and supervision are adhered to,” the group stated. The ABI cited “monetary stability” and respecting regulations related to a digital euro as two of its top priorities. The association stated that the creation of a European CBDC may allow for a greater number of cross-border P2P transactions, lessen the impact of the interest and exchange rates, and overall just reduce the size of the bureaucratic process for payments.
2. Bank of Thailand Launches Digital Currency Pilot Project
The Bank of Thailand announced that it plans to develop a prototype to test real-life business use cases of its central bank digital currency (CBDC).The bank said in its official statement that before it launches the CBDC payment system for all businesses, it plans to test it with large-scale enterprises. They have partnered with the largest cement and building material provider in Thailand, Siam Cement Group (SCG), and Thailand-based fintech firm Digital Ventures Company Limited to pilot test their payment prototype system.The project is scheduled to start in July 2020 and the pilot test with SCG is expected to conclude by the end of this year. With CBDC payments, the bank aims for a more efficient payment system with increased flexibility for fund transfers and faster payment settlement between suppliers.Following the pilot, the Bank of Thailand will assess the system’s feasibility and a way to easily integrate CBDC payments on other business platforms.The bank said it will build the CBDC payment prototype based on the experience of Project Intathon — a collaborative wholesale CBDC payments project conducted by the Bank of Thailand and eight other financial institutions that was completed in January.
3. Singapore to Explore Central Bank Digital Currency With China
Singapore’s central bank and financial regulatory authority is looking to cooperate with China in the field of central bank digital money.Ravi Menon, the managing director of the Monetary Authority of Singapore, or MAS, has voiced the country’s readiness to enter into a close cooperation with China in relation to digital currencies.Speaking at a financial forum in Shanghai, Menon highlighted China’s progress in the development of its central bank digital currency, or CBDC, known as the digital yuan. Singapore, which is also actively exploring blockchain-based CBDCs, is looking to exchange related knowledge and expertise with China, Sina Finance reports June 18.Menon reportedly said that the CBDC is currently a very hot topic, noting that Singapore and China’s central bank are discussing various CBDC development scenarios. Outlining that the reasons for developing a CBDC vary by country, the official emphasized that the main goal of Singapore’s CBDC project is to cut cross-border payment and settlement costs, reduce settlement time, and ensure transaction security.
4.Weekly Investment Activities
2 investments activities took place in the blockchain industry this week, Mo Qun got millions of dollars in Angel investment from Sinovation Ventures、Ruby Lu、Jerry Yang etc., Braintrust got 6 million dollars in strategic investment from True Ventures、Homebrew Ventures etc.
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.
Contact Us：
E-mail：
huobiresearch@huobi.com
Jianshu：
火币区块链
Twitter:
Huobi_Research
https://twitter.com/Huobi_Research
Medium:
Huobi Research
https://medium.com/@huobiresearch
Facebook:
Huobi Research
https://www.facebook.com/Huobi-Research-655657764773922
Website:
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.
5. The report is copyrighted by Huobi Research, please cite the source when quote, and get approval from us when large amount of contents is referenced. Under no circumstances is reference, abridgment and modification contrary to original intention permitted.
