Huobi Research Weekly (Vol.130) 2020.8.31–2020.9.6）
Abstract
This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 11.51%, with 76 projects decreased in value to varying degrees. According to coinmarketcap, as of September 6, 2020, the total market cap of cryptocurrencies was 330.4 billion U.S. dollars, decreased of 11.51%, and the total market cap of the top 100 cryptocurrencies was 323.9 billion U.S. dollars, decreased by 11.21% from last week. 5 cryptocurrency projects entered the top 100 this week, namely BTS、BTRS、HMR、ZB and HUSD. As of September 6, 2020, Bitcoin was traded at 10280.35USD, 12.19% lower than its price last week. Ethereum was traded at 353.36USD, 17.44% lower than its price last week.
The hashrate of Bitcoin decreased but 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 but 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. LISK was the most active project on GitHub this week.
The average bitcoin Hashrate for the entire network reached 122.8 EH/s, decreased by 0.73% from the previous week. Average Hashrate for the entire Ethereum network was 226.44TH/s this week, increased by 4.20%. Average difficulty for mining Bitcoin this week was 17.55T, as same as last week. The average difficulty of mining Ethereum this week was 2844.39TH, increased by 3.92% from that of previous week.
In network activity, the average size of each block was 1.28MB, decreased by 3.76% from last week; there were on average 2309 transactions recorded in each block, increased by 15.16% from the previous week. The average number of transactions per block in Ethereum this week was 177.8, increased by 1.54%. The average size of each block was 39487.57 bytes, increased by 2.01% compared to last week. Average transaction fees of Bitcoin this week was $3.787, increased by 46.16% from last week. Average transaction fees of Ethereum this week was $7.567, incresead by 172.98%. The total number of Bitcoin addresses was 53356274 increased by 233515 (0.44%). Lisk was the most active project on GitHub this week, with 43 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, FinNexus got 1.0 million dollars in strategic investment from Jubi Labs, Framework Labs got 8.0 million dollars in seed round investment.
1. Weekly Market Review
1.1 Market overview
This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 11.51%, with 76 projects decreased in value to varying degrees. According to coinmarketcap, as of September 6, 2020, the total market cap of cryptocurrencies was 330.4 billion U.S. dollars, decreased of 11.51%, and the total market cap of the top 100 cryptocurrencies was 323.9 billion U.S. dollars, decreased by 11.21% from last week, among which, BTRS had the largest increased of 210.40%, bringing its market cap ranking from №156 to №66, AMPL had the largest decreased of -49.66%, bringing its market cap ranking from №63 to №89. In addition, there were 5 projects that entered TOP100, namely, HMR (Homeros, increased 3.02%, Now №86), HUSD (HUSD, increased 9.68%, Now №92), ZB (ZB Token, increased 16.43%, Now №96), BTS (BitShares, increased 68.42%, Now №88), BTRS (Bitball Treasure, increased 210.40%, Now №66). As of September 6, 2020, Bitcoin was traded at 10280.35USD, 12.19% lower than its price last week. Ethereum was traded at 353.36USD, 17.44% lower than its price last week.
The overall 24h trading volume increased this week. Overall, the 24h trading volume increased by 78.82% compared with the same period of last week. In this week, 44 of the top 100 projects increased in 24h trading volume, led by BTS with a weekly increase of 814.74%; there were 56 projects decreased in their 24h trading volume, there were 36 projects that saw over 20% decrease in their 24h trading volume, while 12 projects fell by more than 50%, led by ERD, with a decreased of -83.28%.
The top 10 cryptocurrencies’ market value decreased, the market share distribution remained stable. On September 6, 2020, the overall market cap of the top 10 cryptocurrencies was 277.1 billion USD, decreased by 11.43% from last week, accounting for 83.85% of the total market capitalization of cryptocurrencies, increased by 0.08% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 57.49%%, decreased by 0.45% from last week.
1.2 Segment Analysis
Among TOP 100 cryptocurrency project segments, the total market cap of Platform Project got the largest decrease. The average market cap of Application Project got the largest decrease. As of September 6, 2020, the total market cap of coin projects reached 220.2 billion USD, decreased by 11.22%. The average market cap of coin projects reached 5.37 billion USD, decreased by 13.39%. The total market cap of platform projects reached 57.1 billion USD, decreased by 16.81%. The average market cap of platform projects reached 1.84 billion USD, decreased by 11.45%. The total market cap of application class projects reached 31.8 billion USD, decreased by 15.40%. The average market cap of application class projects reached 1.27 billion USD, decreased by 15.40%. The total market cap of asset-backed token projects reached 14.6 billion USD, increased by 41.38%. The average market cap of asset-backed token projects reached 4.89 billion USD, decreased by 5.74%.
The market segment distribution of the top 100 cryptocurrencies remained stable. As of September 6,2020 among the top 100 projects, the number of coin class projects increase 1, application class projects remain the same, platform class projects decrease 2,and asset-backed token class increase 1.The largest overall market cap by segment was still coin projects, accounting for 67.98% 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 August 31, 2020- September 6, 2020 ,the average bitcoin Hashrate for the entire network reached 122.8 EH/s, decreased by 0.73% from the previous week.
Average Hashrate for the entire Ethereum network was 226.44TH/s this week, increased by 4.20%.
This week, the difficulty of mining Bitcoin not changed and Ethereum increased. As of September 6, 2020, average difficulty for mining Bitcoin this week was 17.55T, as same as last week. The average difficulty of mining Ethereum this week was 2844.39TH, increased by 3.92% from that of previous week.
The number of blocks in Bitcoin decreased by 0.10%,Top 5 rankings not changed. The overall distribution of the Ethereum mining pools rankings not changed, the number of blocks increased 0.12%. In the past week, Bitcoin mined 994 blocks, decreased by 0.10% from the previous week. Among the top five pools were F2Pool、 Poolin、 BTC.com、Huobi.pool AntPool, these 5 pools mined 152、115、112、97 and 95 blocks respectively, accounting for 15.29%、11.57%、11.27%、9.76% and 9.56% of all Bitcoins mined this week. The Hashrate was 18.78EH/s、14.21EH/s、13.84EH/s、11.98EH/s and 11.74EH/s, respectively.
In the past week, Ethereum’s entire network mined 48844 blocks, increased 0.12% from the previous week. The top five pools were SparkPool, Ethermine, ,F2pool, Zhizhu.top, and UUpool, each mined 11449、10897、4395、4002 and 2900 blocks respectively, accounting for 23.4399%、22.3098%、8.9980%、8.1934% and 5.9373% of all Ethereum mined this week, respectively.
2.2 Activity Statistics
The average number of transactions per block decreased but 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 August 31, 2020- September 6, 2020, the average size of each block was 1.28MB, decreased by 3.76% from last week; there were on average 2309 transactions recorded in each block, increased by 15.16% from the previous week.
According to etherscan, the average number of transactions per block in Ethereum this week was 177.8, increased by 1.54%. The average size of each block was 39487.57 bytes, increased by 2.01% compared to last week.
Number of unconfirmed transactions in Bitcoin increased by 72.10%. Number of unconfirmed transactions in Ethereum decreased by 2.31% from the previous week. As of September 6, 2020, the number of 7-day average unconfirmed transactions in Bitcoin network was 5891, increased by 72.10% from last week. There were 150246.81 unconfirmed transactions in the Ethereum network, decreased by 2.31% from last week, with the lowest amount of unconfirmed transactions in the week being 23554 and the highest amount being 200178.
Total transaction fees of Bitcoin increased and Ethereum increased. As of September 6, 2020, average transaction fees of Bitcoin this week was $3.787, increased by 46.16% from last week. Average transaction fees of Ethereum this week was $7.567, incresead by 172.98%.
The average number of distinct miners per day in Ethereum decreased by 4.05% from last week. From August 31, 2020- September 6, 2020, the average number of distinct miners per day in Ethereum this week was 52.5, decreased by 4.05% from last week.
The number of nodes in Bitcoin decreased ,The number of nodes in Ethereum increased this week. As of September 6, 2020, there were 7294 Bitcoin nodes, decreased by 25.88% compared to last week, of which 1714 nodes were in the Germany, 1601 nodes were U.S, and 172 nodes were in China(№10), each accounting for 23.50%, 21.95% and 2.36% of the total number of Bitcoin nodes, respectively.
As of September 6, 2020, there were 9125 Ethereum nodes, increased by 4.75% from the previous week. Specifically, there were 2496 nodes in the U.S, 1183 nodes in China, and 978 nodes in Germany, each accounting for 27.35%, 12.96%, 10.72% 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 September 6, 2020, the total number of Bitcoin addresses was 53356274 increased by 233515 (0.44%).
LISK was the most active project on GitHub this week. From August 31, 2020 — September 6, 2020, Lisk was the active project repository on GitHub with a total of 43 commits.
2.3 Community Activity Statistics
The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 956k, 622k and 178k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and TRON, with 1.1million , 965k, and 527k followers, respectively.
3. Weekly Blockchain News Review
3.1 Industrial Application
1. Blockchain voting hailed a success at Michigan Democrat convention
This was one of the first virtual conventions in the US to utilize blockchain voting. Despite its history of security and technical issues, blockchain voting platform Voatz has reportedly been deployed successfully at the Michigan Democratic Party State Nominating Convention.More than 1,900 delegates at the virtual convention, held from Aug. 29–30, were able to nominate candidates using Voatz for the state’s Supreme Court, state Board of Education, and boards at state universities. The event was held online due to restrictions caused by the pandemic.”There were so many unique challenges with this year’s convention because of the pandemic, but the Voatz platform eased many of our concerns,” said Chrisy Jensen, Executive Director of the Michigan Democratic Party.”Voatz enabled our delegates to be verified remotely and participate through their smartphones.”This is the fourth time the blockchain-based voting system has been used by the Michigan Democratic Party, but the first rollout at a virtual convention in the time of COVID-19.
2. Logistics system provider will connect Dutch ports via blockchain
Logistical management continues to be one of Blockchain’s golden use cases. Dutch logistics solutions provider, Portbase, has successfully completed the first phase of their integration with blockchain-based platform, TradeLens. Together, they will handle operations and core processes for ports in Amsterdam and Rotterdam.According to the announcement, both Portbase and TradeLens expect to create a global ecosystem of carriers, ports, and terminals through a digital port infrastructure management system. Going forward, these upgrades will be powered by TradeLens’ blockchain infrastructure.Iwan van der Wolf, managing director of Portbase, explained how Blockchain is being used to more effectively organize the company’s operations:“It allows all players in the logistical chain to easily, quickly, and securely share data with each other, irrespective of their mutual relationship, enhancing trade for everyone involved. Portbase acts as a data hub for global trade via the Dutch ports and facilitates the connection to regional networks in Northwest Europe.”
3. Blockchain platform connects Indian farmers to UAE food industry
Agriota E-Marketplace may give farmers in India more access to the UAE’s multi-billion dollar food industry. Food industry officials in the United Arab Emirates may soon have a blockchain-based supply chain to obtain agricultural products directly from India.According to an Aug. 31 report, officials in the United Arab Emirates (UAE) will be using Agriota E-Marketplace, a new platform that employs blockchain technology to bridge the gap between farmers in India and the nation’s food industry. Agriota reportedly provides transparency by verifying the food supply chain from Indian farms to food processing companies, traders and wholesalers in the UAE.Essentially, the platform will allow Indian farmers to connect directly with food industry firms in the UAE to offer cereal, seeds, fruits, vegetables, spices and condiments. India exported more than $1 billion of food products to the UAE in 2019, according to data from the country’s Agricultural and Processed Food Products Export Development Authority.
3.2 International Policies
1. Denmark proposes use of blockchain in fight against corruption
The Ministry of Foreign Affairs of Denmark published a report explaining the use of IT technologies and services including blockchain, e-governance, big data, and crowdsourcing to fight administrative, or day-to-day, corruption as well as political corruption.Presented during the International Anti-Corruption Conference, or IACC, the report emphasizes the use of blockchain as a technology that will build a more transparent governance and transaction system, further adding that it will also give individuals greater rights over their own data.According to the report, blockchain can be used as a potential anti-corruption tool as it has the ability to store records immutably and transparently. A public database such as blockchain also provides every individual equal access to the data stored in the ledger, thus allowing individuals to claim their rights over aid, land and money without depending on any middlemen.The report further says that blockchain “reduces or eliminates the need for institutions” such as banks, land registries, accountants, registry of births and deaths, and vehicle registration whose main job is to validate transactions.The technology would help entities efficiently and securely share resources with people without formal identities or bank accounts, the report adds.
2. OPEC to cover blockchain tech in second workshop on energy and IT
The Organisation of the Petroleum Exporting Countries has announced that its Second Workshop on Energy and Information Technology will be held on Sep. 21 via videoconference.This year’s event sees blockchain technology join the range of energy and tech-related topics to be discussed.However, it is unlikely that the invited oil industry bigwigs will be discussing the energy consumption characteristics of cryptocurrency. The organization is more interested in streamlining aspects such as the supply chain, as OPEC secretary general Mohammad Sanusi Barkindo explained:“The energy industry, particularly the oil sector, has always been eager to utilize and develop the latest cutting-edge technologies to improve efficiency and effectiveness of its operations, along with its environmental credentials.”Blockchain technology has brought supply-chain efficiencies to an ever-growing range of industries. From the traceability of coffee beans, to transparency in the recycling sector and efficiency gains in global shipping.It seems that the oil industry may be the next in line to have its supply chain logistics reshaped by blockchain.
3. This South Korean film festival will be powered by blockchain technology
An upcoming film festival, hosted by the Gyeonggi Film School, will be held from September 25 to October 4. Recently, the festival announced its partnership with MovieBloc, a Blockchain-based media distribution platform.According to Fn News, the festival’s audience will be able to rate each film in real time in exchange for various tokens. Attendees will be able contribute in other ways as well, such as by providing foreign-language subtitles for various films, in return for additional token-based rewards.The online festival, which was developed in response to the COVID-19 pandemic, may be the first of its kind and could set a precedent for future festivals in the post-coronavirus era. Kang Yeon-kyung, MovieBloc’s CEO, said that he hopes this new model “can coexist with domestic and international film festivals and the film industry.”In July, a piece of collaborative performance art consisting of 15 short films, was hashed and minted into a non-fungible token on the Ethereum blockchain.
4.Weekly Investment Activities
2 investments activities took place in the blockchain industry this week, FinNexus got 1.0 million dollars in strategic investment from Jubi Labs, Framework Labs got 8.0 million dollars in seed round investment.
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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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