Huobi Research Weekly (Vol.151) (2021.1.25–2021.1.31)
Abstract
This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 0.02%, with 45 projects decreased in value to varying degrees. According to coinmarketcap, as of January 31, 2021, the total market cap of cryptocurrencies was 975.9 billion U.S. dollars, decreased of 0.02%, and the total market cap of the top 100 cryptocurrencies was 974.9 billion U.S. dollars, increased by 2.66% from last week. 3 cryptocurrency projects entered the top 100 this week, namely ALPHA、FTM and 1INCH. As of January 31, 2021, Bitcoin was traded at 33114.36USD, 2.59% higher than its price last week. Ethereum was traded at 1314.99USD, 5.43% lower than its price last week.
The hashrate of Bitcoin increased and 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. BCH was the most active project on GitHub this week.
The average bitcoin Hashrate for the entire network reached 152.8EH/s, increased by 5.89% from the previous week.Average Hashrate for the entire Ethereum network was 349.37TH/s this week, increased by 4.76%. Average difficulty for mining Bitcoin this week was 20.82T, increased by 0.43% from last week. The average difficulty of mining Ethereum this week was 4455.29TH, increased by 5.25% from that of previous week.
In network activity, the average size of each block was 1.30MB, increased by 0.78% from last week; there were on average 2296 transactions recorded in each block, increased by 16.61% from the previous week. The average number of transactions per block in Ethereum this week was 184.5, increased by 1.15%. The average size of each block was 44690.71 bytes, increased by 2.28% compared to last week. Average transaction fees of Bitcoin this week was $15.106, increased by 87.47% from last week. Average transaction fees of Ethereum this week was $9.652, incresead by 39.90% from last week. The total number of Bitcoin addresses was 66122422, increased by 554165 (0.85%). Bitcoin cash was the most active project on GitHub this week, with 39 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 Ethereum.
2 investments activities took place in the blockchain industry this week, Terraform Labs got 25 million dollars in strategic investment from Pantera Capital、Galaxy Digital、Coinbase Ventures, Wyre got 7.5 million dollars in B+ round investment from Associates，Great Oaks Venture Capital.
1. Weekly Market Review
1.1 Market overview
This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 0.02%, with 45 projects decreased in value to varying degrees. According to coinmarketcap, as of January 31, 2021, the total market cap of cryptocurrencies was 975.9 billion U.S. dollars, decreased of 0.02%, and the total market cap of the top 100 cryptocurrencies was 974.9 billion U.S. dollars, increased by 2.66% from last week, among which, DOGE had the largest increased of 326.54%, bringing its market cap ranking from №36 to №14, NXM had the largest decreased of — 23.49%, bringing its market cap ranking from №81 to №94. In addition, there were 3 projects that entered TOP100, namely, ALPHA (Alpha Finance Lab, increased 87.32%, Now №81), FTM (Fantom, increased 120.07%, Now №86), 1INCH (1inch, increased 192.64%, Now №64). As of January 31, 2021, Bitcoin was traded at 33114.36USD, 2.59% higher than its price last week. Ethereum was traded at 1314.99USD, 5.43% lower than its price last week.
The overall 24h trading volume increased this week. Overall, the 24h trading volume increased by 19.29% compared with the same period of last week. In this week, 58 of the top 100 projects increased in 24h trading volume, led by DOGE with a weekly increase of 5170.91%; there were 41 projects decreased in their 24h trading volume, there were 25 projects that saw over 20% decrease in their 24h trading volume, while 8 projects fell by more than 50%, led by FTT, with a decreased of -74.04%.
The top 10 cryptocurrencies’ market value increased, the market share distribution remained stable. On January 31, 2021, the overall market cap of the top 10 cryptocurrencies was 873.1 billion USD, increased by 1.69% from last week, accounting for 89.47% of the total market capitalization of cryptocurrencies, increased by 1.51% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 63.16%, increased by 1.61% from last week.
1.2 Segment Analysis
Among TOP 100 cryptocurrency project segments, the total market cap of Application Project got the largest increase. The average market cap of Application Project got the largest increase. As of January 31, 2021, the total market cap of coin projects reached 696.8 billion USD, increased by 2.80%. The average market cap of coin projects reached 13.6 billion USD, increased by 4.82%. The total market cap of platform projects reached 188.9 billion USD, decreased by 3.27%. The average market cap of platform projects reached 8.59 billion USD, increased by 1.12%. The total market cap of application class projects reached 61.8 billion USD, increased by 21.50%. The average market cap of application class projects reached 2.57 billion USD, increased by 11.38%. The total market cap of asset-backed token projects reached 27.3 billion USD, increased by 6.53%. The average market cap of asset-backed token projects reached 9.10 billion USD, increased by 6.53%.
The market segment distribution of the top 100 cryptocurrencies remained stable. As of January 31, 2021, among the top 100 projects, the number of coin class projects decrease 1, application class projects increase 2, platform class projects decrease 1 and asset-backed token class remain the same.The largest overall market cap by segment was still coin projects, accounting for 71.47% 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 January 25, 2021- January 31, 2021, the average bitcoin Hashrate for the entire network reached 152.8EH/s, increased by 5.89% from the previous week.
Average Hashrate for the entire Ethereum network was 349.37TH/s this week, increased by 4.76%.
This week, the difficulty of mining Bitcoin increased and Ethereum increased. As of January 31, 2021, average difficulty for mining Bitcoin this week was 20.82T, increased by 0.43% from last week. The average difficulty of mining Ethereum this week was 4455.29TH, increased by 5.25% from that of previous week.
The number of blocks in Bitcoin increased by 0.70%,Top 5 rankings not changed. The overall distribution of the Ethereum mining pools rankings not changed, the number of blocks decreased by 1.60%. In the past week, Bitcoin mined 1013 blocks, increased by 0.70% from the previous week. Among the top five pools were F2Pool、Poolin、Binance Pool、BTC.com、AntPool, these 5 pools mined 162、128、120、111 and 100 blocks respectively, accounting for 15.99%、12.64%、11.85%、10.96% and 9.87% of all Bitcoins mined this week. The Hashrate was 24.04EH/s、18.99EH/s、17.80EH/s、16.47EH/s and 14.84EH/s, respectively.
In the past week, Ethereum’s entire network mined 48094 blocks, decreased by 1.60% in the previous week. The top five pools were SparkPool, Ethermine, F2pool,Zhizhu.top, and Nanopool, each mined 12033、9650、5375、3720 and 2359 blocks respectively, accounting for 25.0198%、20.0649%、11.1760%、7.7349% and 4.9050% 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 January 25, 2021- January 31, 2021, the average size of each block was 1.30MB, increased by 0.78% from last week; there were on average 2296 transactions recorded in each block, increased by 16.61% from the previous week.
According to etherscan, the average number of transactions per block in Ethereum this week was 184.5, increased by 1.15%. The average size of each block was 44690.71 bytes, increased by 2.28% compared to last week.
Number of unconfirmed transactions in Bitcoin increased by 17.56%. Number of unconfirmed transactions in Ethereum increased by 1.69% from the previous week. As of January 31, 2021, the number of 7-day average unconfirmed transactions in Bitcoin network was 23649, increased by 17.56% from last week. There were 157074.47 unconfirmed transactions in the Ethereum network, increased by 1.69% from last week, with the lowest amount of unconfirmed transactions in the week being 103012 and the highest amount being 177916`.
Total transaction fees of Bitcoin increased and Ethereum increased. As of January 31, 2021, average transaction fees of Bitcoin this week was $15.106, increased by 87.47% from last week. Average transaction fees of Ethereum this week was $9.652, incresead by 39.90% from last week.
The average number of distinct miners per day in Ethereum decreased. From January 25, 2021- January 31, 2021, the average number of distinct miners per day in Ethereum this week was 53.7, decreased by 4.11% from last week.
The number of nodes in Bitcoin decreased ,The number of nodes in Ethereum decreased this week. As of January 31, 2021, there were 10667 Bitcoin nodes, decreased by 11.56% compared to last week, of which 1917 nodes were in the U.S, 1825 nodes were Germany, and 232 nodes were in China(№9), each accounting for 17.97%, 17.11% and 2.17% of the total number of Bitcoin nodes, respectively.
As of January 31, 2021, there were 11332 Ethereum nodes, decreased by 1.25% from the previous week. Specifically, there were 3152 nodes in the U.S, 1764 nodes in Germany, and 1093 nodes in China, each accounting for 27.82%, 15.57%, 9.65% 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 January 31, 2021, the total number of Bitcoin addresses was 66122422, increased by 554165 (0.85%).
BCH was the most active project on GitHub this week. From January 25, 2021 — January 31, 2021, Bitcoin cash was the active project repository on GitHub with a total of 39 commits.
2.3 Community Activity Statistics
The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 950k, 625k and 189k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and Ethereum, with 1.3million , 1million, and 632k followers, respectively.
3. Weekly Blockchain News Review
3.1 Industrial Application
1. American Cancer Society launches first-ever Crypto Cancer Fund
In collaboration with crypto donations company The Giving Block, the American Cancer Society has set up the Cancer Crypto Fund, which seeks to raise at least $1 million by early 2021 to fund ongoing research initiatives.Donations to fund cancer research plunged 50% in 2020, reaching the lowest this century, according to the American Cancer Society. The sharp drop-off was attributed to the economic impact of COVID-19. According to the American Cancer Society:“The crypto community’s contributions will help re-establish crucial research funding for new discoveries and better treatments to save the lives of family and friends.”The first crypto donor to contribute $250,000 or more will have the chance to rename the fund, either in their name or that of a loved one. Donors who give $10,000 or more will appear on the fund’s wall of honor.The fund accepts donations in Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC), Zcash (ZEC), Gemini Dollar (GUSD), Basic Attention Token (BAT) and Chainlink’s LINK.
2. Blockchain-aided voting trials to begin in India
Trials of blockchain-aided voting in India that would enable voters to post ballots from outside their home provinces are to begin soon.Chief Election Commissioner Sunil Arora said that research using the cutting-edge technology had already started and that mock trials were to be launched in the very near future, as reported by The Wire.India’s Election Commission worked alongside researchers from the Indian Institute of Technology Madras in creating a secure way to verify identities and enable voting from far-flung regions of the country, and beyond. On the same day, Arora confirmed a proposal that would give Indians living abroad the chance to engage in the voting process.The blockchain aspect of the system would see personalized e-ballot papers generated by the blockchain once a voter’s identity has been verified. Subsequent votes are then encrypted, generating a blockchain hash, explained former Senior Deputy Election Commissioner Sandeep Saxena.“After a voter’s identity is established by the system, a blockchain-enabled personalised e-ballot paper will be generated. When the vote is cast, the ballot will be securely encrypted and a blockchain hashtag generated. This hashtag notification will be sent to various stakeholders, in this case the candidates and political parties.”
3. Blockchain-based COVID-19 passports to begin trials in Q1
The International Air Transport Association will soon roll out blockchain-based passports that digitally store an individual’s health information — specifically, their COVID-19 testing and vaccination status.In a move that IATA says has the potential to reopen international travel and loosen current global quarantine restrictions, a “health” passport will be stored in a user’s smartphone in the form of an app, with the first real-world testing expected to take place as soon as February.Known as the IATA Travel Pass and described as a way to give travelers complete control over their own data, the app would reportedly also act as a two-way communication tool that broadcasts information to relevant governments, vaccination centers and airlines. The Travel Pass will feature four main interactive components: the digital passport module; a Lab app, which allows data to be sent securely via testing labs and the app itself; a global registry of vaccination centers; and a global registry of up-to-date health requirements demanded by international travelers at any given time.
3.2 International Policies
1. New Hawaii bill seeks to create state-led blockchain working group
A new partisan bill introduced by Democrats in Hawaii’s House of Representatives on Monday is advocating a targeted strategy for studying and supporting the use of blockchain technology by individuals, firms and state agencies.Hawaii House Bill 622 calls for the passage of an act that would require the state’s economic development agency, the Hawaii Technology Development Corporation, to create a blockchain working group that would both recommend a definition for blockchain and offer recommendations for the adoption of the technology. The introduction to HB622 states:“The legislature recognizes that the distributed ledger format that blockchain technology functions as can be leveraged to support an array of government and public-sector applications, including land registration, identity management, supply chain traceability, health care, corporate registration, taxation, voting, digital currency and payments, and legal entities management. Such a technology requires an educated and thorough approach so that the implementation of blockchain technology in the State does not impede innovation and growth.”
2. Philippines’ central bank to license crypto trading and custody firms
In keeping with the emergence of clear-cut crypto regulations across Southeast Asia, Philippines’ central bank, BSP, has enacted a broader licensing regime for digital asset firms in the country.According to the Philippine Daily Inquirer, all crypto financial service firms in the country must now be licensed by the BSP.Thus, exchanges dealing in crypto-to-crypto trading pairs and custody platforms must now obtain approval from the central bank. The expanded regulatory regime also covers cryptocurrency derivatives platforms.All crypto firms in the country will also have to comply with global financial best practices including Anti-Money Laundering and Countering the Financing of Terrorism. As a result, cryptocurrency transfers above a certain threshold will require identifying information for both the originator and beneficiary parties. According the report, the new rules will eliminate any regulatory loopholes in the crypto financial services ecosystem adding that the central bank is committed to striking a balance between its promoting financial innovation while maintaining its oversight responsibilities.
3. The ‘central bank of central banks’ is building a CBDC settlement platform
CBDC research has been announced as a top priority for the Bank for International Settlements’ Innovation Hub, or BISIH, in 2021.According to its annual work program, BISIH, plans to “explore the feasibility of faster and cheaper cross-border payments” using central bank digital currencies. BISIH also stated it will explore prototypes of “tiered retail CBDC distribution architectures” and distributed ledgers to issue “tokenized green bonds to retail investors.”The BIS initiatives will be driven by the Innovation Hub Centres in Hong Kong, Singapore, and Switzerland — which have been established in conjunction with local central banks. BISIH’s Swiss center has already completed two proofs-of-concept linking existing payment systems to trial settling tokenized assets using wholesale CBDC through its “Project Helvetia” initiative.
4.Weekly Investment Activities
2 investments activities took place in the blockchain industry this week, Terraform Labs got 25 million dollars in strategic investment from Pantera Capital、Galaxy Digital、Coinbase Ventures, Wyre got 7.5 million dollars in B+ round investment from Associates，Great Oaks Venture Capital.
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.
