Huobi Research Weekly (Vol.158) (2021.3.22–2021.3.28）
Abstract
This week, the overall market capitalization for the top 100 cryptocurrencies increased of 2.06%, with 50 projects decreased in value to varying degrees. According to coinmarketcap, as of March 28, 2021, the total market cap of cryptocurrencies was 1749.9 billion U.S.dollars, increased of 2.06%, and the total market cap of the top 100 cryptocurrencies was 1703.2 billion U.S. dollars, decreased by 0.11% from last week. 6 cryptocurrency projects entered the top 100 this week, namely STORJ、CRV、BTMX、ANKR、HUSD and QTUM. As of March 28, 2021, Bitcoin was traded at 55950.75USD, 2.70% lower than its price last week. Ethereum was traded at 1691.36USD, 5.35% 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 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 and Ethereum decreased. Chainlink was the most active project on GitHub this week.
The average bitcoin Hashrate for the entire network reached 165.2EH/s, increased by 4.96% from the previous week.Average Hashrate for the entire Ethereum network was 463.53TH/s this week, increased by 3.09%. Average difficulty for mining Bitcoin this week was 21.86T, as same as last week. The average difficulty of mining Ethereum this week was 5899.47TH, increased by 3.43% from that of previous week.
In network activity, the average size of each block was 1.30MB, decreased by 2.99% from last week; there were on average 1813 transactions recorded in each block, decreased by 2.68% from the previous week. The average number of transactions per block in Ethereum this week was 197.3, decreased by 0.60%. The average size of each block was 45259.14 bytes, decreased by 3.13% compared to last week. Average transaction fees of Bitcoin this week was $12.762, decreased by 26.18% from last week. Average transaction fees of Ethereum this week was $12.964, decresead by 20.93% from last week. The total number of Bitcoin addresses was 70388097, increased by 441962 (0.63%). Chainlink was the most active project on GitHub this week, with 33 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, Coin Stats got 1.2 million dollars in seed round from Formula VC，Imperii Capital etc，Maple Finance got 1.4 million dollars in strategic investment from Framework Ventures、Polychain Capital leading.
1. Weekly Market Review
1.1 Market overview
This week, the overall market capitalization for the top 100 cryptocurrencies increased of 2.06%, with 50 projects decreased in value to varying degrees. According to coinmarketcap, as of March 28, 2021, the total market cap of cryptocurrencies was 1749.9 billion U.S.dollars, increased of 2.06%, and the total market cap of the top 100 cryptocurrencies was 1703.2 billion U.S. dollars, decreased by 0.11% from last week, among which, STROJ had the largest increased of 200.18%, bringing its market cap ranking from №168 to №100, SUSHI had the largest decreased of -19.10%, bringing its market cap ranking from №42 to №52. In addition, there were 6 projects that entered TOP100, namely, CRV (Curve DAO Token, increased 19.01%, Now №97), BTMX (AscendEX (BitMax) Token, increased 19.68%, Now №72), QTUM (Qtum, increased 25.63%, Now №94), HUSD (HUSD, increased 26.27%, Now №99), ANKR (Ankr, increased 125.70%, Now №80), STORJ (Storj, increased 200.18%, Now №100). As of March 28, 2021, Bitcoin was traded at 55950.75USD, 2.70% lower than its price last week. Ethereum was traded at 1691.36USD, 5.35% lower than its price last week.
The overall 24h trading volume decreased this week. Overall, the 24h trading volume decreased by 8.70% compared with the same period of last week. In this week, 47 of the top 100 projects increased in 24h trading volume, led by STROJ with a weekly increase of 6633.61%; there were 52 projects decreased in their 24h trading volume, there were 30 projects that saw over 20% decrease in their 24h trading volume, while 8 projects fell by more than 50%, led by IOST, with a decreased of -77.40%.
The top 10 cryptocurrencies’ market value decreased, the market share distribution remained stable. On March 28, 2021, the overall market cap of the top 10 cryptocurrencies was 1454.1 billion USD, decreased by 2.92% from last week, accounting for 83.10% of the total market capitalization of cryptocurrencies, decreased by 4.26% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 59.69%, decreased by 2.92% 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 decrease. As of March 28, 2021, the total market cap of coin projects reached 1234.6 billion USD, decreased by 1.67%. The average market cap of coin projects reached 24.6 billion USD, increased by 0.30%. The total market cap of platform projects reached 301.7 billion USD, decreased by 3.53%. The average market cap of platform projects reached 12.5 billion USD, increased by 0.49%. The total market cap of application class projects reached 125.5 billion USD, increased by 0.78%. The average market cap of application class projects reached 5.23 billion USD, decreased by 3.42%. The total market cap of asset-backed token projects reached 41.2 billion USD, increased by 3.87%. The average market cap of asset-backed token projects reached 20.6 billion USD, decreased by 48.07%.
The market segment distribution of the top 100 cryptocurrencies remained stable. As of March 28, 2021, among the top 100 projects, the number of coin class projects decrease 1, application class projects decrease 1, platform class projects decrease 1 and asset-backed token class increase 1.The largest overall market cap by segment was still coin projects, accounting for 72.49% 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 22, 2021- March 28, 2021, the average bitcoin Hashrate for the entire network reached 165.2EH/s, increased by 4.96% from the previous week.
Average Hashrate for the entire Ethereum network was 463.53TH/s this week, increased by 3.09%.
This week, the difficulty of mining Bitcoin not changed and Ethereum increased. As of March 28, 2021, average difficulty for mining Bitcoin this week was 21.86T, as same as last week. The average difficulty of mining Ethereum this week was 5899.47TH, increased by 3.43% from that of previous week.
The number of blocks in Bitcoin increased by 4.88%,Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings not changed, the number of blocks increased by 3.68%. In the past week, Bitcoin mined 1075 blocks, increased by 4.88% from the previous week. Among the top five pools were Poolin、F2Pool、AntPool、Binance Pool、BTC.com, these 5 pools mined 181、160、140、132 and 108 blocks respectively, accounting for 16.84%、14.88%、13.02%、12.28% and 10.05% of all Bitcoins mined this week. The Hashrate was 28.13EH/s、24.87EH/s、21.76EH/s、20.52EH/s and 16.79EH/s, respectively.
In the past week, Ethereum’s entire network mined 49765 blocks, increased by 3.68% in the previous week. The top five pools were SparkPool, Ethermine, F2pool, Zhizhu.top and Hiveon Pool, each mined 12169、9872、5322、2639 and 2331 blocks respectively, accounting for 24.4529%、19.8372%、10.6943%、5.3029% and 4.6840% 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 22, 2021- March 28, 2021, the average size of each block was 1.30MB, decreased by 2.99% from last week; there were on average 1813 transactions recorded in each block, decreased by 2.68% from the previous week.
According to etherscan, the average number of transactions per block in Ethereum this week was 197.3, decreased by 0.60%. The average size of each block was 45259.14 bytes, decreased by 3.13% compared to last week.
Number of unconfirmed transactions in Bitcoin increased by 91.78%. Number of unconfirmed transactions in Ethereum decreased by 0.58% from the previous week. As of March 28, 2021, the number of 7-day average unconfirmed transactions in Bitcoin network was 36008, increased by 91.78% from last week. There were 166786.15 unconfirmed transactions in the Ethereum network, decreased by 0.58% from last week, with the lowest amount of unconfirmed transactions in the week being 30952 and the highest amount being 200442`.
Total transaction fees of Bitcoin decreased and Ethereum decreased. As of March 28, 2021, average transaction fees of Bitcoin this week was $12.762, decreased by 26.18% from last week. Average transaction fees of Ethereum this week was $12.964, decresead by 20.93% from last week.
The average number of distinct miners per day in Ethereum decreased. From March 22, 2021- March 28, 2021, the average number of distinct miners per day in Ethereum this week was 48.4, decreased by 2.81% from last week.
The number of nodes in Bitcoin decreased by 11.12% ,The number of nodes in Ethereum decreased by 5.41% this week. As of March 28, 2021, there were 9139 Bitcoin nodes, decreased by 11.12% compared to last week, of which 1750 nodes were in U.S, 1748 nodes were in Germany, and 193 nodes were in China(№9), each accounting for 19.15%, 19.13% and 2.11% of the total number of Bitcoin nodes, respectively.
As of March 28, 2021, there were 4233 Ethereum nodes, decreased by 5.41% from the previous week. Specifically, there were 1436 nodes in the U.S, 885 nodes in Germany, and 290 nodes in China, each accounting for 33.92%, 20.91%, 6.85% 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 March 28, 2021, the total number of Bitcoin addresses was 70388097, increased by 441962 (0.63%).
LINK was the most active project on GitHub this week. From March 22, 2021 — March 28, 2021, Chainlink was the active project repository on GitHub with a total of 33 commits.
2.3 Community Activity Statistics
The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 949k, 625k and 203k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and Ethereum, with 1.8million , 1.3million, and 844k followers, respectively.
3. Weekly Blockchain News Review
3.1 Industrial Application
1. Esports site uses cutting-edge blockchain protocol to launch NFTs
An esports-focused site that uses a cutting-edge blockchain protocol to eliminate manipulation in video views has now launched non-fungible tokens.Esports Fight Club, which is owned by Verasity, says the NFTs on offer include posters, badges, weapons, mods and short videos that summarize top highlights from esports tournaments. All of them are built using Verasity’s proprietary and patented Proof-of-View protocol, which aims to eliminate fraud from the world of video monetization.Each NFT found on the platform is unique, with ownership validated through PoV. This gives users full control over their non-fungible tokens — enabling them to resell or distribute them at will.NFTs are going to be available on the Esports Fight Club Store soon, alongside a wide range of other merchandise.
2. Danish Red Cross sponsors $3M blockchain-based volcano catastrophe bond
Crypto and blockchain adoption for humanitarian causes is set for another expansion as the Danish Red Cross has sponsored a catastrophe bond aimed at providing relief in the aftermath of a volcanic eruption.According to CIR Magazine, the catastrophe bond — often shortened to cat bond — has the backing of private firms and other humanitarian establishments with investors like Solidum Partners and Plenum Investments associated with the project.Using blockchain technology developed by Replexus — an insurance risk securitization outfit — the cat bond aims to raise funds for humanitarian relief and expedite its release in the aftermath of a catastrophic volcanic eruption.The blockchain-based cat bond plans to raise about $3 million and will focus on 10 active volcanoes around the world. According to the report, these chosen volcanoes pose significant humanitarian risks to the over 700,000 people living within a 60-mile radius of each volcanic mountain.
3. Manchester City soccer club launches fan token with Socios
Major English football club Manchester City is the latest sports club to launch its own blockchain-based token to power new tools for digital fan engagement.According to an official announcement Friday, Manchester City has partnered with fan engagement platform Socios.com to launch the CITY fan token on the Chiliz blockchain. Similar to other European clubs like FC Barcelona and Juventus, Manchester City will now have an option to provide VIP rewards, club promotions, games, AR-enabled features and polls using its fan token.Stephan Cieplik, senior vice president of global partnerships sales at City Football Group, the parent company of Manchester City FC, said that participants of the club’s Cityzens membership will be eligible to receive a free CITY fan token. “Every existing registered Cityzen will also be eligible for a free token so they can access the full range of benefits and rewards,” Cieplik said.Alexandre Dreyfus, CEO of Chiliz and Socios, said that the newly launched fan token will provide fans with unique digital and real-life rewards and experiences as soon as COVID-19 restrictions are lifted.
3.2 International Policies
1. Bank of International Settlements head says cryptos require more regulation
Agustín Carstens, general manager of the Bank for International Settlements, has called for even more crypto regulations stating that virtual currencies are a tool for circumventing financial laws.In an interview with CNBC on Wednesday, the BIS general manager identified money laundering and terrorism financing as areas that require more robust cryptocurrency regulations.Carstens’s comments, a common refrain among crypto critics, come despite the preponderance of established facts indicating that crypto criminality occupies a minute proportion of global cryptocurrency commerce.According to Carstens, cryptocurrencies have a notoriety for being instruments of criminal activities due to the pseudonymous nature of virtual currency transactions. Apart from espousing well-worn anti-crypto soundbites, the BIS general manager argued that cryptocurrencies are not a threat to the global financial establishment. Meanwhile, back in December 2019, Carstens expressed fears that private cryptos could disintermediate central banks in the global financial architecture.
2. Germany’s financial regulator issues retail crypto investment warning
Germany’s Federal Financial Supervisory Authority, or BaFin, has warned investors about the risks involved in cryptocurrency investments.In a consumer protection alert issued on its website on Friday, the regulator offered a cautionary tale about crypto involvement on the part of retail investors.As part of its statement, BaFin echoed similar admonitions espoused by several European regulators including the European Securities and Markets Authority and the European Banking Authority.According to BaFin, retail investors need to be aware of the risks of incurring 100% losses from their crypto investments.While European Union lawmakers are still working toward creating an EU-wide set of laws for digital currencies, German regulators already have some legal framework for digital assets in the country.
3. Bank of Thailand plans to regulate asset-backed stablecoins this year
The Bank of Thailand, or BoT, is upping its game on the stablecoin front. This week, the institution warned citizens that Thai Baht Digital (THT), a baht-pegged stablecoin issued by the South Korean firm Terra, has no legal assurances or protection and violates the country’s currency act.According to a report published on Friday, central bank Assistant Governor Siritida Panomwon Na Ayudhya told a briefing that the BoT is taking into consideration opinions from market regulators and participants before introducing its measures.The plans are to regulate asset-backed and foreign currency-backed stablecoins and algorithmic stablecoins, but not decentralized cryptocurrencies such as Bitcoin (BTC) or Ether (ETH). For these, the BoT stated that investors can weigh their own risks, according to Siritida. Siritida emphasized that the BoT understands the upsides of fintech and innovation and will continue to monitor emerging technologies, while also implementing policies that support the domestic economy and preserve financial systemic stability.
4.Weekly Investment Activities
2 investments activities took place in the blockchain industry this week, Coin Stats got 1.2 million dollars in seed round from Formula VC，Imperii Capital etc，Maple Finance got 1.4 million dollars in strategic investment from Framework Ventures、Polychain Capital leading.
Huobi Research
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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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