Huobi Research Weekly (Vol.159) (2021.3.29–2021.4.4）
Abstract
This week, the overall market capitalization for the top 100 cryptocurrencies increased of 10.82%, with 82 projects increased in value to varying degrees. According to coinmarketcap, as of April 4, 2021, the total market cap of cryptocurrencies was 1939.2 billion U.S.dollars, increased of 10.82%, and the total market cap of the top 100 cryptocurrencies was 1880.0 billion U.S. dollars, increased by 10.38% from last week. 2 cryptocurrency projects entered the top 100 this week, namely CKB and CELO. As of April 4, 2021, Bitcoin was traded at 58758.56USD, 5.05% higher than its price last week. Ethereum was traded at 2093.12USD, 23.86% 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. Chainlink was the most active project on GitHub this week.
The average bitcoin Hashrate for the entire network reached 163.5EH/s, decreased by 1.03% from the previous week.Average Hashrate for the entire Ethereum network was 486.61TH/s this week, increased by 4.97%. Average difficulty for mining Bitcoin this week was 23.06T, increased by 5.49% from last week. The average difficulty of mining Ethereum this week was 6191.4TH, increased by 4.95% from that of previous week.
In network activity, the average size of each block was 1.31MB, increased by 0.77% from last week; there were on average 2151 transactions recorded in each block, increased by 18.64% from the previous week. The average number of transactions per block in Ethereum this week was 201.4, increased by 2.08%. The average size of each block was 46001.28 bytes, increased by 1.64% compared to last week. Average transaction fees of Bitcoin this week was $17.568, increased by 37.66% from last week. Average transaction fees of Ethereum this week was $19.001, incresead by 46.57% from last week. The total number of Bitcoin addresses was 70878134, increased by 490037 (0.70%). Chainlink was the most active project on GitHub this week, with 25 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, ImToken got 30 million dollars in B round investment from QIMING VC leading，SuperRare got 9 million dollars in A round investment from VelvetSea、1confirmation leading.
1. Weekly Market Review
1.1 Market overview
This week, the overall market capitalization for the top 100 cryptocurrencies increased of 10.82%, with 82 projects increased in value to varying degrees. According to coinmarketcap, as of April 4, 2021, the total market cap of cryptocurrencies was 1939.2 billion U.S.dollars, increased of 10.82%, and the total market cap of the top 100 cryptocurrencies was 1880.0 billion U.S. dollars, increased by 10.38% from last week, among which, BTT had the largest increased of 191.01%, bringing its market cap ranking from №32 to №13, BTMX had the largest decreased of -21.59%, bringing its market cap ranking from №72 to №93. In addition, there were 2 projects that entered TOP100, namely, CKB (Nervos Network, increased 34.66%, Now №99), CELO (Celo, increased 38.16%, Now №97). As of April 4, 2021, Bitcoin was traded at 58758.56USD, 5.05% higher than its price last week. Ethereum was traded at 2093.12USD, 23.86% higher than its price last week.
The overall 24h trading volume increased this week. Overall, the 24h trading volume increased by 37.49% compared with the same period of last week. In this week, 61 of the top 100 projects increased in 24h trading volume, led by BTT with a weekly increased of 736.76%; there were 38 projects decreased in their 24h trading volume, there were 26 projects that saw over 20% decrease in their 24h trading volume, while 11 projects fell by more than 50%, led by ANKR, with a decreased of -86.13%.
The top 10 cryptocurrencies’ market value increased, the market share distribution remained stable. On April 4, 2021, the overall market cap of the top 10 cryptocurrencies was 1587.0 billion USD, increased by 9.13% from last week, accounting for 81.84% of the total market capitalization of cryptocurrencies, decreased by 1.26% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 56.58%, decreased by 3.11% 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 Asset-backed project got the largest increase. As of April 4, 2021, the total market cap of coin projects reached 1328.8 billion USD, increased by 7.63%. The average market cap of coin projects reached 25.0 billion USD, increased by 1.54%. The total market cap of platform projects reached 360.5 billion USD, increased by 19.46%. The average market cap of platform projects reached 15.6 billion USD, increased by 24.65%. The total market cap of application class projects reached 148.2 billion USD, increased by 18.02%. The average market cap of application class projects reached 6.44 billion USD, increased by 23.15%. The total market cap of asset-backed token projects reached 42.5 billion USD, increased by 3.06%. The average market cap of asset-backed token projects reached 42.5 billion USD, increased by 106.12%.
The market segment distribution of the top 100 cryptocurrencies remained stable. As of April 4, 2021, among the top 100 projects, the number of coin class projects increase 3, application class projects decrease 1, platform class projects decrease 1 and asset-backed token class decrease 1.The largest overall market cap by segment was still coin projects, accounting for 70.68% 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 March 29, 2021- April 4, 2021, the average bitcoin Hashrate for the entire network reached 163.5EH/s, decreased by 1.03% from the previous week.
Average Hashrate for the entire Ethereum network was 486.61TH/s this week, increased by 4.97%.
This week, the difficulty of mining Bitcoin increased and Ethereum increased. As of April 4, 2021, average difficulty for mining Bitcoin this week was 23.06T, increased by 5.49% from last week. The average difficulty of mining Ethereum this week was 6191.4TH, increased by 4.95% from that of previous week.
The number of blocks in Bitcoin decreased by 4.56%,Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings not changed, the number of blocks decreased by 3.67%. In the past week, Bitcoin mined 1026 blocks, decreased by 4.56% from the previous week. Among the top five pools were F2Pool、Poolin、AntPool、Binance Pool、BTC.com, these 5 pools mined 159、141、131、119 and 115 blocks respectively, accounting for 15.50%、13.74%、12.77%、11.60% and 11.21% of all Bitcoins mined this week. The Hashrate was 25.21EH/s、22.36EH/s、20.77EH/s、18.87EH/s and 18.23EH/s, respectively.
In the past week, Ethereum’s entire network mined 47941 blocks, decreased by 3.67% in the previous week. The top five pools were SparkPool, Ethermine, F2pool, Zhizhu.top and Hiveon Pool, each mined 11391、9438、4907、2880 and 2249 blocks respectively, accounting for 23.7605%、19.6867%、10.2355%、6.0074% and 4.6912% 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 March 29, 2021- April 4, 2021, the average size of each block was 1.31MB, increased by 0.77% from last week; there were on average 2151 transactions recorded in each block, increased by 18.64% from the previous week.
According to etherscan, the average number of transactions per block in Ethereum this week was 201.4, increased by 2.08%. The average size of each block was 46001.28 bytes, increased by 1.64% compared to last week.
Number of unconfirmed transactions in Bitcoin increased by 3.94%. Number of unconfirmed transactions in Ethereum increased by 1.09% from the previous week. As of April 4, 2021, the number of 7-day average unconfirmed transactions in Bitcoin network was 37428, increased by 3.94% from last week. There were 167627.19 unconfirmed transactions in the Ethereum network, increased by 1.09% from last week, with the lowest amount of unconfirmed transactions in the week being 27603 and the highest amount being 202688`.
Total transaction fees of Bitcoin increased and Ethereum increased. As of April 4, 2021, average transaction fees of Bitcoin this week was $17.568, increased by 37.66% from last week. Average transaction fees of Ethereum this week was $19.001, incresead by 46.57% from last week.
The average number of distinct miners per day in Ethereum increased. From March 29, 2021- April 4, 2021, the average number of distinct miners per day in Ethereum this week was 49.8, increased by 2.89% from last week.
The number of nodes in Bitcoin increased by 6.61% ,The number of nodes in Ethereum increased by 4.18% this week. As of April 4, 2021, there were 9743 Bitcoin nodes, increased by 6.61% compared to last week, of which 1846 nodes were in U.S, 1743 nodes were in Germany, and 196 nodes were in China(№9), each accounting for 19.13%, 17.89% and 2.01% of the total number of Bitcoin nodes, respectively.
As of April 4, 2021, there were 4410 Ethereum nodes, increased by 4.18% from the previous week. Specifically, there were 1450 nodes in the U.S, 958 nodes in Germany, and 302 nodes in China, each accounting for 32.88%, 21.72%, 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 April 4, 2021, the total number of Bitcoin addresses was 70878134, increased by 490037 (0.70%).
LINK was the most active project on GitHub this week. From March 29, 2021 — April 4, 2021, Chainlink was the active project repository on GitHub with a total of 25 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 204k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and Ethereum, with 1.8million , 1.3million, and 864k followers, respectively.
3. Weekly Blockchain News Review
3.1 Industrial Application
1. South Korea will use blockchain to prevent counterfeit vaccine passports
Blockchain technology is being used to cement confidence in the integrity of new health surveillance measures such as COVID-19 vaccine passports. South Korea, which has begun its COVID-19 vaccine rollout for residents over 75 years of age, has revealed plans to use blockchain technology to certify forthcoming vaccine passports for immunized citizens. According to Reuters, Prime Minister Chung Sye-kyun told a government meeting that a new mobile app will be used to manage digital proofs of vaccination, and is expected to launch later in April. Blockchain technology will be used to ensure that citizens are not able to forge evidence of having ostensibly received a jab. “The introduction of a vaccine passport or ‘Green Pass’ will only allow those who have been vaccinated to experience the recovery to their daily lives,” Chung said.The vaccine passports are also targeted at travelers from overseas, who will be supported by the app and be permitted to enter the country subject to having certifiable proof of having been vaccinated.
2. Australians can now exchange solar energy credits for beer with blockchain
Victoria Bitter has partnered with blockchain energy trading platform Power Ledger to allow customers to earn beer with surplus solar energy. Victoria Bitter has partnered with major blockchain energy firm Power Ledger to unlock a new program allowing participants to exchange excess solar energy for slabs of beer. “The only thing better than drinking the Big Cold Beer in the Aussie sun is earning beer while you do it. Plus it’s a real win-win for beer lovers and the environment,” Victoria Bitter’s general manager of marketing Brian Phan said.The new Solar Exchange program allows customers to track how much beer they have earned based on the number of solar energy credits exchanged with Victoria Bitter. “Every $30 worth of credit can be exchanged for a slab, which is then delivered straight to your door,” the company said in the announcement.
3. Swiss startup launches tokenized grain trading pilot
A Swiss agricultural startup has piloted the use of a non-fungible token for cutting down the costs of trading grain. Although the Cerealia platform only facilitates two-way deals at the time being, an upcoming addition will allow for third-parties to trade and speculate on grain deals using the token. A digital system naturally reduces the costs incurred by grain traders in executing deals, such as storage fees, while reducing the onus on paperwork.The tokens were reportedly used by Mexican firm Mercanta, representing grain it had stored at a local warehouse. Other grain holders and trade houses can issue their own version of the token, which can then trade on Cerealia’s platform while acting as a marker for actual grain held.Cerealia chief operating officer Filipe Pohlmann Gonzaga said the tokenized system could open up digital grain trading to the likes of banks, hedge funds and other investors, without them having to take physical delivery of the grain.
3.2 International Policies
1. Eastern Caribbean Central Bank’s DCash digital currency goes live
The ECCB has launched a regional central bank digital currency in partnership with Caribbean fintech outfit Bitt. DCash is the digital version of the Eastern Caribbean dollar — the official currency of the eight countries in the union.However, as announced during the launch, DCash is only available in four of the currency union’s member states: Grenada, St. Kitts and Nevis, Antigua and Barbuda, and Saint Lucia. For Bitt CEO Brian Popelka, DCash is a “game-changer” for the currency union adding that the CBDC was designed to be interoperable with digital currencies around the world.Following the public rollout, both the ECCB and Bitt say the next step is to work towards full incorporation of DCash into the financial infrastructure of the four nations participating in the initial launch over the next year.
2. UK crypto firms must now submit yearly financial crimes reports
The United Kingdom’s Financial Conduct Authority has included cryptoasset businesses under the financial crimes reporting umbrella. The FCA made this known via a policy statement issued on its website on Wednesday. This move comes as the country’s financial regulator has increased the number of firms required to submit annual financial crime report known as “REP-CRIM” from 2,500 to about 7,000.According to the policy statement, the FCA declared that compliance with REP-CRIM reporting was a necessary tool to enable regulators to combat money laundering activities. In its 2020/2021 business plan, the FCA stated:“We will strengthen our rules to prevent money laundering, as well as working with domestic and international stakeholders to support a joined-up approach to cryptoassets.” Following the policy statement announcement, U.K. crypto firms included in the extended REP-CRIM regime will need to submit their financial crime report by the due date.
3. UK authorities to focus on stablecoin regulations to prevent monopolies
British regulators have identified the stablecoin market as their primary assignment amid efforts to create a legal framework for virtual currencies in the country. John Glen, the United Kingdom’s financial services minister, has said that stablecoins will be the main focus of the government’s crypto regulatory activity. For Glen, the U.K.’s decision to prioritize stablecoins over regulating the broader financial market is due to fears of monopolies emerging in the market based on the limited number of participants offering fiat-pegged cryptocurrency payment services.“There is the potential for some firms to swiftly achieve dominance and crowd out other players, due to their ability to scale and plug into existing online services,” Glen remarked.Indeed, the minister’s argument echoes sentiments espoused by several financial regulators against the Diem stablecoin project. Initially dubbed Libra, regulatory authorities in different countries pointed to Facebook’s global presence as a significant risk factor to sovereign monetary policies associated with the planned digital currency project.
4.Weekly Investment Activities
2 investments activities took place in the blockchain industry this week, ImToken got 30 million dollars in B round investment from QIMING VC leading，SuperRare got 9 million dollars in A round investment from VelvetSea、1confirmation leading.
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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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