Huobi Research Weekly (Vol.162) (2021.4.19–2021.4.25）
Abstract
This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 8.49%, with 79 projects decreased in value to varying degrees. According to coinmarketcap, as of April 25, 2021, the total market cap of cryptocurrencies was 1891.0 billion U.S.dollars, decreased of 8.49%, and the total market cap of the top 100 cryptocurrencies was 1772.8 billion U.S. dollars, decreased by 10.69% from last week. 3 cryptocurrency projects entered the top 100 this week, namely PAX、CELO and AR. As of April 25, 2021, Bitcoin was traded at 49004.25USD, 12.80% lower than its price last week. Ethereum was traded at 2316.06USD, 3.61% higher 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 and the average block size of Bitcoin decreased. 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 and Ethereum decreased. LINK was the most active project on GitHub this week.
The average bitcoin Hashrate for the entire network reached 137.2EH/s, decreased by 16.55% from the previous week. Average Hashrate for the entire Ethereum network was 533.32TH/s this week, increased by 1.10%. Average difficulty for mining Bitcoin this week was 23.58T, as same as last week. The average difficulty of mining Ethereum this week was 6792.03TH, increased by 0.94% from that of previous week.
In network activity, the average size of each block was 1.33MB, decreased by 2.21% from last week; there were on average 2005 transactions recorded in each block, decreased by 6.22% from the previous week. The average number of transactions per block in Ethereum this week was 231.4, increased by 11.52%. The average size of each block was 51435.85 bytes, increased by 11.49% compared to last week Average transaction fees of Bitcoin this week was $29.025, decreased by 43.71% from last week. Average transaction fees of Ethereum this week was $10.337, decresead by 46.95% from last week. The total number of Bitcoin addresses was 71969289, increased by 342723 (0.48%). Chainlink was the most active project on GitHub this week, with 29 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, Aelo got 28 million dollars in A round investment from a16z leading，NFTBank.ai got 1.4 million dollars in seed round investment from Hashed leading.
1. Weekly Market Review
1.1 Market overview
This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 8.49%, with 79 projects decreased in value to varying degrees. According to coinmarketcap, as of April 25, 2021, the total market cap of cryptocurrencies was 1891.0 billion U.S.dollars, decreased of 8.49%, and the total market cap of the top 100 cryptocurrencies was 1772.8 billion U.S. dollars, decreased by 10.69% from last week, among which, SOL had the largest increased of 46.55%, bringing its market cap ranking from №19 to №13, ONT had the largest decreased of — 42.83%, bringing its market cap ranking from №68 to №80. In addition, there were 3 projects that entered TOP100, namely, PAX (Paxos Standard, increased 3.65%, Now №90), AR (Arweave, increased 13.34%, Now №88), CELO (Celo, increased 39.11%, Now №77). As of April 25, 2021, Bitcoin was traded at 49004.25USD, 12.80% lower than its price last week. Ethereum was traded at 2316.06USD, 3.61% higher than its price last week.
The overall 24h trading volume decreased this week. Overall, the 24h trading volume decreased by 58.05% compared with the same period of last week. In this week, 9 of the top 100 projects increased in 24h trading volume, led by CELO with a weekly increased of 422.28%; there were 91 projects decreased in their 24h trading volume, there were 89 projects that saw over 20% decrease in their 24h trading volume, while 67 projects fell by more than 50%, led by NANO, with a decreased of -94.65%.
The top 10 cryptocurrencies’ market value decreased, the market share distribution remained stable. On April 25, 2021, the overall market cap of the top 10 cryptocurrencies was 1485.7 billion USD, decreased by 9.84% from last week, accounting for 78.57% of the total market capitalization of cryptocurrencies, decreased by 1.18% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 48.44%, decreased by 2.40% 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 Asset-backed project got the largest decrease. As of April 25, 2021, the total market cap of coin projects reached 1145.9 billion USD, decreased by 13.41%. The average market cap of coin projects reached 21.6 billion USD, decreased by 11.77%. The total market cap of platform projects reached 387.0 billion USD, decreased by 2.78%. The average market cap of platform projects reached 18.4 billion USD, decreased by 2.78%. The total market cap of application class projects reached 188.9 billion USD, decreased by 12.31%. The average market cap of application class projects reached 7.87 billion USD, decreased by 15.97%. The total market cap of asset-backed token projects reached 50.8 billion USD, increased by 5.80%. The average market cap of asset-backed token projects reached 25.4 billion USD, decreased by 47.10%.
The market segment distribution of the top 100 cryptocurrencies remained stable. As of April 25, 2021, among the top 100 projects, the number of coin class projects decrease 1, application class projects increase 1, platform class projects remain the same and asset-backed token class increase 1.The largest overall market cap by segment was still coin projects, accounting for 64.64% 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 April 19, 2021- April 25, 2021, the average bitcoin Hashrate for the entire network reached 137.2EH/s, decreased by 16.55% from the previous week.
Average Hashrate for the entire Ethereum network was 533.32TH/s this week, increased by 1.10%.
This week, the difficulty of mining Bitcoin not changed and Ethereum increased. As of April 25, 2021, average difficulty for mining Bitcoin this week was 23.58T, as same as last week. The average difficulty of mining Ethereum this week was 6792.03TH, increased by 0.94% from that of previous week.
The number of blocks in Bitcoin decreased by 9.42%,Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings not changed, the number of blocks decreased by 3.80%. In the past week, Bitcoin mined 856 blocks, decreased by 9.42% from the previous week. Among the top five pools were F2Pool、Poolin、AntPool、ViaBTC、Binance Pool, these 5 pools mined 162、116、109、107 and 88 blocks respectively, accounting for 18.93%、13.55%、12.73%、12.50% and 10.28% of all Bitcoins mined this week. The Hashrate was 27.15EH/s、19.44EH/s、18.27EH/s、17.93EH/s and 14.75EH/s, respectively.
In the past week, Ethereum’s entire network mined 46014 blocks, decreased by 3.80% in the previous week. The top five pools were SparkPool, Ethermine, F2pool, Zhizhu.top and Hiveon Pool, each mined 10437、9276、4329、2651 and 2334 blocks respectively, accounting for 22.6822%、20.1591%、9.4080%、5.7613% and 5.0724% 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 increased and the average block size of Ethereum increased this week. According to blockchain.info, from April 19, 2021- April 25, 2021, the average size of each block was 1.33MB, decreased by 2.21% from last week; there were on average 2005 transactions recorded in each block, decreased by 6.22% from the previous week.
According to etherscan, the average number of transactions per block in Ethereum this week was 231.4, increased by 11.52%. The average size of each block was 51435.85 bytes, increased by 11.49% compared to last week.
Number of unconfirmed transactions in Bitcoin decreased by 50.80%. Number of unconfirmed transactions in Ethereum decreased by 35.42% from the previous week. As of April 25, 2021, the number of 7-day average unconfirmed transactions in Bitcoin network was 52875, decreased by 50.80% from last week. There were 107673.21 unconfirmed transactions in the Ethereum network, decreased by 35.42% from last week, with the lowest amount of unconfirmed transactions in the week being 0 and the highest amount being 131379`.
Total transaction fees of Bitcoin decreased and Ethereum decreased. As of April 25, 2021, average transaction fees of Bitcoin this week was $29.025, decreased by 43.71% from last week. Average transaction fees of Ethereum this week was $10.337, decresead by 46.95% from last week.
The average number of distinct miners per day in Ethereum decreased. From April 19, 2021- April 25, 2021, the average number of distinct miners per day in Ethereum this week was 48.2, decreased by 4.55% from last week.
The number of nodes in Bitcoin decreased by 1.80% ,The number of nodes in Ethereum decreased by 21.05% this week. As of April 25, 2021, there were 9769 Bitcoin nodes, decreased by 1.80% compared to last week, of which 1894 nodes were in U.S, 1773 nodes were in Germany, and 199 nodes were in China(№9), each accounting for 19.39%, 18.15% and 2.04% of the total number of Bitcoin nodes, respectively.
As of April 25, 2021, there were 4055 Ethereum nodes, decreased by 21.05% from the previous week. Specifically, there were 1466 nodes in the U.S, 854 nodes in Germany, and 248 nodes in China, each accounting for 36.15%, 21.06%, 6.12% 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 25, 2021, the total number of Bitcoin addresses was 71969289, increased by 342723 (0.48%).
LINK was the most active project on GitHub this week. From April 19, 2021 — April 25, 2021, Chainlink was the active project repository on GitHub with a total of 29 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 206k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and Ethereum, with 2.1million , 1.4million, and 968k followers, respectively.
3. Weekly Blockchain News Review
3.1 Industrial Application
1. Online digital music retailer Beatport accepts Bitcoin for songs
Beatport will accept Bitcoin as a payment method starting this July and is launching an NFT range in the meantime. Beatport, a digital music portal for DJs and musicians, announced this week that it would begin accepting Bitcoin (BTC) as a means of payment on its website. Beatport hosts and sells music tracks for use by DJs, returning a portion of the proceeds to the original artist. “When it benefits and strengthens the artist community, there is no reason to stop innovating. It’s clear that, even in the midst of a pandemic, the DJ/Producer community is willing to lead the industry towards embracing new technology and innovative mediums for engaging with their fans,” said Beatport CEO McDaniels. The audio-visual NFT will reportedly feature collaboration from a number of prominent musicians and artists. A portion of the proceeds will be donated to charity. McDaniels said that the company was committed to reaping the benefits that future developments in blockchain technology would bring.
2. Eftpos reveals plans to power Australian smart cities with blockchain tech
Australia’s leading point-of-sale technology provider Eftpos Australia has revealed ambitious plans to roll out blockchain-powered autonomous vehicles and smart cities in Australia built using Hedera’s Hashgraph. Eftpos chief investment officer Ben Tabell noted the significance of the firm’s DLT initiatives in partnership with Hedera, highlighting the firms’ efforts to combine digital identity and payments solutions in Australia.“This is a big part of our work and effort at the moment to bring in digital identity and transactions so that we can securely support payments and other transaction clubs in the Australian digital ecosystem,” he said.
3. UAE employs blockchain tech for remote litigation services
The UAE government’s adoption of blockchain technology for its legal notary services builds on its ambitions to go completely digital. The government of the United Arab Emirates will employ blockchain technology for use in its judicial notarization and authentication services, it announced on Monday, according to the Emirates News Agency. The adoption of blockchain tech is expected to cut down on the time, effort and expenditure spent by the UAE’s Ministry of Justice in authenticating and verifying contracts and documentation, while building on the government’s plan to transfer half of its transactions onto the blockchain by the end of this year.The UAE’s deployment of blockchain technology forms part of its plans to create a remote digital framework for all of its internal operations, something it refers to as a “unified digital government platform.”The UAE’s ongoing digital transformation will reportedly include the creation of a digital ID dubbed the “UAE Pass,” which will enable users to interact with aspects of the legal process from remote locations.
3.2 International Policies
1. House passes digital asset innovation act to clarify crypto regulations
U.S. financial regulators will now work together to create modalities for clear-cut crypto regulations in America. The United States House of Representatives on Tuesday passed H.R. 1602 — the Eliminate Barriers to Innovation Act — introduced by Rep. Patrick McHenry (R-NC).H.R. 1602 was among six bipartisan financial services-related bills passed by the House on Tuesday, with the McHenry-sponsored legislation focusing on regulatory clarity for cryptocurrencies.Introduced back in March, the bill seeks to clarify the roles of agencies like the Securities and Exchange Commission and the Commodity Futures Trading Commission in the policing of cryptocurrencies in the United States. Addressing the floor of the House during the passage of the bill, McHenry remarked:“[This bill] requires the Securities and Exchange Commission and the Commodity Futures Trading Commission to establish a working group focused on digital assets. This is the first step in opening up the dialogue between our regulators and market participants and move to needed clarity.”
2. UK government establishes central bank digital currency task force
Her Majesty’s Treasury and the Bank of England have begun preliminary central bank digital currency studies that could result in the creation of a national digital currency.In a document published by HM Treasury, the exchequer announced the creation of a CBDC task force in collaboration with the United Kingdom’s central bank. As part of its duties, the task force will explore preliminary issues associated with the design, implementation and operation of a CBDC in the United Kingdom. The task force will also interface with stakeholders across academia, fintech and other relevant industries to identify the technological hurdles involved in creating a sovereign digital currency.The joint HM Treasury and BoE task force will also monitor CBDC-related developments on the international scene, especially as other nations are actively exploring their own central bank digital currency projects.
3. South Korea plans interagency crackdown on illegal crypto transactions
South Korea’s top financial regulator established dedicated crypto investigation teams across the country last week. Several South Korean financial authorities are planning to join forces to combat illegal operations involving cryptocurrencies like Bitcoin (BTC).The interagency crackdown comes in response to growing concerns over speculative investments and potentially illegal activities amid the ongoing boom in crypto markets, Koo Yun-cheol, head of the Office for Government Policy Coordination, said Monday. As part of the crackdown, which is slated to continue until June, the Financial Services Commission will require local financial institutions to strengthen the monitoring of cryptocurrency withdrawals. Any suspicious activity should be reported to the state-run Financial Intelligence Unit, an agency responsible for investigating financial crimes. Other regulators like the finance ministry and the Financial Supervisory Service also plan to keep an eye on cross-border crypto transactions, the report notes.
4.Weekly Investment Activities
2 investments activities took place in the blockchain industry this week, Aelo got 28 million dollars in A round investment from a16z leading，NFTBank.ai got 1.4 million dollars in seed round investment from Hashed leading.
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