Huobi Research Weekly (Vol.163) (2021.4.26–2021.5.2）
Abstract
This week, the overall market capitalization for the top 100 cryptocurrencies increased of 19.49%, with 99 projects increased in value to varying degrees. According to coinmarketcap, as of May 2, 2021, the total market cap of cryptocurrencies was 2259.7 billion U.S.dollars, increased of 19.49%, and the total market cap of the top 100 cryptocurrencies was 2146.0 billion U.S. dollars, increased by 21.05% from last week. 2 cryptocurrency projects entered the top 100 this week, namely BAKE and XVS. As of May 2, 2021, Bitcoin was traded at 56631.08USD, 15.60% higher than its price last week. Ethereum was traded at 2952.06USD, 27.56% higher than its price last week.
The hashrate of Bitcoin increased and Ethereum increased by this week. This week, the difficulty of mining Bitcoin decreased but 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 decreased but the average block size of Ethereum increased this week. The average transaction fees of Bitcoin decreased and Ethereum decreased. SYS was the most active project on GitHub this week.
The average bitcoin Hashrate for the entire network reached 159.3EH/s, increased by 16.11% from the previous week. Average Hashrate for the entire Ethereum network was 565.65TH/s this week, increased by 6.06%. Average difficulty for mining Bitcoin this week was 23.00T, as same as last week. The average difficulty of mining Ethereum this week was 7206.54TH, increased by 6.10% from that of previous week.
In network activity, the average size of each block was 1.35MB, increased by 1.50% from last week; there were on average 1892 transactions recorded in each block, decreased by 5.64% from the previous week. The average number of transactions per block in Ethereum this week was 224.9, decreased by 2.81%. The average size of each block was 52863.57 bytes, increased by 2.78% compared to last week Average transaction fees of Bitcoin this week was $22.45, decreased by 22.65% from last week. Average transaction fees of Ethereum this week was $9.852, decresead by 4.69% from last week. The total number of Bitcoin addresses was 72296975, increased by 327686 (0.46%). Syscoin was the most active project on GitHub this week, with 83 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, MugglePay got 1 million dollars in seed round investment from Flori leading，ZenGo got 20 million dollars in A round investment from InsightPartners leading.
1. Weekly Market Review
1.1 Market overview
This week, the overall market capitalization for the top 100 cryptocurrencies increased of 19.49%, with 99 projects increased in value to varying degrees. According to coinmarketcap, as of May 2, 2021, the total market cap of cryptocurrencies was 2259.7 billion U.S.dollars, increased of 19.49%, and the total market cap of the top 100 cryptocurrencies was 2146.0 billion U.S. dollars, increased by 21.05% from last week, among which, OKB had the largest increased of 158.32%, bringing its market cap ranking from №86 to №55, BUSD had the largest decreased of 0.00%, bringing its market cap ranking from №21 to №23. In addition, there were 2 projects that entered TOP100, namely, XVS (Venus, increased 99.00%, Now №90), BAKE (BakeryToken, increased 565.05%, Now №79). As of May 2, 2021, Bitcoin was traded at 56631.08USD, 15.60% higher than its price last week. Ethereum was traded at 2952.06USD, 27.56% higher than its price last week.
The overall 24h trading volume decreased this week. Overall, the 24h trading volume decreased by 4.85% compared with the same period of last week. In this week, 41 of the top 100 projects increased in 24h trading volume, led by BAKE with a weekly increased of 6392.64%; there were 59 projects decreased in their 24h trading volume, there were 30 projects that saw over 20% decrease in their 24h trading volume, while 6 projects fell by more than 50%, led by LEO, with a decreased of -83.01%.
The top 10 cryptocurrencies’ market value increased, the market share distribution remained stable. On May 2, 2021, the overall market cap of the top 10 cryptocurrencies was 1784.3 billion USD, increased by 20.10% from last week, accounting for 78.96% of the total market capitalization of cryptocurrencies, increased by 0.40% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 46.86%, decreased by 1.58% from last week.
1.2 Segment Analysis
Among TOP 100 cryptocurrency project segments, the total market cap of Appication project got the largest increase. The average market cap of Asset-backed project got the largest increase. As of May 2, 2021, the total market cap of coin projects reached 1350.4 billion USD, increased by 17.84%. The average market cap of coin projects reached 25.0 billion USD, increased by 15.66%. The total market cap of platform projects reached 493.7 billion USD, increased by 27.56%. The average market cap of platform projects reached 23.5 billion USD, increased by 27.56%. The total market cap of application class projects reached 250.1 billion USD, increased by 32.34%. The average market cap of application class projects reached 10.4 billion USD, increased by 32.34%. The total market cap of asset-backed token projects reached 51.7 billion USD, increased by 1.80%. The average market cap of asset-backed token projects reached 51.7 billion USD, increased by 103.61%.
The market segment distribution of the top 100 cryptocurrencies remained stable. As of May 2, 2021, among the top 100 projects, the number of coin class projects increase 1, application class projects increase and platform class projects remain the same, asset-backed token class decrease 1.The largest overall market cap by segment was still coin projects, accounting for 62.92% 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 April 26, 2021- May 2, 2021, the average bitcoin Hashrate for the entire network reached 159.3EH/s, increased by 16.11% from the previous week.
Average Hashrate for the entire Ethereum network was 565.65TH/s this week, increased by 6.06%.
This week, the difficulty of mining Bitcoin decreased and Ethereum increased. As of May 2, 2021, average difficulty for mining Bitcoin this week was 23.00T, decreased by 2.46% from last week. The average difficulty of mining Ethereum this week was 7206.54TH, increased by 6.10% from that of previous week.
The number of blocks in Bitcoin increased by 12.97%,Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings not changed, the number of blocks increased by 4.21%. In the past week, Bitcoin mined 967 blocks, increased by 12.97% from the previous week. Among the top five pools were AntPool、F2Pool、Poolin、Binance Pool、Huobi.pool, these 5 pools mined 163、159、109、108 and 87 blocks respectively, accounting for 16.86%、16.44%、11.27%、11.17% and 9.00% of all Bitcoins mined this week. The Hashrate was 26.93EH/s、26.27EH/s、18.01EH/s、17.85EH/s and 14.38EH/s, respectively.
In the past week, Ethereum’s entire network mined 47952 blocks, increased by 4.21% in the previous week. The top five pools were SparkPool, Ethermine, F2pool, Zhizhu.top and Hiveon Pool, each mined 11417、9316、4574、2869 and 2357 blocks respectively, accounting for 23.8092%、19.4278%、9.5387%、5.9831% and 4.9153% 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 decreased but the average block size of Ethereum increased this week. According to blockchain.info, from April 26, 2021- May 2, 2021, the average size of each block was 1.35MB, increased by 1.50% from last week; there were on average 1892 transactions recorded in each block, decreased by 5.64% from the previous week.
According to etherscan, the average number of transactions per block in Ethereum this week was 224.9, decreased by 2.81%. The average size of each block was 52863.57 bytes, increased by 2.78% compared to last week.
Number of unconfirmed transactions in Bitcoin decreased by 53.62%. Number of unconfirmed transactions in Ethereum increased by 49.81% from the previous week. As of May 2, 2021, the number of 7-day average unconfirmed transactions in Bitcoin network was 24521, decreased by 53.62% from last week. There were 161305.84 unconfirmed transactions in the Ethereum network, increased by 49.81% from last week, with the lowest amount of unconfirmed transactions in the week being 22974 and the highest amount being 414319`.
Total transaction fees of Bitcoin decreased and Ethereum decreased. As of May 2, 2021, average transaction fees of Bitcoin this week was $22.45, decreased by 22.65% from last week. Average transaction fees of Ethereum this week was $9.852, decresead by 4.69% from last week.
The average number of distinct miners per day in Ethereum decreased. From April 26, 2021- May 2, 2021, the average number of distinct miners per day in Ethereum this week was 46.5, decreased by 3.53% from last week.
The number of nodes in Bitcoin decreased by 1.45% ,The number of nodes in Ethereum decreased by 2.00% this week. As of May 2, 2021, there were 9627 Bitcoin nodes, decreased by 1.45% compared to last week, of which 1876 nodes were in U.S, 1777 nodes were in Germany, and 192 nodes were in China(№9), each accounting for 19.49%, 18.46% and 1.99% of the total number of Bitcoin nodes, respectively.
As of May 2, 2021, there were 3974 Ethereum nodes, decreased by 2.00% from the previous week. Specifically, there were 1469 nodes in the U.S, 814 nodes in Germany, and 237 nodes in China, each accounting for 36.97%, 20.48%, 5.96% of total number of nodes, respectively.
Source：Ethernodes
This week, the growth rate for new addresses of Bitcoin increased. According to the data on blockchain, as of May 2, 2021, the total number of Bitcoin addresses was 72296975, increased by 327686 (0.46%).
SYS was the most active project on GitHub this week. From April 26, 2021 — May 2, 2021, Syscoin was the active project repository on GitHub with a total of 83 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. JPMorgan and DBS to launch blockchain cross-border payment platform
Major American investment bank JPMorgan is working with Singapore’s largest bank, DBS, and state investment firm Temasek to launch a new blockchain company focused on global payments and interbank transactions.Dubbed Partior, the new firm will use blockchain technology and digitize commercial bank money to reduce the existing friction in cross-border payments, trade transactions and foreign exchange settlements. Such functionality would enable instant settlement of payments for various types of transactions, helping banks overcome global payment-related challenges in the current financial system, JPMorgan said. DBS CEO Piyush Gupta stated that blockchain technology and smart contracts will enable Partior to support “real-time cross-border multi-currency payments, trade finance, foreign exchange and DVP securities settlements on a world-class platform, with programmability, immutability, traceability built into its suite of services.”
2. Russian space agency uses blockchain to protect intellectual property
Russia’s space agency, Roscosmos, aims to fight intellectual property infringement in the space industry with blockchain technology.Roscosmos started testing an IP protection solution based on the Waves Enterprise blockchain platform, a hybrid blockchain platform developed by the eponymous local blockchain firm. Dubbed IP Guard, the blockchain-based tool detects violations of IP belonging to Roscosmos and other industry organizations.Using the tool, Roscosmos can reportedly maintain and verify a database of IP data objects as well as coordinate IP experts, such as lawyers, patent specialists and auditors.Waves Enterprise chief commercial officer Igor Kuzmichev said: “The most notable properties of blockchain are data immutability and the possibility of verification. Centralized registries cannot provide these properties.”
3. Australian booking giant invests in blockchain-based travel marketplace
A blockchain-based travel booking site has teamed up with a leading online travel agency in a deal that could bring its consumer-focused hotel and airfare reservation marketplace before a global audience.Australia-based Webjet has invested $4.1 million into LockTrip with a view toward integrating the consumer travel site and its LOC blockchain into the Webjet OTA platform — an industry leader in its home country and New Zealand.In addition, Webjet will explore migrating its own enterprise blockchain project, the Rezchain booking verification system, onto LockTrip’s decentralized, proof-of-stake Hydra Chain. That would be a big step towards LockTrip’s ultimate goal for the blockchain, which is tokenizing the hotel and broader travel industry supplier marketplace.At the same time, it would supercharge the Hydra transactional economy as the bookings of thousands of travel agencies worldwide would be funneled through this blockchain — making Hydra one of the most-adopted networks worldwide.
3.2 International Policies
1. Indonesian regulators consider tax on cryptocurrency transactions
Indonesia’s Commodity Futures Trade Regulatory Agency, also known as Bappebti, is considering levying a tax on all cryptocurrency transactions taking place on regulated exchanges within the country.Currently, 13 cryptocurrency exchanges fall under Bappebti’s regulatory oversight, and the tax would be automatically applied by these platforms should it be approved, according to a report by The Phnom Penh Post.“It is currently [undergoing] internal review at Bappebti, then we will coordinate with the BKF,” said Sidharta Utama, head of Bappebti, adding that the actual tax rate had not yet been decided. The BKF refers to Indonesia’s Fiscal Policy Agency. Chairman of the Indonesian Crypto Asset Traders Association, Teguh Kurniawan said the group he represents proposed a tax rate of 0.05%, adding that a high tax rate could push people toward illegal channels when purchasing cryptocurrencies.
2. Irish crypto firms must comply with money laundering laws for the first time
Ireland’s crypto businesses have become subject to regulatory oversight for the first time, with local digital asset firms now observing Anti-Money Laundering guidelines set out by the European Union.The EU’s Fifth Anti-Money Laundering Directive, or 5AMLD, was transposed into Irish law on Friday, via the Criminal Justice Money Laundering and Terrorist Financing Amendment Act of 2021.The legislation requires firms that operate with crypto assets, custodial wallet providers — dubbed Virtual Asset Service Providers, or VASPs — and the businesses that service VASPS abide by the same regulatory standards as mainstream financial firms.Irish VASPs must now register with the Central Bank of Ireland within the next three months and carry out due diligence on their clients — including identification, accounting for the origin and destination of their crypto assets, and reporting suspicious financial activity.
3. New ASEAN blockchain consortium targets cross-border cooperation
The new ASEAN Blockchain Consortium aims to engage with regulators to ensure compliance and raise industry awareness. Blockchain associations from Australia and five Southeast Asian nations are joining forces to promote blockchain development and education.Blockchain organizations from Australia, Singapore, Malaysia, Thailand, Indonesia and the Philippines signed a memorandum of understanding Thursday to promote blockchain collaboration in the Asia Pacific, Business Times reports.Initiated by Blockchain Association Singapore, or BAS, the MoU aims to engage with regulators to ensure legal compliance alongside raising industry awareness and education through a new blockchain consortium called the ASEAN Blockchain Consortium, or ABC.The ABC includes BAS, Blockchain Australia, Distributed Ledger Technology Association of the Philippines, Malaysia’s Labuan International Business and Financial Center, Thailand Digital Asset Operators Trade Association, and Asosiasi Blockchain Indonesia.
4.Weekly Investment Activities
2 investments activities took place in the blockchain industry this week, MugglePay got 1 million dollars in seed round investment from Flori leading，ZenGo got 20 million dollars in A round investment from InsightPartners leading.
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