Huobi Research Weekly (Vol.164) (2021.5.3–2021.5.9）
Abstract
This week, the overall market capitalization for the top 100 cryptocurrencies increased of 10.60%, with 70 projects increased in value to varying degrees. According to coinmarketcap, as of May 9, 2021, the total market cap of cryptocurrencies was 2499.1 billion U.S.dollars, increased of 10.60%, and the total market cap of the top 100 cryptocurrencies was 2386.1 billion U.S. dollars, increased by 11.18% from last week. 2 cryptocurrency projects entered the top 100 this week, namely BAKE and XVS. As of May 9, 2021, Bitcoin was traded at 58232.32USD, 2.87% higher than its price last week. Ethereum was traded at 3928.84USD, 33.20% 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 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 but Ethereum increased. SYS was the most active project on GitHub this week.
The average bitcoin Hashrate for the entire network reached 175.2EH/s, increased by 9.98% from the previous week. Average Hashrate for the entire Ethereum network was 583.61TH/s this week, increased by 3.17%. Average difficulty for mining Bitcoin this week was 20.60T, decreased by 10.43% from last week. The average difficulty of mining Ethereum this week was 7439.03TH, increased by 3.23% from that of previous week.
In network activity, the average size of each block was 1.31MB, decreased by 2.96% from last week; there were on average 1606 transactions recorded in each block, decreased by 15.12% from the previous week. The average number of transactions per block in Ethereum this week was 236.6, increased by 5.20%. The average size of each block was 56206.42 bytes, increased by 6.32% compared to last week. average transaction fees of Bitcoin this week was $18.595, decreased by 17.17% from last week. Average transaction fees of Ethereum this week was $27.95, incresead by 183.70% from last week. The total number of Bitcoin addresses was 72636742, increased by 339767 (0.47%). Syscoin was the most active project on GitHub this week, with 67 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, RTFKT Studios got nearly ten million dollars in seed round investment from Andreeseen Horowitz, C Ventures etc，Showtime got 7.6 million dollars in seed round investment from Paradigm，DJ，NFT.
1. Weekly Market Review
1.1 Market overview
This week, the overall market capitalization for the top 100 cryptocurrencies increased of 10.60%, with 70 projects increased in value to varying degrees. According to coinmarketcap, as of May 9, 2021, the total market cap of cryptocurrencies was 2499.1 billion U.S.dollars, increased of 10.60%, and the total market cap of the top 100 cryptocurrencies was 2386.1 billion U.S. dollars, increased by 11.18% from last week, among which, TEL had the largest increased of 314.40%, bringing its market cap ranking from №117 to №55, BAKE had the largest decreased of -24.86%, bringing its market cap ranking from №79 to №95. In addition, there were 5 projects that entered TOP100, namely, XVG (Verge, increased 27.79%, Now №97), 1INCH (1inch, increased 31.95%, Now №98), BCD (Bitcoin Diamond, increased 250.06%, Now №85), TUSD (TrueUSDT, increased 250.50%, Now №96), TEL (Telcoin, increased 314.40%, Now №55). As of May 9, 2021, Bitcoin was traded at 58232.32USD, 2.87% higher than its price last week. Ethereum was traded at 3928.84USD, 33.20% higher than its price last week.
The overall 24h trading volume increased this week. Overall, the 24h trading volume increased by 102.50% compared with the same period of last week. In this week, 69 of the top 100 projects increased in 24h trading volume, led by BCD with a weekly increased of 2980.29%; there were 30 projects decreased in their 24h trading volume, there were 16 projects that saw over 20% decrease in their 24h trading volume, while 6 projects fell by more than 50%, led by BAKE, with a decreased of -83.21%.
The top 10 cryptocurrencies’ market value increased, the market share distribution remained stable. On May 9, 2021, the overall market cap of the top 10 cryptocurrencies was 2386.1 billion USD, increased by 11.18% from last week, accounting for 79.07% of the total market capitalization of cryptocurrencies, increased by 0.10% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 43.58%, decreased by 3.27% from last week.
1.2 Segment Analysis
Among TOP 100 cryptocurrency project segments, the total market cap of Platform project got the largest increase. The average market cap of Platform project got the largest increase. As of May 9, 2021, the total market cap of coin projects reached 1447.4 billion USD, increased by 7.19%. The average market cap of coin projects reached 27.3 billion USD, increased by 9.21%. The total market cap of platform projects reached 631.4 billion USD, increased by 27.89%. The average market cap of platform projects reached 30.0 billion USD, increased by 27.89%. The total market cap of application class projects reached 250.5 billion USD, increased by 0.17%. The average market cap of application class projects reached 10.4 billion USD, increased by 0.17%. The total market cap of asset-backed token projects reached 56.6 billion USD, increased by 9.41%. The average market cap of asset-backed token projects reached 28.3 billion USD, decreased by 45.29%.
The market segment distribution of the top 100 cryptocurrencies remained stable. As of May 9, 2021, among the top 100 projects, the number of coin class projects decrease 1, application class projects increase and platform class projects remain the same, asset-backed token class increase 1.The largest overall market cap by segment was still coin projects, accounting for 60.66% 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 May 3, 2021- May 9, 2021, the average bitcoin Hashrate for the entire network reached 175.2EH/s, increased by 9.98% from the previous week.
Average Hashrate for the entire Ethereum network was 583.61TH/s this week, increased by 3.17%.
This week, the difficulty of mining Bitcoin decreased but Ethereum increased. As of May 9, 2021, average difficulty for mining Bitcoin this week was 20.60T, decreased by 10.43% from last week. The average difficulty of mining Ethereum this week was 7439.03TH, increased by 3.23% from that of previous week.
The number of blocks in Bitcoin increased by 25.85%,Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings not changed, the number of blocks decreased by 0.21%. In the past week, Bitcoin mined 1217 blocks, increased by 25.85% from the previous week. Among the top five pools were AntPool、F2Pool、Poolin、Binance Pool、BTC.com, these 5 pools mined 220、210、147、120 and 106 blocks respectively, accounting for 18.00%、17.34%、11.91%、9.86% and 8.71% of all Bitcoins mined this week. The Hashrate was 32.05EH/s、30.88EH/s、21.22EH/s、17.56EH/s and 15.51EH/s, respectively.
In the past week, Ethereum’s entire network mined 47851 blocks, decreased by 0.21% in the previous week. The top five pools were SparkPool, Ethermine, Zhizhu.top, Hiveon Pool and F2pool, each mined 11623、9281、2835、2412 and 2108 blocks respectively, accounting for 24.3088%、19.3956%、5.9246%、5.0406% and 4.4053% 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 May 3, 2021- May 9, 2021, the average size of each block was 1.31MB, decreased by 2.96% from last week; there were on average 1606 transactions recorded in each block, decreased by 15.12% from the previous week.
According to etherscan, the average number of transactions per block in Ethereum this week was 236.6, increased by 5.20%. The average size of each block was 56206.42 bytes, increased by 6.32% compared to last week.
Number of unconfirmed transactions in Bitcoin decreased by 19.04%. Number of unconfirmed transactions in Ethereum decreased by 5.10% from the previous week. As of May 9, 2021, the number of 7-day average unconfirmed transactions in Bitcoin network was 19853, decreased by 19.04% from last week. There were 153085.31 unconfirmed transactions in the Ethereum network, decreased by 5.10% from last week, with the lowest amount of unconfirmed transactions in the week being 23601 and the highest amount being 186359 `.
Total transaction fees of Bitcoin decreased but Ethereum increased. As of May 9, 2021, average transaction fees of Bitcoin this week was $18.595, decreased by 17.17% from last week. Average transaction fees of Ethereum this week was $27.95, incresead by 183.70% from last week.
The average number of distinct miners per day in Ethereum increased. From May 3, 2021- May 9, 2021, the average number of distinct miners per day in Ethereum this week was 50.0, increased by 7.53% from last week.
The number of nodes in Bitcoin decreased by 1.08% ,The number of nodes in Ethereum increased by 2.04% this week. As of May 9, 2021, there were 9523 Bitcoin nodes, decreased by 1.08% compared to last week, of which 1930 nodes were in U.S, 1807 nodes were in Germany, and 191 nodes were in China(№9), each accounting for 20.27%, 18.98% and 2.01% of the total number of Bitcoin nodes, respectively.
As of May 9, 2021, there were 4055 Ethereum nodes, increased by 2.04% from the previous week. Specifically, there were 1483 nodes in the U.S, 829 nodes in Germany, and 242 nodes in China, each accounting for 36.57%, 20.44 %, 5.97% 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 May 9, 2021, the total number of Bitcoin addresses was 72636742, increased by 339767 (0.47%).
SYS was the most active project on GitHub this week. From May 3, 2021 — May 9, 2021, Syscoin was the active project repository on GitHub with a total of 67 commits.
2.3 Community Activity Statistics
The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 951k, 625k and 213k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and Ethereum, with 2.3million , 1.6million, and 1million followers, respectively.
3. Weekly Blockchain News Review
3.1 Industrial Application
1. Nokia announces blockchain-powered data marketplace
Nokia’s permissioned blockchain platform will reportedly allow trusted data exchange and monetization among client participants. Smartphone maker Nokia has announced the launch Nokia Data Marketplace — the company’s enterprise-grade blockchain-based data marketplace infrastructure service.Nokia revealed that its new blockchain service reportedly offers data transaction and analysis within the framework of a secure private, permissioned blockchain infrastructure.As part of the announcement, Nokia declared that clients across diverse industries can participate in the blockchain network, leveraging the benefits of decentralized technology for trusted data transfer.An excerpt from the release reads:“This [the Nokia Data Marketplace] enables a wide range of vertical use cases, including electric vehicle charging, environmental data monetization, supply-chain automation and preventative maintenance powering numerous vertical segments, including transportation, ports, energy, smart cities and healthcare.”
2. WallStreetBets combats market manipulation using blockchain
WallStreetBets, the Reddit-based grassroots movement that achieved notoriety for short-squeezing hyper-leveraged financial firms, has launched a new blockchain-based application aimed at combating market manipulation in traditional finance. The group announced the creation of WallStreetBets Exchange Traded Portfolios, or ETPs, that can provide investors with broad exposure to various assets in a completely decentralized manner. The group explained:“WallStreetBets ETPs may serve as an alternative to kind of the market manipulation by opaque and politically connected banks and hedge funds.”The product is powered by a decentralized autonomous organization, or DAO, which means portfolio rebalancing is the sole domain of community members who exercise their rights through the forthcoming WSB token.
3. Ebay exploring crypto payment options and NFT auctions
Major online marketplace eBay will be pursuing crypto payment options for its customers along with exploring ways to introduce nonfungible tokens on the platform.In an interview with CNBC, eBay CEO Jamie Iannone said the company will “continue to look” at payment options like crypto. In addition, he said eBay will be “exploring opportunities” to enable nonfungible tokens, or NFTs, on the platform “in an easy way,” comparing the digital offerings to collectibles.“One of the great things about eBay is when there’s a new trend, it just shows up on eBay,” said Iannone. “That’s what we’re seeing in areas like NFT, which we’re looking at how can we explore that better.”The CEO said parts of NFTs were “already transacting” on the platform now but eBay had not yet simplified the process for buyers and sellers. Some users are also able to list Bitcoin (BTC) for sale on the platform seemingly without eBay specifically sanctioning such auctions.
3.2 International Policies
1. SEC chair hints at greater regulatory oversight for US crypto exchanges
Recently confirmed U.S. Securities and Exchange Commission chair Gary Gensler punted to congress on providing more regulatory oversight to the crypto space, but also said the commission would act within its purview.In a virtual hearing held by the House Financial Services Committee today, North Carolina Representative Patrick McHenry asked Gensler what the regulatory body would be doing to ensure a “vibrant digital asset marketplace with legitimate money and the rule of law.” McHenry highlighted collaborations across regulatory agencies regarding digital assets and cryptocurrencies.Gensler said the crypto market could benefit from “greater investor protector” within the Securities and Exchange Commission’s, or SEC’s, current authority around securities and other financial products. He added that he believed only the U.S. Congress had the power to address such regulatory oversight rather than having the commission overreaching its authority under his leadership.
2. Kazakhstan opens public consultation for central bank digital currency
Kazakhstan’s central bank is planning to examine the potential benefits and risks of adopting a state-backed digital currency.The National Bank of Kazakhstan, or NBRK, published Wednesday a report on a digital tenge pilot project and opened a public consultation on the potential central bank digital currency.According to the report, the digital tenge would be a new form of money issued by the NBRK to enable the “further development of the national payment system and reduce reliance on cash settlement using unique technical features.” The bank emphasized that the CBDC is not intended to replace either cash or cashless payments but would rather be an alternative used in parallel with existing payment solutions.The NBRK noted that the digital tenge would improve competitiveness in the payment market, strengthen the stability of the financial system, as well as contribute to increasing public trust in state-backed payments. “The technology will meet the highest cybersecurity standards. […] The bank will pay special attention to consumer protection and the privacy of digital tenge users,” the NBRK stated.
3. Bahamas central bank prepares national Sand Dollar push for summer
The Central Bank of the Bahamas is preparing a national push for its digital currency this summer to get more Bahamians signing up for the Sand Dollar.In another move toward the adoption of the Bahamas’ central bank digital currency, the CBOB is now focused on connecting mobile Sand Dollar wallets with commercial banking systems, CBOB Governor John Rolle announced. “There is a focus now on enrolling individuals on those various platforms. So we are literally at the cusp of beginning that push for national adoption and that is a focus that is going to gain attention and momentum as we move over the summer months,” Rolle stated.The official noted that a number of financial institutions, including payment providers, have already integrated their mobile wallets with the Sand Dollar platform. “We know that among the payment providers they are now able to communicate with each other and send funds across the platform,” he said.
4.Weekly Investment Activities
2 investments activities took place in the blockchain industry this week, RTFKT Studios got nearly ten million dollars in seed round investment from Andreeseen Horowitz, C Ventures etc，Showtime got 7.6 million dollars in seed round investment from Paradigm，DJ，NFT.
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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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