Huobi Research Weekly (Vol.172) (2021.6.28–2021.7.4）
Abstract
This week, the overall market capitalization for the top 100 cryptocurrencies increased of 4.57%, with 90 projects increased in value to varying degrees. According to coinmarketcap, as of July 4, 2021, the total market cap of cryptocurrencies was 1430.1 billion U.S.dollars, increased of 4.57%, and the total market cap of the top 100 cryptocurrencies was 1428.6 billion U.S. dollars, increased by 5.84% from last week. 1 cryptocurrency projects entered the top 100 this week, namely CHSB. As of July 4, 2021, Bitcoin was traded at 35287.78USD, 1.87% higher than its price last week. Ethereum was traded at 2321.72USD, 17.42% higher than its price last week.
The hashrate of Bitcoin decreased and Ethereum decreased by this week. This week, the difficulty of mining Bitcoin decreased and the difficulty of mining Ethereum decreased. The average number of transactions per block increased and the average block size of Bitcoin increased. The average number of transactions per block increased but the average block size of Ethereum decreased this week. The average transaction fees of Bitcoin increased and Ethereum decreased. LINK was the most active project on GitHub this week.
The average bitcoin Hashrate for the entire network reached 84.79EH/s, decreased by 16.79% from the previous week. Average Hashrate for the entire Ethereum network was 490.83TH/s this week, decreased by 2.89%. Average difficulty for mining Bitcoin this week was 19.93T, as same as last week. The average difficulty of mining Ethereum this week was 6299.77TH, decreased by 3.19% from that of previous week.
In network activity, the average size of each block was 1.40 MB, increased by 4.48% from last week; there were on average 2274 transactions recorded in each block, increased by 13.47% from the previous week. The average number of transactions per block in Ethereum this week was 188.9, increased by 1.45%. The average size of each block was 54124 bytes, decreased by 1.49% compared to last week. Average transaction fees of Bitcoin this week was $8.563, increased by 67.84% from last week. Average transaction fees of Ethereum this week was $2.97, incresead by 28.46% from last week. The total number of Bitcoin addresses was 74500937, increased by 550348 (0.74%). Chainlink was the most active project on GitHub this week, with 41 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, Calaxy got 7.5 million dollars in strategic investment，Community Gaming got 2.3 million dollars in seed round investment from CoinFund leading.
1. Weekly Market Review
1.1 Market overview
This week, the overall market capitalization for the top 100 cryptocurrencies increased of 4.57%, with 90 projects increased in value to varying degrees. According to coinmarketcap, as of July 4, 2021, the total market cap of cryptocurrencies was 1430.1 billion U.S.dollars, increased of 4.57%, and the total market cap of the top 100 cryptocurrencies was 1428.6 billion U.S. dollars, increased by 5.84% from last week, among which, COMP had the largest increased of 73.45%, bringing its market cap ranking from №58 to №43, HUSD had the largest decreased of -15.49%, bringing its market cap ranking from №84 to №100. In addition, there were 1 projects that entered TOP100, namely, CHSB (SwissBorg, increased 27.14%, Now №94). As of July 4, 2021, Bitcoin was traded at 35287.78USD, 1.87% higher than its price last week. Ethereum was traded at 2321.72USD, 17.42% higher than its price last week.
Table 1.1: Top Five Price Increases and Decreases
Symbol
Price decrease
Symbol
Price increase
HUSD
TFUEL
AMP
THETA
DOGE
-40.92%
-32.06%
-31.97%
-31.22%
-29.86%
COMP
XDC
EGLD
AAVE
SNX
73.45%
73.29%
42.61%
36.76%
34.92%
Source： coinmarketcap
The overall 24h trading volume decreased this week. Overall, the 24h trading volume decreased by 17.01% compared with the same period of last week. In this week, 44 of the top 100 projects increased in 24h trading volume, led by BTCB with a weekly increased of 2391.67%; there were 56 projects decreased in their 24h trading volume, there were 31 projects that saw over 20% decrease in their 24h trading volume, while 6 projects fell by more than 50%, led by CELO, with a decreased of -77.32%.
Figure 1.1: The Market cap and 24-hour Trading Volume for TOP100 cryptocurrencies
Source: coinmarketcap
The top 10 cryptocurrencies’ market value increased, the market share distribution remained stable. On July 4, 2021, the overall market cap of the top 10 cryptocurrencies was 1205.5 billion USD, increased by 5.37% from last week, accounting for 84.29% of the total market capitalization of cryptocurrencies, increased by 0.64% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 46.26%, decreased by 1.23% from last week.
Figure 1.2: TOP10 Cryptocurrencies’ Market Share of Total Cryptocurrencies Market
Source: coinmarketcap
Figure 1.3: TOP10 Cryptocurrencies’ Market Share of Total Cryptocurrencies Market Changes
Source: coinmarketcap
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 Junly 4, 2021, the total market cap of coin projects reached 845.8 billion USD, increased by 2.64%. The average market cap of coin projects reached 17.6 billion USD, increased by 2.64%. The total market cap of platform projects reached 396.7 billion USD, increased by 14.62%. The average market cap of platform projects reached 18.0 billion USD, increased by 19.83%. The total market cap of application class projects reached 125.5 billion USD, increased by 9.30%. The average market cap of application class projects reached 4.65 billion USD, increased by 5.25%. The total market cap of asset-backed token projects reached 64.4 billion USD, decreased by 0.38%. The average market cap of asset-backed token projects reached 21.4 billion USD, decreased by 0.38%.
Figure 1.4: TOP100 Cryptocurrencies Market Segment Capitalization
Source: coinmarketcap
Figure 1.5: TOP100 Cryptocurrencies Segment Average Market Cap
Source: coinmarketcap
The market segment distribution of the top 100 cryptocurrencies remained stable. As of July 4, 2021, among the top 100 projects, the number of coin class projects remain the same, application class projects increase 1, asset-backed token class projects remain the same and platform class decrease 1.The largest overall market cap by segment was still coin projects, accounting for 59.04% of the total market cap of top 100 projects.
Figure 1.6: TOP100 Cryptocurrencies Segment Ratio
Figure 1.7: TOP100 Cryptocurrencies Segment Market Share
Source: coinmarketcap
Source: coinmarketcap
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 and Ethereum decreased by this week. From June 28, 2021- July 4, 2021, the average bitcoin Hashrate for the entire network reached 84.79EH/s, decreased by 16.79% from the previous week.
Average Hashrate for the entire Ethereum network was 490.83TH/s this week, decreased by 2.89%.
Figure 2.1: Bitcoin Hashrate Changes
Source: blockchain.info
Figure 2.2: Ethereum Hashrate Changes
Source: etherchain
This week, the difficulty of mining Bitcoin not changed and Ethereum decreased. As of July 4, 2021, average difficulty for mining Bitcoin this week was 19.93T, as same as last week. The average difficulty of mining Ethereum this week was 6299.77TH, decreased by 3.19% from that of previous week.
Figure 2.3: The Difficulty of Mining in Bitcoin
Figure 2.4: The Difficulty of Mining in Ethereum
Source: blockchain.info
Source: etherchain
The number of blocks in Bitcoin decreased by 4.34%,Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings not changed, the number of blocks decreased by 0.62%. In the past week, Bitcoin mined 661 blocks, decreased by 4.34% from the previous week. Among the top five pools were ViaBTC、F2Pool、AntPool、Poolin、Binance Pool, these 5 pools mined 87、85、81、76 and 74 blocks respectively, accounting for 13.16%、12.86%、12.25%、11.50% and 11.20% of all Bitcoins mined this week. The Hashrate was 11.55EH/s、11.28EH/s、10.75EH/s、10.09EH/s and 9.82EH/s, respectively.
In the past week, Ethereum’s entire network mined 47688 blocks, decreased by 0.62% in the previous week. The top five pools were Ethermine, Spark Pool, F2pool Old, Hiveon Pool and BeePool, each mined 12446、8747、4233、3198 and 2815 blocks respectively, accounting for 26.0988%、18.3421%、8.8764%、6.7061% and 5.9030% of all Ethereum mined this week, respectively.
Figure 2.5: Distribution of Bitcoin Mine Pool
Source：BTC.com
Figure 2.6: Distribution of Ethereum Mine Pool
Source：etherscan.io
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 but the average block size of Ethereum decreased this week. According to blockchain.info, from June 28, 2021- July 4, 2021, the average size of each block was 1.40 MB, increased by 4.48% from last week; there were on average 2274 transactions recorded in each block, increased by 13.47% from the previous week.
Figure 2.7: Block Size of Bitcoin
Figure 2.8: The Average Transactions of Per Block in Bitcoin
Source：blockchain.info
Source：blockchain.info
According to etherscan, the average number of transactions per block in Ethereum this week was 188.9, increased by 1.45%. The average size of each block was 54124 bytes, decreased by 1.49% compared to last week.
Figure 2.9: Evolution of the average size of an Ethereum block
Figure 2.10: The number of transactions per day
Source: etherchain
Source: etherscan.io
Number of unconfirmed transactions in Bitcoin increased by 149.11%. Number of unconfirmed transactions in Ethereum decreased by 4.93% from the previous week. As of July 4, 2021, the number of 7-day average unconfirmed transactions in Bitcoin network was 43333, increased by 149.11% from last week. There were 140402.7 unconfirmed transactions in the Ethereum network, decreased by 4.93% from last week, with the lowest amount of unconfirmed transactions in the week being 68591 and the highest amount being 157458.
Figure 2.11: Unconfirmed Transaction in Bitcoin
Source: blockchain.info
Figure 2.12: Unconfirmed Transaction in Ethereum
Source：etherscan.io
Total transaction fees of Bitcoin increased and Ethereum increased. As of July 4, 2021, average transaction fees of Bitcoin this week was $8.563, increased by 67.84% from last week. Average transaction fees of Ethereum this week was $2.97, incresead by 28.46% from last week.
Figure 2.13: Bitcoin, Ethereum Average Transaction Fees
Source：bitinfocharts
The average number of distinct miners per day in Ethereum decreased. From June 28, 2021- July 4, 2021, the average number of distinct miners per day in Ethereum this week was 49.7, decreased by 1.97% from last week.
Figure 2.14: Number of Distinct Miners Per Day
Source：etherchain
The number of nodes in Bitcoin increased by 25.93% ,The number of nodes in Ethereum decreased by 7.23% this week. As of July 4, 2021, there were 13092 Bitcoin nodes, increased by 25.93% compared to last week, of which 1806 nodes were in U.S, 1718 nodes were in Germany, and 151 nodes were in China(№10), each accounting for 13.79%, 13.12% and 1.15% of the total number of Bitcoin nodes, respectively.
As of July 4, 2021, there were 3875 Ethereum nodes, decreased by 7.23% from the previous week. Specifically, there were 1505 nodes in the U.S, 621 nodes in Germany, and 278 nodes in China, each accounting for 38.84%, 16.03%, 7.17% of total number of nodes, respectively.
Figure 2.15: Bitcoin nodes ranking
Source：bitnodes
Figure 2.16: Ethereum nodes ranking
Source：Ethernodes
This week, the growth rate for new addresses of Bitcoin increased. According to the data on blockchain, as of July 4, 2021, the total number of Bitcoin addresses was 74500937, increased by 550348 (0.74%).
Figure 2.17: Bitcoin Wallet Users
Figure 2.18: Total Address of Ethereum
Source：Blockchain.info
Source：Etherscan
LINK was the most active project on GitHub this week. From June 28, 2021 — July 4, 2021, Chainlink was the active project repository on GitHub with a total of 41 commits.
Figure 2.19: GitHub Code Activity
Source：cryptomiso
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 234k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and Ethereum, with 2.8million , 1.9million, and 1.4million followers, respectively.
Table 2.1: Facebook Cryptocurrency Fans Ranking
Table 2.2: Twitter Cryptocurrency Fans Ranking
RANK
Cryptocurrency
Fans(Ten thousands)
RANK
Cryptocurrency
Fans (Ten thousands)
1
TRON
94.9
1
280
2
62.5
2
Ripple
190
3
23.4
3
Ethereum
140
4
19.6
4
TRON
100
5
9.60
5
72.0
6
Cardano
3.25
6
Stellar
59.8
7
BitcoinCash
2.82
7
Cardano
52.1
8
Stellar
2.69
8
EOS
22.5
9
USDT
1.31
9
15.7
10
EOS
0.29
10
USDT
12.3
Source：facebook
Source：twitter
3. Weekly Blockchain News Review
3.1 Industrial Application
1. HSBC becomes first foreign entity onboarded to Dubai’s KYC blockchain
Global banking giant HSBC has announced that it has been successfully onboarded to the regional Know-Your-Customer (KYC)-focused private blockchain backed by Dubai’s government.HSBC is the first overseas, and fourth founding member, to go live on the “UAE KYC Blockchain Platform,” which was developed by the Dubai-based Department of Economic Development, dubbed “Dubai Economy.”The UAE KYC Blockchain Platform is a national ecosystem for the exchange of verified know-your-customer data between licensing authorities and financial institutions in the United Arab Emirates.According to the Gulf News, HSBC’s addition to the platform provides investors with the option of digitally opening an account with the international bank using data that has already been verified by another bank via the blockchain.Dubai Economy’s director of development, Omar Al Mehairi, praised the platform for offering efficiency savings and improving the overall business climate in the UAE, stating:“The UAE KYC Blockchain Platform has transformed the investor bank account journey by significantly reducing the time it takes to establish relationships with banks. This will positively improve UAE’s ranking in the global Ease of Doing Business index.”
2. Beeple launches iconic ‘moments’ NFT platform with Time, Universal, and Warner
Pioneering digital artist Mike Winkelmann — better known as Beeple — has helped launch We.new, a platform selling iconic moments in sports, politics, art, and fashion as non-fungible tokens (NFTs).The platform is backed by industry giants from the world of journalism, sport, and music including TIME, Universal Music Group, Warner Music Group, Wasserman, and Endeavor.We.new will host auctions and direct sales of Ethereum-powered NFTs. Tokens sold in multiple editions on We.new will use Polygon (MATIC) for layer-2 scaling.Beeple, the highest paid NFT artist so far, said that NFTs represented a new paradigm in how the public can celebrate remarkable achievements.
3. 50,000 electric vehicle charging stations in Europe to offer crypto payments
Two payments firms have partnered to roll out crypto payments across 50,000 electric vehicle (EV) charging stations in Europe.The partnership is between Irish e-commerce and mobile payment solutions firm HIPS Payment Group Ltd and Vourity, a Swedish firm that specializes in unattended payment facilities such as EV charging stations. The firms haven’t revealed which cryptocurrencies will be supported yet, but Vourity has dropped a pretty strong hint that Ethereum is likely to be among the first after it released an image of a payment terminal with an ETH logo on it. Ethereum is moving to the much more energy efficient Proof-of Stake consensus mechanism in the next year, which could mitigate any backlash among environmentally conscious EV drivers.“We are currently evaluating what cryptos/coins we will support. It will be converted to fiat,” stated Hans Nottehed, the CEO of Vourity.
3.2 International Policies
1. Russia’s central bank to study crypto investment risks
Russia’s central bank has scheduled a risk assessment for cryptocurrencies like Bitcoin (BTC), according to the Bank of Russia’s screening program for the second half of 2021.The examination of the potential risks of cryptocurrency investing will consider “systemic risks linked to cryptocurrency investment by Russian individuals and entities.” As part of the investigation, the Bank of Russia will collect data from 15 credit organizations including major banks like Sberbank, VTB and Tinkoff Bank, payment systems like Visa and Mastercard, and electronic payment providers like Western Union, Qiwi and WebMoney.The Bank of Russia is also looking to release a study on equity investment by non-resident investors by October or November 2021.
2. Australian regulators seek public input on crypto ETPs
The Australia Securities and Investments Commission (ASIC) is seeking public feedback on on crypto-asset exchange-traded products (ETPs), stating that it is aware of rising interest and demand in their launch on regulated Australian markets.In a consultation paper, the regulator said its top priority was to assess whether the “unique and ever evolving features” of crypto-asset ETPs could meet existing regulatory obligations in a consistent fashion. Given this complexity and the fast pace of change in the industry, ASIC notes it deems it necessary to consult widely in order to assess the two key issues at stake:“(a) whether these products can meet existing expectations for ETPs, including whether crypto-assets are appropriate underlying assets, whether crypto-assets can be reliably priced, and how crypto-assets should be classified with respect to underlying asset rules; and (b) how product issuers can ensure these products are compliant with our regulatory framework, including with respect to custody, risk management and disclosure.”
3. Spanish Socialist Workers’ Party pens public digital currency initiative
The Spanish Socialist Workers’ Party (PSOE), the governing political body in Spain, is backing a new national digital currency initiative.PSOE, Spain’s oldest active party and the leading force in the Congress of Deputies, has introduced a non-law proposition to launch a national digital currency in response to the ongoing decline in cash usage, local news agency El Economista reported.The party noted that the proposition comes in response to the European Central Bank’s experiments with a digital euro. Carlos Conesa, general director of the financial innovation division at the Spanish Central Bank, recently said that “the decision to launch a project on the digital euro is very close.” According to the proposal, a national digital currency would enable higher liquidity “In the event that a monetary expansion is necessary, it allows a more direct mechanism, by injecting liquidity directly into current accounts and thus transferring it immediately and without intermediaries to economic activity.”
4.Weekly Investment Activities
2 investments activities took place in the blockchain industry this week, Calaxy got 7.5 million dollars in strategic investment，Community Gaming got 2.3 million dollars in seed round investment from CoinFund 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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