Huobi Research Weekly (Vol.177) (2021.8.2–2021.8.8）
Abstract
This week, the overall market capitalization for the top 100 cryptocurrencies increased of 9.78%, with 93 projects increased in value to varying degrees. According to coinmarketcap, as of August 8, 2021, the total market cap of cryptocurrencies was 1757.8 billion U.S.dollars, increased of 9.78%, and the total market cap of the top 100 cryptocurrencies was 1731.5 billion U.S. dollars, increased by 10.38% from last week. 2 cryptocurrency projects entered the top 100 this week, namely RVN and VGX. As of August 8, 2021, Bitcoin was traded at 43798.12USD, 9.60% higher than its price last week. Ethereum was traded at 3013.73USD, 17.73% higher than its price last week.
The hashrate of Bitcoin increased and 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 decreased and the average block size of Ethereum increased this week. The average transaction fees of Bitcoin decreased but Ethereum increased. LINK was the most active project on GitHub this week.
The average bitcoin Hashrate for the entire network reached 110.9EH/s, increased by 2.88% from the previous week. Average Hashrate for the entire Ethereum network was 581.18TH/s this week, increased by 5.94%.. Average difficulty for mining Bitcoin this week was 14.47T, increased by 5.85% from last week. The average difficulty of mining Ethereum this week was 7517.35TH, increased by 4.98% from that of previous week.
In network activity, the average size of each block was 997.8KB, increased by 2.13% from last week; there were on average 1512 transactions recorded in each block, increased by 1.20% from the previous week. The average number of transactions per block in Ethereum this week was 189.4, decreased by 3.96%. The average size of each block was 68562.28 bytes, increased by 12.82% compared to last week.. Average transaction fees of Bitcoin this week was $2.132, decreased by 5.45% from last week. Average transaction fees of Ethereum this week was $13.596, incresead by 37.93% from last week. The total number of Bitcoin addresses was 75166527, increased by 136309 (0.18%). Chainlink was the most active project on GitHub this week, with 53 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, Sweet got 0.11 billion dollars in A+ round from Animoca Brands，Showcase got strategic investment from 18 ventures.
1. Weekly Market Review
1.1 Market overview
This week, the overall market capitalization for the top 100 cryptocurrencies increased of 9.78%, with 93 projects increased in value to varying degrees. According to coinmarketcap, as of August 8, 2021, the total market cap of cryptocurrencies was 1757.8 billion U.S.dollars, increased of 9.78%, and the total market cap of the top 100 cryptocurrencies was 1731.5 billion U.S. dollars, increased by 10.38% from last week, among which, VGX had the largest increased of 50.84%, bringing its market cap ranking from №107 to №93, QNT had the largest decreased of -13.85%, bringing its market cap ranking from №49 to №55. In addition, there were 2 projects that entered TOP100, namely, RVN (Ravencoin, increased 43.75%, Now №86), VGX (Voyager Token, increased 50.84%, Now №93). As of August 8, 2021, Bitcoin was traded at 43798.12USD, 9.60% higher than its price last week. Ethereum was traded at 3013.73USD, 17.73% higher than its price last week.
The overall 24h trading volume increased this week. Overall, the 24h trading volume increased by 28.44% compared with the same period of last week. In this week, 60 of the top 100 projects increased in 24h trading volume, led by XDC with a weekly increased of 331.60%; there were 40 projects decreased in their 24h trading volume, there were 19 projects that saw over 20% decrease in their 24h trading volume, while 8 projects fell by more than 50%. The most decresed project led by SC, with a decreased of -87.65%.
The top 10 cryptocurrencies’ market value increased, the market share distribution remained stable. On August 8, 2021, the overall market cap of the top 10 cryptocurrencies was 1471.0 billion USD, increased by 10.69% from last week, accounting for 83.68% of the total market capitalization of cryptocurrencies, increased by 0.68% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 46.79%, decreased by 0.08% 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 August 8, 2021, the total market cap of coin projects reached 1030.4 billion USD, increased by 9.63%. The average market cap of coin projects reached 20.2 billion USD, increased by 7.48%. The total market cap of platform projects reached 489.8 billion USD, increased by 15.31%. The average market cap of platform projects reached 22.2 billion USD, increased by 20.55%. The total market cap of application class projects reached 147.7 billion USD, increased by 4.98%. The average market cap of application class projects reached 5.90 billion USD, increased by 4.98%. The total market cap of asset-backed token projects reached 63.4 billion USD, increased by 0.51%. The average market cap of asset-backed token projects reached 31.7 billion USD, increased by 0.51%.
The market segment distribution of the top 100 cryptocurrencies remained stable. As of August 8, 2021, among the top 100 projects, the number of coin class projects increase 1, application class projects and asset-backed token class projects both remain the same, and platform class decrease 1.The largest overall market cap by segment was still coin projects, accounting for 59.51% 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 August 2, 2021- August 8, 2021, the average bitcoin Hashrate for the entire network reached 110.9EH/s, increased by 2.88% from the previous week.
Average Hashrate for the entire Ethereum network was 581.18TH/s this week, increased by 5.94%.
This week, the difficulty of mining Bitcoin increased and Ethereum increased. As of August 8, 2021, average difficulty for mining Bitcoin this week was 14.47T, increased by 5.85% from last week. The average difficulty of mining Ethereum this week was 7517.35TH, increased by 4.98% from that of previous week.
The number of blocks in Bitcoin decreased by 4.45%,Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings not changed, the number of blocks decreased by 0.12%. In the past week, Bitcoin mined 1074 blocks, decreased by 4.45% from the previous week. Among the top five pools were AntPool、Poolin、ViaBTC、Binance Pool、F2Pool, these 5 pools mined 186、133、132、116 and 93 blocks respectively, accounting for 17.32%、12.38%、12.29%、10.80% and 8.66% of all Bitcoins mined this week. The Hashrate was 19.16EH/s、13.70EH/s、13.60EH/s、11.95EH/s and 9.58EH/s, respectively.
In the past week, Ethereum’s entire network mined 47428 blocks, decreased by 0.12% in the previous week. The top five pools were Ethermine, Spark Pool, F2pool Old, Hiveon Pool and BeePool, each mined 11076、9568、4658、2896 and 2674 blocks respectively, accounting for 23.3533%、20.1737%、9.8212%、6.1061% and 5.6380% 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 but the average block size of Ethereum decreased this week. According to blockchain.info, from August 2, 2021- August 8, 2021, the average size of each block was 997.8KB, increased by 2.13% from last week; there were on average 1512 transactions recorded in each block, increased by 1.20% from the previous week.
According to etherscan, the average number of transactions per block in Ethereum this week was 189.4, decreased by 3.96%. The average size of each block was 68562.28 bytes, increased by 12.82% compared to last week.
Number of unconfirmed transactions in Bitcoin increased by 5.96%. Number of unconfirmed transactions in Ethereum increased by 3.93% from the previous week. As of August 8, 2021, the number of 7-day average unconfirmed transactions in Bitcoin network was 2597, increased by 5.96% from last week. There were 158236.32 unconfirmed transactions in the Ethereum network, increased by 3.93% from last week, with the lowest amount of unconfirmed transactions in the week being 49348 and the highest amount being 199299.
Total transaction fees of Bitcoin decreased but Ethereum increased. As of August 8, 2021, average transaction fees of Bitcoin this week was $2.132, decreased by 5.45% from last week. Average transaction fees of Ethereum this week was $13.596, incresead by 37.93% from last week.
The average number of distinct miners per day in Ethereum decreased. From August 2, 2021- August 8, 2021, the average number of distinct miners per day in Ethereum this week was 46.8, decreased by 1.89% from last week.
The number of nodes in Bitcoin increased by 18.48% ,The number of nodes in Ethereum increased by 11.36% this week. As of August 8, 2021, there were 12719 Bitcoin nodes, increased by 18.48% compared to last week, of which 1797 nodes were in U.S, 1720 nodes were in Germany, and 130 nodes were in China(№12), each accounting for 14.13%, 13.52% and 1.02% of the total number of Bitcoin nodes, respectively.
As of August 8, 2021, there were 5557 Ethereum nodes, increased by 11.36% from the previous week. Specifically, there were 1844 nodes in the U.S, 872 nodes in Germany, and 463 nodes in China, each accounting for 33.18%, 15.69%, 8.33% 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 August 8, 2021, the total number of Bitcoin addresses was 75166527, increased by 136309 (0.18%).
LINK was the most active project on GitHub this week. From August 2, 2021 — August 8, 2021, Chainlink was the active project repository on GitHub with a total of 53 commits.
2.3 Community Activity Statistics
The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 946k, 625k and 234k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and Ethereum, with 3million , 1.9million, and 1.4million followers, respectively.
3. Weekly Blockchain News Review
3.1 Industrial Application
1. Precious Metals Data Provider Kitco to Issue Gold-Backed Stablecoin
Kitco Gold will be backed by physical gold stored in vaults and will track the real-time market value of the yellow metal. The stablecoin attempts to combine the safe-haven nature of owning gold with the flexibility and transparency of a digital asset, Kitco said.Kitco provides precious metals news and data used by millions to access the market prices of gold, silver, palladium and other metals. Its users will now gain access to the digital equivalent of Kitco’s depositories and vaults, which are audited to industry standards, according to Kitco’s press release. John Dourekas, a Kitco spokesman, said KGLD represents a digital receipt of physical gold ownership and provides institutional investors with a “robust” asset class.“Investors will have a competitive alternative to traditional gold products such as gold ETFs (exchange-traded funds), with the additional benefits of real-time trading and settlement enabled by blockchain technology,” Dourekas said.
2. Top Shot to sell exclusive NFT moments at live basketball games
NBA Top Shot, the popular pro-basketball nonfungible token (NFT) collectibles from Dapper Labs, will sell exclusive tokens at National Basketball Association Summer League games scheduled in Las Vegas for next week.The tokens will be the first Top Shot NFTs, dubbed “Moments,” made available for exclusive purchase from a physical location, and they mark the first time that Moments have been sold at an NBA game.The exclusive NFTs will commemorate a highlight of each game on Aug. 8, 9 and 10, respectively. Each edition will see a minimum of 1,000 copies minted, while the total number of Moments minted will be determined according to demand. Fans are limited to purchasing 10 tokens daily per person.Match attendees will be able to pre-order the yet-to-be-created tokens from a Top Shop kiosk in Las Vegas’s Thomas & Mack Center for $5 each. The NFTs will then be transferred to the Top Shot accounts of buyers after they have been created.
3. UN chooses NFT marketplace host in efforts to fight climate change
The United Nations has selected blockchain platform Unique Network to run a nonfungible token (NFT) initiative in the effort to inspire others to take action against climate change. Unique will be the lead technology partner for a program from the UN’s Human Settlement Programme and International Association for the Advancement of Innovative Approaches to Global Challenges, which will mint young artists’ work as NFTs. The program, called Digital Art for Climate Action Empowerment, or DigitalArt4Climate, encourages creators to showcase artwork inspiring people to work toward finding better solutions for the environment.“The United Nations has recognized NFT technology as a unique new medium for creative expression that can help amplify messages about climate action,” said the group. “The U.N. wants to bring this innovative art form to the next generation of creators who stand to benefit from a technology that can help them amplify and monetize their work.”
3.2 International Policies
1. Ukraine central bank now officially allowed to issue digital currency
The Ukrainian government is moving forward with its central bank digital currency (CBDC) plans, as the National Bank of Ukraine (NBU) is now officially authorized to issue a digital currency.Ukrainian President Volodymyr Zelenskyy has signed a law titled On Payment Services, officially enabling the country’s central bank to issue a CBDC, the digital hryvnia, according to an announcement.The new law authorizes the NBU to set up regulatory sandboxes for testing payment services and instruments based on emerging technologies. The new legislation also requires close collaboration between the Ukrainian central bank and local startups in the payment market, taking into account the demand of the private sector, the announcement reads.Initially approved by the Ukrainian parliament in late June, the On Payment Services aims to provide the implementation of open banking, the practice of sharing access and control to consumer financial information through third-party applications. The law is expected to stimulate the development of financial technologies in the country, allowing private fintech companies to establish cooperation with banks and have more business opportunities.
2. New Spanish bill aims to enable mortgage payments in crypto
Spanish lawmakers are backing a new legal initiative to legitimize the cryptocurrency and blockchain industry by proposing a new bill on digital transformation.The new draft bill was introduced by Spanish political party the People’s Party (PP). It aims to drive innovation in multiple industries through regulating emerging technologies such as blockchain and artificial intelligence and cryptocurrencies like Bitcoin (BTC).As part of the draft bill, the PP proposed to legalize the usage of cryptocurrency and blockchain tech for mortgage and insurance purposes. Specifically, the proposal aims to allow property owners to pay mortgages with crypto and authorize the real estate sector to use their own cryptocurrency for mortgage purchases.The draft law also calls Spanish banks to deploy blockchain tech for managing mortgage and insurance by automating related processes using smart contracts.
3. Singapore grants first regulatory in-principle approval to crypto exchange
Using the specific terms of the Singaporean framework, Independent Reserve has now been approved, in principle, for receipt of a Major Payment Institution Licence that allows it to provide Digital Payment Token Services. Singapore’s regulatory regime for exchanges requires them to provide adequate consumer protections and comply with Anti-Money Laundering measures, including the Financial Action Task Force’s notorious “travel rule.” In a letter from the city-state’s de facto central bank, the Monetary Authority of Singapore (MAS), the exchange was approved under the terms of the Payments Services Act, which came into effect in January 2020 and provides clear-cut rules and regulations for crypto exchanges and service providers seeking to operate locally. Since January, VASPs awaiting their applications’ approval have been permitted to continue to operate under the exemption.
4.Weekly Investment Activities
2 investments activities took place in the blockchain industry this week, Sweet got 0.11 billion dollars in A+ round from Animoca Brands，Showcase got strategic investment from 18 ventures.
Huobi Research
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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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