huobi research weekly vol - huobi blog · among all cryptocurrency project segments, the total...

Huobi Research Weekly（Vol.49）

2019/02/11-2019/02/17

Abstract This week, the overall market capitalization for the top 100 cryptocurrencies

increased, with 62 projects increased in value to varying degrees. According to

coinmarketcap, as of February 17th, 2019, the total market cap of the top 100

cryptocurrencies was 118.77 billion U.S. dollars, increased by 0.25% from last week.

4 cryptocurrency projects entered the top 100 this week. As of February 17th, 2019,

Bitcoin was traded at 3673.84 USD, 0.33% higher than its price last week. Ethereum

was traded at 133.6 USD, 10.81% higher than its price last week.

Average block size of Ethereum decreased while average number of

transactions per block on Bitcoin increased; Average number of transactions per

block and average block size both increased on Ethereum. Average number of

unconfirmed transactions in Bitcoin increased by 142.2%, while that of Ethereum

decreased from last week. Total transaction fee of Bitcoin and Ethereum both

increased. The 7-day average of unconfirmed transactions for Bitcoin and Ethereum

were 10890 and 25992 respectively. Bitcoin’s Hashrate decreased by 5.28% and

Ethereum’s Hashrate decreased by 4.38%. The average transaction fees on the Bitcoin

network this week was $0.212, increased 27.71% from last week. While the average

transaction fees on the Ethereum network this week was $0.101, increased 18.41%

from last week. Total number of addresses on the Bitcoin and Ethereum network

reached 33.32 million and 56.05 million, respectively.

HOT was the most active project on GitHub this week, with 255 commits

submitted in the past week. In terms of community activity, Bitcoin, Ethereum, and

Ripple remained as the most popular communities on Facebook. On Twitter, the most

popular communities are Bitcoin, Ripple and Ethereum.

2 investment activities took place in the blockchain industry this week.

Chainalysis, a Blockchain cryptocurrency service provider, received $30 million in

round B financing.

Related Reports

《 Huobi Research Weekly (Vol.48)》2019-2-15 《 Huobi Market Sentiment Index Report December 2018》2019-1-23

Authors

Yuming Hubery Yuan Wenting Chi Zilu Wang

[email protected]

mailto:[email protected]

Huobi Research Weekly

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Table of Contents

1. Weekly Market Review ............................................................................... 3

1.1 Market overview ............................................................................................................................. 3 1.2 Segment Analysis ............................................................................................................................ 5

2. Technical Statistics ..................................................................................... 7

2.1 Cryptocurrency Mining Statistics ...................................................................................................... 7 2.2 Activity Statistics .......................................................................................................................... 10 2.3 Community Activity Statistics ........................................................................................................ 16

3. Weekly Blockchain News Review ............................................................... 17

3.1 Industrial Application .................................................................................................................... 17 3.2 International Policies ..................................................................................................................... 17 3.3 Technological Breakthrough ........................................................................................................... 19

4. Weekly Investment Activities .................................................................... 19


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1. Weekly Market Review

1.1 Market overview

This week, the overall market capitalization for the top 100

cryptocurrencies increased, with 62 projects increased in value to varying

degrees. According to coinmarketcap, as of February 17th, 2019, the total

market cap of the top 100 cryptocurrencies was 118.77 billion U.S. dollars,

increased by 0.25% from last week, among which, AOA had the largest

decreased of 18.34% in market cap, bringing its market cap ranking from

No.74 to No.85, while STORJ had the largest increased of 70.81% in market

cap, bringing its market cap ranking from No.140 to No.96. In addition, there

were 4 projects that entered TOP100, namely, MOAC(increased 28.5%, now

No.86), ELF(increased 10.09%, now No.93), TOMO(increased 17.88%, now

No.100), STORJ(increased 70.81%, now No.96). As of February 17th, 2019,

Bitcoin was traded at 3673.84 USD, 0.33% higher than its price last week.

Ethereum was traded at 133.6 USD, 10.81% higher than its price last week.

Table 1.1: Top Five Price Increases and Decreases

Symbol Price decrease Symbol Price increase AOA -26.97% STORJ 74.88% R -9.97% MOAC 34.82% ETN -7.89% KMD 32.29% TRX -7.58% POWR 24.86% QNT -7.19% MCO 23.28% Source: coinmarketcap

The overall 24h trading volume increased this week. Overall, the 24h

trading volume increased by 12.23% compared with the same period of last

week. In this week, 38 of the top 100 projects increased by more than 20% in

24h trading volume, led by STORJ with a weekly increase of 3094.77%; there

were 20 projects that saw over 20% decrease in their 24h trading volume, led

by THETA, with a decreased of 87.73%.


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Figure 1.1: The Market cap and 24-hour Trading Volume for TOP100 cryptocurrencies

Source: coinmarketcap

The top 10 cryptocurrencies’ market share distribution remained stable.

On February 17th, the overall market cap of the top 10 cryptocurrencies was

104.88 billion USD, up by 0.10% from last week, accounting for 84.96% of

the total market capitalization of cryptocurrencies, similar to the previous

week. BTC’s dominance was 52.21%, down by 0.37% from last week.

Figure 1.2: TOP10 Cryptocurrencies’ Market Share of Total Cryptocurrencies Market


$118.48

$19.56

$118.77

$21.95

Market Cap（billion USD） 24h Trading Volume（billion USD）

2019/2/10 2019/2/17

BTC, 52.21%

ETH, 11.35%

XRP, 10.13%BCH, 2.15%

EOS, 2.12%

USDT, 1.78%LTC, 1.64%

XLM, 1.29%

TRX, 1.24%

BSV, 1.05% Other, 15.04%BTC

ETH

XRP

BCH

EOS

USDT

LTC

XLM

TRX

BSV

Other


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Figure 1.3: TOP10 Cryptocurrencies’ Market Share of Total Cryptocurrencies Market Changes

Source： coinmarketcap

1.2 Segment Analysis

Among all cryptocurrency project segments, the total market cap of

Application Class project received the largest increase, and the average

market cap of coin project received the largest increase As of February

17th, 2019, the total market cap of Application Class projects reached 18.25

billion USD, increased by 11.05% compared to last week, which was the

biggest increase. In addition, average market cap of coin projects was 3.48

billion USD, increased by 12.97% compared to last week, the biggest increase

among all project categorie this week.

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

BTC ETH XRP BCH EOS USDT LTC XLM TRX BSV Other

2019/2/10 2019/2/17


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Figure 1.4: TOP100 Cryptocurrencies Market Segment Capitalization


Figure 1.5: TOP100 Cryptocurrencies Segment Average Market Cap


The market segment distribution of the top 100 cryptocurrencies

remained stable. As of February 17th, 2019, the proportion of the market

$70.86

$19.39$16.43

$2.71

$76.57

$20.89$18.25

$2.77

Coin Platform Application Asset-backed Token

2019/2/10Market cap（billion USD） 2019/2/17Market cap（billion USD）

$3.08

$0.67$0.40 $0.39

$3.48

$0.72$0.43 $0.40

Coin Platform Application Asset-backed Token

2019/02/10 Average Market cap（billion USD）

2019/02/17 Average Market cap（billion USD）


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segments has remained stable among the top 100 projects compared to last

week. The largest overall market cap by segment was still coin projects,

accounting for 64.47% of the total market cap of top 100 projects, slightly

decreased from last week.

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

Hashrate of Bitcoin increased while that of Ethereum decreased this

week. From February 11th, 2019- February 17th ,2019, the average bitcoin

Hashrate for the entire network reached 42.36 EH/s, decreased by 5.28%

22%

29%42%

7%

CoinPlatformApplicationAsset-backed Token

64.47%

17.59%

15.37%2.33%

CoinPlatformApplicationAsset-backed Token


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from the previous week.

Average Hashrate for the entire Ethereum network was 138.74 TH/s this week,

decreased 4.38% from last week. Figure 2.1: Bitcoin Hashrate Changes

Source: blockchain.info

Figure 2.2: Ethereum Hashrate Changes

Source: etherchain


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This week, the difficulty of mining Bitcoin increased while that of

Ethereum decreased. As of February 17th, 2019, average difficulty for

mining Bitcoin this week was 6.038T, increased by 3.85% from that of

previous week. The average difficulty of mining Ethereum this week was

2792TH, decreased by 0.25% 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 percentage of BTC.com in the overall mining pool market increased,

and Poolin ranking increased. The overall distribution of the Ethereum

mining pools remained stable, the number of blocks continued to

decrease. In the past week, Bitcoin mined 1002 blocks, decreased 7.82% from

the previous week. Among the top five pools were BTC.com, Poolin, AntPool,

F2Pool and BTC.TOP, these 5 pools mined 175, 119, 114, 106 and 105

blocks respectively, accounting for 16.56%, 12.60%, 11.50%, 11.50% and

9.66% of all Bitcoins mined this week. The Hashrate was 7.57EH/s, 5.14EH/s,

4.93EH/s, 4.58EH/s and 4.54EH/s respectively.

In the past week, Ethereum's entire network mined 29349 blocks, decreased

12.39% from the previous week. The top five pools were Ethermine,

SparkPool, Nanopool, F2pool_2 and Miningpoolhub_1, each mined 8597,

4566, 4214, 3540 and 1812 blocks respectively, accounting for 29.29%,

15.56%, 14.36%, 12.06% and 6.17% of all Ethereum mined this week,

respectively.


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Figure 2.5: Distribution of Bitcoin Mine Pool

2.2 Activity Statistics

The average block size and average number of transactions per block of

Bitcoin and Ethereum increased this week. According to blockchain.info,

from February 11th, 2019- February 17th, 2019, the average size of each

block was 1.1 Mb, increased by 11.43% from last week; there were on average

2258 transactions recorded in each block, increased by 4.3% from last week.

Source：BTC.com

Figure 2.6: Distribution of Ethereum Mine Pool

Source：etherscan.io


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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 etherchain, the average number of transactions per block in

Ethereum this week was 108.95, increased by 24.3%. The average size of each

block was 22094 bytes, increased by 18.8% 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 142.2%,

while that in Ethereum decreased from the previous week. As of February

17th, 2019, the number of 7-day average unconfirmed transactions in Bitcoin

network was 10890, increased by 142.2% from last week. There were 25992

unconfirmed transactions in the Ethereum network, with the lowest amount

of unconfirmed transactions in the week being 8269 and the highest amount

being 35351.


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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 and Ethereum both increased this week.

As of February 17th, 2019, average transaction fees of Bitcoin this week was


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$0.212, increased by 27.71% from last week. Average transaction fees of

Ethereum this week was $0.101, increased by 18.41%.

Figure 2.13: Bitcoin, Ethereum Average Transaction Fees

Source：bitinfocharts

The average number of distinct miners per day in Ethereum decreased

slightly. From February 11th, 2019-February 17th, 2019, the average number

of distinct miners per day in Ethereum this week was 57.1, decreased by 2.73%

from last week’s 58.7.

Figure 2.14: Number of Distinct Miners Per Day

Source：etherchain

The number of nodes of Bitcoin decreased while that of Ethereum

increased this week. As of February 17th, 2019, there were 10190 Bitcoin


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nodes, decreased by 3.9% compared to last week, of which 2430 nodes were

in the U.S, 1806 nodes were in Germany, and 383 nodes were in China, each

accounting for 23.85%, 17.72% and 3.76% of the total number of Bitcoin

nodes, respectively.

As of February 17th, 2019, there were 8888 Ethereum nodes, increased by

1.1% from the previous week. Specifically, there were 3543 nodes in the U.S,

1430 nodes in China, and 613 nodes in Canada, each accounting for 39.86%,

16.09%, 6.90% of total number of nodes, respectively.

Figure 2.15: Bitcoin nodes ranking

Source：bitnodes

Figure 2.16: Ethereum nodes ranking


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Source：Ethernodes

This week, the growth rate for new addresses increased for both Bitcoin

and Ethereum. According to the data on blockchain.info, as of February17th,

2019, the total number of Blockchain accounts reached 33317593, increased

by 186942 this week.

According to the data on etherchain, as of February17th, 2019, the total

number of Ethereum addresses was 56052495, increased by 275481 this week.

Figure 2.17: Bitcoin Wallet Users Figure 2.18: Total Address of Ethereum

Source：Blockchain.info Source：Etherscan

HOT was the most active project in GitHub last week. From February 11th,


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2019- February 17th, 2019, HOT was the active project repository on GitHub

with a total of 255 commits.

Figure 2.19: GitHub Code Activity

Source：cryptomiso

2.3 Community Activity Statistics

The top three most popular cryptocurrencies on Facebook were Bitcoin,

Ethereum, and Ripple in descending order, with 434k, 152k and 142k fans

respectively. The top three most popular cryptocurrencies on Twitter were

Bitcoin, Ripple and Ethereum, with 927k, 912k, and 440k 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 Bitcoin 43.4 1 Bitcoin 92.7 2 Ethereum 15.2 2 Ripple 91.2 3 Ripple (XRP) 14.2 3 Ethereum 44.0

4 Litecoin 9.83 4 Litecoin 43.7

5 Cardano 2.5 5 TRON 38.6

6 Stellar 2.3 6 Stellar 26.3

7 BitcoinCash 2.1 7 EOS 19.2

8 EOS 1.6 8 Cardano 13.0 9 Tron 1.3 9 BSV 10.7 10 BSV 0.01 10 BitcoinCash 0.05

Source：facebook Source：twitter

https://www.facebook.com/groups/ohyaaaa/?ref=br_rs

https://www.facebook.com/groups/ohyaaaa/?ref=br_rs

https://www.facebook.com/groups/Ethereum/?ref=br_rs

https://www.facebook.com/groups/1294281033992041/?ref=br_rs


https://www.facebook.com/groups/thelitecoin/?ref=br_rs


https://www.facebook.com/groups/OmiseGO.OMG/?ref=br_rs

https://coinmarketcap.com/currencies/stellar/


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3. Weekly Blockchain News Review

3.1 Industrial Application

1. Oracle’s First Dozen Cloud Blockchain Applications Are Now Live

Oracle announced that it now has up to a dozen enterprise customers using

live applications that have sped into production since its cloud-based

blockchain platform went live last July. This includes a cargo tracking

consortium called the Global Shipping Business Network (GSBN); China

Distance Education Holdings, which shares educational and professional

certificates. Oracle said other customers at the production stage are: Arab

Jordan Investment Bank, Certified Origins, NeuroSoft, TradeFin, HealthSync,

OriginTrail, ICS FS, SDK.Finance, and Nigeria Customs.

https://www.coindesk.com/oracles-first-dozen-cloud-blockchain-applications-are-

now-live

2. EDF Launched a P2P Trading Pilot of the Blockchain Solar + Energy

Storage

With the launch of blockchain pilot project supported by the Electricite De

France (EDF), consumers in a residential area in southern London will soon

be able to trade solar energy with each other. Blockchain technology will be

used to track the purpose of electricity transactions, and a consumer-oriented

application will be introduced to enable residents to access trading platforms

and request electricity. The project will start next month and last until October

2019.

http://www.escn.com.cn/news/show-711519.html

3.2 International Policies

1. The Chief Economic Minister for Economic Affairs: Indonesia Not

Lifting Bitcoin and Crypto Ban

On Feb 15, 2019, the Chief Economic Minister for Economic Affairs, Darmin

Nasution talks about Bitcoin usage within Indonesia. Mr.Darmin told CNBC

Indonesia that Bitcoin and crypto ban imposed during 2017 won’t be lifted.

He further notes that the Government of Indonesia didn’t legalize Bitcoin,

https://www.coindesk.com/oracles-first-dozen-cloud-blockchain-applications-are-now-live

https://www.coindesk.com/oracles-first-dozen-cloud-blockchain-applications-are-now-live


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adding that he says, it was ‘only futures exchanges’. Moreover, Mr.Darmin

explains that Bank Indonesia isn’t an optimistic player for Bitcoin–thus

doesn’t regulate crypto money as a currency.

https://coingape.com/indonesia-not-lifting-bitcoin-ban-ministry-confirms/

2. Japan Financial Services Agency Warned Unregistered Virtual

Currency Exchange SB101

According to the official website of the Japan Financial Services Agency, the

virtual currency exchange SB101 issued a warning based on the relevant

regulations of “Unregistered for virtual currency exchange business and

administrative guidance Part III”. The warning mainly pointed out that SB101

(in the case of unregistered) allows Japanese residents to trade in virtual

currencies such as Atomic Coin.

https://www.fsa.go.jp/policy/virtual.../SB101_keikokushiryo.pdf

3. Wyoming, USA, Passed the SF0125 Act, Which Stipulates Digital Assets

as Property

According to the US Wyoming official website news, the SF0125 bill related

to the blockchain was passed. The Act classifies digital assets in existing laws;

specifies digital assets as property in the Uniform Commercial Code;

authorizes security interests in digital assets, and stipulates service standards

and procedures for banks, custody services, etc.; clarifies Wyoming courts

Jurisdiction of digital assets; designates applicability; authorizes to enact rules;

and provision the effective date. The definition of “digital assets” in the bill

includes digital consumer assets, digital securities and virtual currency.

http://www.wyo.gov/

4. US SEC Officially Began Reviewing VanEck Bitcoin ETF Proposal

On February 13, according to the official filing of the US Securities and

Exchange Commission (SEC), the SEC began to sort out and review the

"public commentary" of the VanEck Bitcoin ETF that the Chicago Board of

Options Exchange (Cboe) began collecting on January 30.

https://adviserinfo.sec.gov/IAPD/Support/ReportViewer.aspx?indvl_pk=5995103

https://www.fsa.go.jp/policy/virtual.../SB101_keikokushiryo.pdf


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5. Luxembourg Passed a Legal Framework of Blockchain

Luxembourg lawmakers gave blockchain a boost on Thursday, approving a

legal framework to grant transactions done with the new technology the same

legal status as traditional ones. Just two members of the left-wing party déi

Lénk out of 60 parliamentarians voted against the bill, which was sent to the

legislative last year by Finance Minister Pierre Gramegna.

https://luxtimes.lu/economics/36499-luxembourg-passes-blockchain-framework-

bill

3.3 Technological Breakthrough

1. KEB Hana Bank has applied for 46 patents of block chain technology

On February 13th, KEB Hana Bank said it had applied for 46 patents for

blockchain technology in order to fully develop the application of blockchain

technology. Registered patents include "methods of providing digital asset

services" and "methods of financial management".

https://www.yna.co.kr/

2. Shenzhen Datong Credible Alliance Chain has been officially put on

trial recently

On February 13th, Shenzhen Datong launched its "White Paper on Datong

Trusted Alliance Chain Technology" with the establishment of the Block

Chain Joint Innovation Laboratory with Beijing University of Posts and

Telecommunications. Chain Chain Chain has undergone several internal

testing and iteration upgrades. At present, three invention patents related to the

media blockchain are are under active preparation.

http://www.3news.cn/pindao/2019/0213/0130324466.html

4. Weekly Investment Activities

2 investment activities took place in the blockchain industry this week.

Chainalysis, a Blockchain cryptocurrency service provider, received $30


20

million in round B financing.

Table 4.1 Investment and Financing Projects for the Week Name Round Amount Investors Category

Cdturst Angel

Round

10 million

RMB

Qichen huamei investment fund Lin hongruifeng investment fund

Blockchain industry level

application service provider

Chainalysis B Round $30 million Accel Partners(led) Benchmark Capital

Blockchain cryptocurrency service provider

Data Source: IT Juzi


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Huobi Research

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Huobi Research Weekly aims to provide participators of the cryptocurrency market with the

most up-to-date and comprehensive database to help them facilitate decision-making process.

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Website: http://research.huobi.com/

Disclaimer：

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2. All outside information, data referenced in this report is from compliant and legitimate sources that we deem as reliable, and

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