huobi research weekly vol - huobi blog...cryptocurrencies was 119.50 billion u.s. dollars, decreased...

Huobi Research Weekly（Vol.46）

2019/01/14-2019/01/20

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

decreased, with 60 projects decreased in value to varying degrees. According to

coinmarketcap, as of January 20th, 2019, the total market cap of the top 100

cryptocurrencies was 119.50 billion U.S. dollars, decreased by 2.28% from last week.

4 cryptocurrency project entered the top 100 this week. As of January 20th, 2019,

Bitcoin was traded at 3588.81 USD, 0.30% lower than its price last week. Ethereum

was traded at 119.11 USD, 0.86% lower than its price last week.

Average number of transactions per block and average block size both

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

block size both increased on Ethereum. Average number of unconfirmed

transactions in Bitcoin increased by 12.41%, and that of Ethereum also increased

from last week. Total transaction fee of Bitcoin decreased, while that of Ethereum

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

were 4684 and 36181 respectively. Bitcoin’s Hashrate decreased by 6.57% and

Ethereum’s Hashrate decreased by 1.84%. The average transaction fees on the Bitcoin

network this week was $0.178, decreased 3.26% from last week. While the average

transaction fees on the Ethereum network this week was $0.069, increased 1.47% from

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

32.52 million and 54.66 million, respectively.

INS was the most active project on GitHub this week, with 324 commits

submitted in the past week. Swachhcoin was the most popular group on Telegram.

In terms of community activity, Bitcoin, Ethereum, and Ripple remained as the most

popular communities on Facebook and Twitter. Swachhcoin attracted the most fans on

Telegram in the last 24 hours, and Origin Trail’s fans grew the most.

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

Blockchain media Tuoluo Caijing received 21 million yuan of Pre-A round of

investment, the largest financing of the week.

Related Reports 《 Huobi Research Weekly (Vol.45)》2019-1-15 Authors Yuming Hubery Yuan Wenting Chi

[email protected]

mailto:[email protected]

Huobi Research Weekly

2

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 .......................................................................................................................... 11 2.3 Community Activity Statistics ........................................................................................................ 17

3. Weekly Blockchain News Review ............................................................... 18

3.1 Industrial Application .................................................................................................................... 18 3.2 International Policies ..................................................................................................................... 19 3.3 Technological Breakthrough ........................................................................................................... 21

4. Weekly Investment Activities .................................................................... 22


3

1. Weekly Market Review

1.1 Market overview

This week, the overall market capitalization for the top 100

cryptocurrencies decreased, with 60 projects decreased in value to

varying degrees. According to coinmarketcap, as of January 20th, 2019, the

total market cap of the top 100 cryptocurrencies was 114.95 billion U.S.

dollars, decreased by 2.51% from last week, among which, HC had the largest

decreased of 30.29% in market cap, bringing its market cap ranking from

No.61 to No.73, while APL had the largest increased of 316.57% in market

cap, bringing its market cap ranking from No.204 to No.72. In addition, there

were 4 projects that entered TOP100, namely, APL (increased 316.57%, now

No.72), PAY (increased 124.61%, now No.77), POWR(increased 51.56%,

now No.78), GXS(increased 1.32%, now No.98). As of January 20th, 2019,

Bitcoin was traded at 3588.81 USD, 0.30% lower than its price last week.

Ethereum was traded at 119.11 USD, 0.86% lower than its price last week.

Table 1.1: Top Five Price Increases and Decreases

Symbol Price decrease Symbol Price increase QASH -20.76% APL 329.46% HC -20.45% PAY 134.75% DCN -11.95% REP 113.80% KCS -10.62% LRC 56.66% PPT -8.38% POWR 56.49% Source: coinmarketcap

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

trading volume increased by 33.88% compared with the same period of last

week. In this week, 59 of the top 100 projects increased by more than 20% in

24h trading volume, led by REP with a weekly increase of 3435.87%; there

were 10 projects that saw over 20% decrease in their 24h trading volume, led

by HC, with a decreased of 93.70%.


4

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 January 20th, the overall market cap of the top 10 cryptocurrencies was

101.36 billion USD, down by 2.86% from last week, accounting for 84.82%

of the total market capitalization of cryptocurrencies, similar to last week.

BTC’s dominance was 52.53%, up by 0.17% from last week.

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


$117.90

$13.16

$114.95

$17.62

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

2019/1/13 2019/1/20

BTC, 52.53%

ETH, 10.41%

XRP, 10.91%BCH, 1.81%

EOS, 1.78%USDT, 1.71%

LTC, 1.56%XLM, 1.67%

TRX, 1.33%

BSV, 1.10% Other, 15.18%BTC

ETH

XRP

BCH

EOS

USDT

LTC

XLM

TRX

BSV

Other


5

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

platform projects received the largest decrease, while the average market

cap of coin projects also received a large decrease. As of January 20th,

2019, the total market cap of platform projects reached 19.64 billion USD,

decreased by 4.36% compared to last week. In addition, average market cap

of coin projects was 3.19 Billion USD, decreased by 10.59% compared to last

week, the biggest decrease among all project categorie

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

2019/1/13 2019/1/20


6

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 January 20th, 2019, the proportion of the market

$74.94

$20.53 $19.73

$2.70

$73.39

$19.64 $19.10

$2.72

Coin Platform Application Asset-backed Token

2019/1/13Market cap（billion USD） 2019/1/20Market cap（billion USD）

$3.57

$0.76$0.44 $0.39

$3.19

$0.73$0.45 $0.45

Coin Platform Application Asset-backed Token

2019/1/13 Average Market cap（billion USD）

2019/1/20 Average Market cap（billion USD）


7

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

week. The number of application projects decreased by 3, the number of

asset-backed token projects decreased by 1, while the number of coin

projects increased by 2. The largest overall market cap by segment was still

coin projects, accounting for 63.56% of the total market cap of top 100

projects, similar to that of 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 and Ethereum both decreased this week. From

23%

27%42%

6%

CoinPlatformApplicationAsset-backed Token 63.85%

17.09%

16.62%2.37%

CoinPlatformApplicationAsset-backed Token


8

January 14th, 2019-January 20th ,2019, the average bitcoin Hashrate for the

entire network reached 39.40 EH/s, decreased by 6.57% from the previous

week.

Average Hashrate for the entire Ethereum network was 179.015 TH/s this

week, decreased 1.84% from last week.

Figure 2.1: Bitcoin Hashrate Changes

Source: blockchain.info

Figure 2.2: Ethereum Hashrate Changes


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Source: etherchain

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

Ethereum decreased. As of January 20th, 2019, average difficulty for

mining Bitcoin this week was 5.843T, increased by 3.99% from that of

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

2.63P, decreased by 1.50% 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


10

The percentage of BTC.com in the overall mining pool market slightly

decreased, and Poolin ranking increased. The overall distribution of the

Ethereum mining pools remained stable. In the past week, Bitcoin mined

968 blocks, decreased 8.25% from the previous week. Among the top five

pools were BTC.com, AntPool, Poolin, F2Pool and SlushPool, these 5 pools

mined 160, 108, 95, 90 and 84 blocks respectively, accounting for 16.53%,

11.16%, 9.81%, 9.30% and 8.68% of all Bitcoins mined this week. The

Hashrate was 6.69EH/s, 4.52EH/s, 3.97EH/s, 3.76EH/s and 3.51EH/s

respectively.

In the past week, Ethereum's entire network mined 39174 blocks, increased

0.18% from the previous week. The top five pools were Ethermine, SparkPool,

Nanopool, F2pool_2 and Miningpoolhub_1, each mined 10857, 8740, 5040,

4324 and 2393 blocks respectively, accounting for 27.71%, 22.31%, 12.87%,

11.04% and 6.11% of all Ethereum mined this week, respectively.

Figure 2.5: Distribution of Bitcoin Mine Pool

Source：BTC.com


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2.2 Activity Statistics

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

Bitcoin and Ethereum are both increased. According to blockchain.info,

from January 14th, 2019-January 20th, 2019, the average size of each block

was 1.01 Mb, increased by 9.78% from last week; there were on average 2211

transactions recorded in each block, increased by 11.33% from last 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 etherchain, the average number of transactions per block in

Ethereum this week was 96.36, increased by 0.53%. The average size of each

block was 18074 bytes, increased by 1.68% compared to last week.

Figure 2.6: Distribution of Ethereum Mine Pool

Source：etherscan.io


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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 12.41%,

and that in Ethereum also increased from the previous week. As of

January 20th, 2019, the number of 7-day average unconfirmed transactions in

Bitcoin network was 4684, increased by 12.41% from last week. There were

36181 unconfirmed transactions in the Ethereum network, with the lowest

amount of unconfirmed transactions in the week being 18004 and the highest

amount being 40314.

Figure 2.11: Unconfirmed Transaction in Bitcoin


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Source: blockchain.info

Figure 2.12: Unconfirmed Transaction in Ethereum

Source：etherscan.io

Total transaction fees of Bitcoin decreased while that of Ethereum

increased this week. As of January 20th, 2019, average transaction fees of

Bitcoin this week was $0.178, decreased by 3.26% from last week. Average

transaction fees of Ethereum this week was $0.069, increased by 1.47%.

Figure 2.13: Bitcoin, Ethereum Average Transaction Fees


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Source：bitinfocharts

The average number of distinct miners per day in Ethereum increased

slightly. From January 14th, 2019-January 20th, 2019, the average number of

distinct miners per day in Ethereum this week was 60.00, increased by 2.20%

from last week’s 58.71.

Figure 2.14: Number of Distinct Miners Per Day

Source：etherchain

The number of nodes of Bitcoin increased while that of Ethereum

decreased this week. As of January 20th, 2019, there were 10009 Bitcoin

nodes, increased by 3.71% compared to last week, of which 2481 nodes were

in the U.S, 1916 nodes were in Germany, and 409 nodes were in China, each

accounting for 24.79%, 19.14% and 4.09% of the total number of Bitcoin

nodes, respectively.


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As of January 20th, 2019, there were 9346 Ethereum nodes, decreased by 3.73%

from the previous week. Specifically, there were 3768 nodes in the U.S, 1544

nodes in China, and 712 nodes in Canada, each accounting for 40.32%,

16.52%, 7.62% 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 January 20th,

2019, the total number of Blockchain accounts reached 32520755, increased

by 213319 this week.

According to the data on etherchain, as of January 20th, 2019, the total number

of Ethereum addresses was 54660120, increased by 392147 this week.

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


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Source：Blockchain.info Source：Etherscan

INS was the most active project in GitHub last week. From January 14th,

2019-January 20th, 2019, INS was the active project repository on GitHub

with a total of 324 commits. HOT ranked second at 170 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.

As of January 20th, 2019, Swacchcoin received the most attention on Telegram,

seeing an increase of over 133k fans. Origin Trail witnessed the biggest fan

growth in the past 24 hours, attracting more than 8,000 people in a short


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period of time.

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 9.85 4 Litecoin 43.7

5 IOTA 4.99 5 TRON 37.3

6 Dash 3.8 6 Dash 32.0

7 XVG 3.4 7 Monero 31.3

8 NEO 3 8 Verge 30.5 9 Monero 2.9 9 OmiseGO 28.8 10 LISK 2.86 10 Stellar 26.1

Source：facebook Source：twitter

Figure 2.20: Telegram Cryptocurrency Fan Ranking

Source：icowhitelists

3. Weekly Blockchain News Review

3.1 Industrial Application

1.Spanish Car Manufacturer SEAT Joins Alastria Consortium to Develop

Blockchain Products

According to Cointelegraph, Spanish automobile manufacturer SEAT has

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/Ethereum/?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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joined Alastria consortium to work on the development of blockchain-based

products. In the meantime, SEAT and Telefónica have already begun jointly

working on a proof-of-concept of a blockchain product that will track vehicle

parts throughout the supply chain of SEAT’s factory located in Martorell,

Spain. SEAT joined Alastria, a multi-industry, semi-public consortium backed

by a national network of more than 70 companies and establishments. These

include such major players as banks BBVA and Banco Santander,

telecommunications provider Telefónica, energy firm Repsol and professional

services company Accenture. The goal of the alliance is to promote the

advancement and development of blockchain technology.

http://cointelegraph.com/news/spanish-car-manufacturer-seat-joins-alastria-

consortium-to-develop-blockchain-products

2. Jinjia Group CO.,LTD Cooperated with Ant Financial Blockchain to

Jointly Develop the Anti-counterfeiting Traceability of Wine

According to Shanghai Securities News, Jinjia co., LTD. (002191), in

response to investors' questions on the interactive platform on January 16,

2019, said that it will together with partners such as Allystar and Ant Financial

blockchain, according to the needs of cooperative customers, carry out the

business of authenticity identification, anti-counterfeiting traceability,

customization and interactive marketing from multiple dimensions. The

company's product Hezhi APP has signed a contract with Moutai, Shandong

Huaguan, Yilite, Yelanggu and other well-known wine enterprises to jointly

develop the anti-counterfeiting traceability of wine and realize the wine

fidelity and information collection.

http://company.cnstock.com/company/scp_gsxw/201901/4325116.htm

3.2 International Policies

1. Singapore's “Payment Services Bill” has been formally legislated,

which will affect numerous digital currency exchanges

Recently, the “Payment Services Bill” of Singapore has passed the parliament

for deliberation and has been formally legislated. Education minister Ong Ye

Kung, speaking on behalf of the monetary authority of Singapore (MAS), said

the MAS would consult the relevant industry in the near future and formally

introduce the implementation method and exemption terms of the bill. The bill

http://cointelegraph.com/news/spanish-car-manufacturer-seat-joins-alastria-consortium-to-develop-blockchain-products

http://cointelegraph.com/news/spanish-car-manufacturer-seat-joins-alastria-consortium-to-develop-blockchain-products

http://company.cnstock.com/company/scp_gsxw/201901/4325116.htm


20

will directly affect many digital currency exchanges, wallets and OTC

platforms in the Singapore market, and will comprehensively regulate related

businesses from both risk control and compliance aspects.

https://www.mas.gov.sg/News-and-Publications/Speeches-and-Monetary-Policy-

Statements/Speeches/2019/Payment-Services-Bill.aspx

2. South Africa will come up with a complete registration process for

crypto exchanges and wallets by Q1 2019

In a recently published consultation paper, the South African Reserve Bank

(SARB) has put forth its view on the crypto industry and stated that the sector

should be regulated on priority to protect the consumers and investors.

The paper was jointly developed by multiple major South African agencies

including Financial Intelligence Centre (FIC), Financial Sector Conduct

Authority (FSCA), National Treasury (NT), South African Revenue Service

(SARS), and the SARB, the central bank of South Africa. The central bank,

however, made it clear that it does not consider digital assets as legal tender.

The bank is aiming to come with the complete registration process by the end

of first quarter of 2019. In addition, the cryptocurrency service providers

would also have to monitor and report suspicious transactions, such as cash

transactions of R25,000 and more.

https://www.financemagnates.com/cryptocurrency/news/south-africa-wants-to-

regulate-crypto-mandates-registration/

3. Devs Behind Marshall Islands’ National Crypto Confirm Plans to

Launch This Year

According to cointelegrpah, in the recent post, the team behind the coin —

dubbed Sovereign (SOV) — revealed that it had made “significant progress in

finding partners, investors, and developers” to realize the project. As the post

states, the team is aiming to launch SOV in 2019.The team behind the state-

backed crypto includes former Secretary General of the Bank for International

Settlements, Dr. Peter Dittus, as the project’s Chief Economist.The project

also announced a new partnership with “smart banknotes” firm Tangem, a

start-up operating from Switzerland and Singapore.

https://cointelegraph.com/news/devs-behind-marshall-islands-national-crypto-

https://www.mas.gov.sg/News-and-Publications/Speeches-and-Monetary-Policy-Statements/Speeches/2019/Payment-Services-Bill.aspx

https://www.mas.gov.sg/News-and-Publications/Speeches-and-Monetary-Policy-Statements/Speeches/2019/Payment-Services-Bill.aspx

https://www.financemagnates.com/cryptocurrency/news/south-africa-wants-to-regulate-crypto-mandates-registration/

https://www.financemagnates.com/cryptocurrency/news/south-africa-wants-to-regulate-crypto-mandates-registration/

https://news.bitcoin.com/5-crypto-exchanges-have-been-licensed-in-gibraltar-since-regulation/


21

confirm-plans-to-launch-this-year

4. Bulgaria Investigates Crypto Exchanges For Taxes, Asks 10% on

Profits

A The government of Bulgaria has started to investigate crypto exchanges to

demand taxes from the profits investors generated from trading digital assets.

The National Revenue Agency (NRA) has categorized cryptocurrencies as

financial assets, which incur a 10 percent tax on profit that individuals have to

disclose annually.

https://www.ccn.com/bulgaria-investigates-crypto-exchanges-for-taxes-asks-10-

on-profits/

5. Wyoming Introduces a Bill Aiming to Define Virtual Currencies as

Money

Wyoming has recently seen a surge in blockchain- and crypto-related

legislation entering its legal system. As Cointelegraph recently reported, a bill

allowing corporations to issue blockchain-based tokens that represent stocks

was introduced in Wyoming on Jan. 16th. If passed, the bill would take effect

July 1st, 2019. The drafted legislation also lets banks serve as qualified

custodians in accordance with regulations put in place by the U.S. Securities

and Exchanges Commission (SEC).

https://cointelegraph.com/news/wyoming-introduces-a-bill-aiming-to-define-

virtual-currencies-as-money

3.3 Technological Breakthrough

1. USA: Blockchain Technology to Revitalize the Health Department’s

Contract Acquisition Function

According to a report by FedTech Magazine published on January 18, 2019,

the U.S. Department of Health & Human Services (HHS) is moving ahead

with its new data monitoring tool called HHS Accelerate to streamline the

process of procuring and executing contracts.

https://www.ccn.com/bulgaria-investigates-crypto-exchanges-for-taxes-asks-10-on-profits/

https://www.ccn.com/bulgaria-investigates-crypto-exchanges-for-taxes-asks-10-on-profits/

https://cointelegraph.com/news/wyoming-introduces-a-bill-aiming-to-define-virtual-currencies-as-money

https://cointelegraph.com/news/wyoming-introduces-a-bill-aiming-to-define-virtual-currencies-as-money


22

https://btcmanager.com/usa-blockchain-technology-revitalize-health-departments-

contract-acquisition-function/

2. Internet Information Journal：New Internet technologies such as

blockchain have effectively improved the governance efficiency of

cyberspace

On January 18th,2019, Cnxin published an article called "clean network co-

casting integrity", which uses Internet technology to weave a "firewall" of

network integrity. The paper points out that the promotion and application of

new Internet technologies such as big data, blockchain and artificial

intelligence in cyberspace has effectively improved the governance efficiency

of cyberspace, effectively promoted the construction of network integrity

system, and gradually made integrity become a passport to walk in cyberspace.

http://www.cac.gov.cn/2019-01/18/c_1124007734.htm

4. Weekly Investment Activities

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

Blockchain media Gyro Finance received 21 million yuan of Pre-A round of

investment, the largest financing of the week.

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

ChainDesk Pre-A

round

10 million yuan

KD Jurong Fund

Blockchain Vocational Education Institutions

Tuoluo Caijing Pre-A

round

21 million yuan

ND Blockchain

Media

Data Source: IT Juzi, QiFengCaiJing

https://btcmanager.com/usa-blockchain-technology-revitalize-health-departments-contract-acquisition-function/

https://btcmanager.com/usa-blockchain-technology-revitalize-health-departments-contract-acquisition-function/

http://www.cac.gov.cn/2019-01/18/c_1124007734.htm


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Huobi Research

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huobi research weekly vol - huobi blog...cryptocurrencies was 119.50 billion u.s. dollars, decreased...

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