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Huobi Blockchain Big Data Weekly Insights (Vol.20 2018/10/17–2018/10/24)

All data in this report is captured and analyzed by Huobi Research; please cite the source “Huobi Blockchain Big Data Weekly Insights” for reference.

New Data Included: ETH DApp Activity

This Week:

  1. This week, the number of active Bitcoin addresses increased by 1.7% to 3.63 million, reaching a two-month high. The number of active addresses in Ethereum has increased by 4.8% from 1.12 million to 1.17 million.
  2. Concentration of wealth decreased for both BTC and ETH; top 1000 BTC accounts held 0.08% less BTC than that of last week, and top 1000 ETH accounts held 1.05% less ETH than that of last week.
  3. Total weekly transaction volume and number of transactions on EOS network had exceeded that of ETH; however, compared to EOS dApps which were mostly dominated by gambling apps, there were more varieties to ETH dApps (including but not limited to exchanges, games, and gambling).
  4. TRON English was the most active cryptocurrency Telegram group this week.
  • Social Media Data:

BTC, Ethereum, USDT to be the top trending in China, while BTC, VeChain, USDT were the top Cryptocurrencies overseas; In the Events category, “Risk”, “Computing power” and “Government” were the hottest words in China, while “BOT Robot”, “Wallet” and “Technology” were the hottest words overseas; in the Exchange and KOL category, “Huobi”, “Binance” and “ZB” were the hottest in China, while “Coinbase”, “Binance”, and “Bifinex” were the hottest overseas.

Among Github repositories, ETH, BTC and EOS were the top Cryptocurrencies projects that received the most stars in a week; ETH, ADA and TRX were the projects that received the most watchers in a week; TRX, IOTA and EHT were the projects with the most code commit submission this week.

  • Market Trading Data:

In the cryptocurrency market this week, the price of Cryptocurrencies raised up less and down more. The trading volume decreased dramatically. The Cryptocurrency price correlations is relatively low this week, Cryptocurrencies price move in the different directions.

1. On-Blockchain Data

1.1 Active Bitcoin Addresses

This week, the number of active Bitcoin addresses increased by 1.7% to 3.63 million, reaching a two-month high.

Active Bitcoin Address (in millions)

There were 1.35 million new Bitcoin addresses created this week, increased by 2.8% from last week’s 1.32 million.

New BTC Addresses

1.2 Bitcoin Transactions

The overall transaction volume on Bitcoin network was 5.95 million BTC, decreased by 10.9% from last week’s 6.68 million. There were overall 1.72 million transactions this week, increased by 2.6% compared to last week. The average trading volume per transaction decreased by 13.2% to 3.47 BTC this week.

Left: BTC trading volume (in million BTC); Right: Number of transactions on BTC network (in million)

1.3 Bitcoin Transaction Fee

The overall transaction fee on Bitcoin network decreased from 125.5 BTC to 114.6 BTC this week. Average transaction fee was 0.00007 BTC, decreased by 7.4% from last week.

Bitcoin Transaction Fee (BTC)

1.4 Concentration of Wealth on Bitcoin

Concentration of wealth on bitcoin slightly decreased. Top 10 addresses held 5.74% of all Bitcoins, 0.08% more than last week; top 10–100 addresses held 0.18% less Bitcoins than that of last week; top 100–1000 held 0.01% more Bitcoins than that of last week; other addresses held 0.08% more Bitcoins than that of last week.

Concentration of Wealth on BTC Network

1.5 BTC Large Transactions Monitor

Huobi Research defines “extra-large transactions” as individual transactions worth over 10,000 BTC, and “large transactions” as those worth between 1,000–10,000 BTC. This week, there were 3 extra-large transactions on Bitcoin network. The number of large transactions drastically decreased from 543 to 348 this week.

Large and Extra-large Transactions on BTC Network

1.6 Bitcoin Transaction Volume Distribution

Transaction volume increased for all categories except for 1k-10k, in which 100–1k BTC transactions received the largest increase from 25.7% to 30.9% of total weekly Bitcoin transaction volume.

left-Transaction Breakdown by Volume (in thousands); right-Weekly BTC Transaction Distribution

1.7 Active Ethereum Addresses

The number of active addresses in Ethereum has increased by 4.8% from 1.12 million to 1.17 million.

Number of Active Ethereum Addresses (in millions)

1.8 Ethereum Transactions

The overall transaction volume on Ethereum has decreased by 17.5% to 12.38 million ETH. There were overall 3.88 million transactions this week, decreased by 0.7% compared to last week; average transaction volume decreased by 16.8% from last week to 3.19 ETH.

Left: Overall Trading Volume on ETH (million ETH); Right: Number of Transactions on ETH (in millions)

1.9 Ethereum TPS

The average transaction per second (TPS) on Ethereum network this week increased by 0.1 to 6.4 tps this week.

Ethereum TPS

1.10 Ethereum Transaction Fee

The overall transaction fee on Ethereum network has decreased from 10.4k to 10.1k ETH this week, while the average transaction fee on Ethereum network was 0.0026 ETH, decreased by 2% this week.

Ethereum Transaction Fee

1.11 Concentration of Wealth on Ethereum

The concentration of wealth on Ethereum network has decreased compared to last week: top 10 accounts held 12.05% of all ETH, decreased by 0.5% from last week; top 10–100 addresses held 24.67% of all ETH, decreased by 0.48% compared to last week; top 100–1000 addresses held 25.31% of all ETH, increased by 0.07% compared to last week; the rest addresses held 38.04% of all ETH, increased by 1.05% from last week.

Concentration of Wealth on ETH

1.12 ETH Large Transactions Monitor

Huobi Research defines “extra-large transactions” as individual transactions worth over 50,00 ETH, “large transactions” as those worth between 10,000–50,000 ETH, “other transactions” as those worth less than 10,000 ETH. This week, there were 4 extra-large transactions and 57 large transactions.

Large and Extra Large Transactions on ETH Network

1.13 EOS Transactions

There were 19.79 million transactions on EOS this week (including transfer, RAM collateral/purchase, CPU collateralization), increased by 66.3% from last week, rising in four consecutive weeks.

EOS Transactions (in millions)

1.14 EOS RAM Utilization and Voting Percentage

RAM utilization on EOS was 57.04% this week (57.94% last week); among all 424k EOS addresses, 39.52% has voted for blockproducers.

Left: RAM Utilization; Right: Voting Percentage on EOS

1.15 EOS DApp Activity

Based on transaction volume, BetDice, EOSBet, EOS Poker, EOS Play Lottery, and FarmEOS were the 5 most popular EOS dApps this week.

Based on the information above, Huobi Research analyzed total number of transactions and total transaction volume of all 88 currently active EOS dApps. Currently, gambling dApps accounted for 93% of total EOS transaction volume and 91.3% of total number of transactions, the most popular among all dApp categories.

EOS DApp Activity
EOS DAPP Categorization(Left: By Transaction Volume; Right: By Number of Transactions)

1.16 ETH DApp Activity

Based on transaction volume, IDEX, CryptoKitties, Dice2win, ForkDelta, and The Token Store were the 5 most popular ETH dApps this week.

Based on the information above, Huobi Research analyzed total number of transactions and total transaction volume of all 1021 currently active ETH dApps. Currently, cryptocurrency exchange dApps accounted for 66% of total ETH transaction volume and 36% of total number of transactions, the most popular among all dApp categories.

Total weekly transaction volume and number of transactions on EOS network had exceeded that of ETH; however, compared to EOS dApps which were mostly dominated by gambling apps, there were more varieties to ETH dApps (including but not limited to exchanges, games, and gambling).

ETH DApp Activity
ETH DAPP Categorization(Left: By Transaction Volume; Right: By Number of Transactions)

2. Social Media Data

2.1 Keyword Analysis (China)

Huobi Research analyzed text using NLP Word Cloud to extract relevant keywords and understand the overall sentiments from China’s largest Cryptocurrency online community 8btc.com. Specifically, we break down the keywords to three categories: Cryptocurrencies, Events, and Exchanges/Opinion Leaders.

In the Cryptocurrency category, NLP World Cloud Analysis suggests Bitcoin, Ethereum, and USDT as the top Cryptocurrencies receiving the most widespread attention, for Bitcoin and Ethereum, discussions mainly focused on price and trading strategies. USDT, with the discussion mainly focused on the trust crisis of USDT and the choice of alternative Cryptocurrency of USDT.

In the events category, NLP Word Cloud suggests “Risk”, “Computing power” and “Government” as the hottest words of the week. “Risk” refers to: the concern of investors about the risk of asset deflation caused by USDT crash; “Computing power” refers to the discussion on 1) Computing power’s new low of BTH; 2) Computing power of BTC stopped growth; “Government” refers to the discussion on the application of blockchain technology in government, such as 1) the Rwandan government will use blockchain technology to track the metal tantalum; 2) Brazilian government candidates use blockchain to release government plans.

In the Exchanges/Opinion Leaders category, NLP Word Cloud suggests “Huobi”, “Binance”, and “ZB” as the hottest words of the week, with discussions mainly focused on daily exchange issues including log-in issue, transaction, the rate and so on.

8btc.com Word Analysis

We witness a drastic change in the trending topics this week, within all topics of these three categories, focus on “Bancor”, “Litecoin”, “landing”, “ACT” and “GSDT” receiving the largest increase, while focus on “USDT”, “compaign”, “DASH”, “PAI” and “Sharding” receiving the largest decrease.

Left: Top Trending Topics on 8btc.com; Right: Least Trending Topics on 8btc.com

2.2 Keyword Analysis (Overseas)

We also performed NLP Word Analysis on Reddit’s r/CryptoCurrency Subreddit to understand the trending topics and overall sentiments overseas, and we similarly broke down the keywords into three categories: Cryptocurrencies, Events, and Exchanges/Opinion Leaders.

In the Cryptocurrencies category, NLP Word Analysis suggests Bitcoin, Vechain, and USDT as the three cryptocurrencies that received the most widespread attention this week. For Bitcoin, discussions on mainly focused on price and trading strategies. Discussions on USDT focused on investors’ concerns about the risk of asset deflation caused by the USDT crash; Discussion on Vechain focused on some DAPP starts to deploy on the chain, such as DBET, and some solutions for the IOT industry.

In the Events category, NLP Word Analysis suggests “BOT Robot”, “Wallet”, and “Technology” as the hottest words of the week. “BOT Robot” refers to the discussion on strategies for using robots to quantify transactions; “Wallet” refers to the discussion on the pros and cons of each kind of wallet; “technology” refers to the discussion on the blockchain technology and future discussed by the leaders of blockchain companies at the UN meeting in Geneva;

In the Exchanges/Opinion Leaders category, NLP World Analysis suggests “Coinbase”, “Binance”, and “Bitmex” as the hottest words of overseas this week, with the normal discussion on general topics among platform users.

r/CryptoCurrency Word Analysis

We witness a drastic change in the trending topics this week, with focus on “POW”, “Satoshi”, “legal”, “bitfinex” and “cardano” receiving the largest increase, while focus on “veto”, “SEC”, “ETH”, “Manipulation” and “ETF” receiving the largest decrease.

Left: Top Trending Topics on r/CryptoCurrency; Right: Least Trending Topics on r/CryptoCurrency

2.3 Github Code Activity

Among all GitHub repositories this week, TRX, IOTA and ETH were the projects with the most code rows; BTC, ETH and EOS were the projects with the most forks; IOTA, ETH, and BTC were the projects with most code commit submissions; ETH, XMR and IOTA were the projects with the most issue; ETH, BTC and EOS were the projects with most stars; ETH, ADA and TRX were the projects with most watchers.

GitHub Code Activity

2.4 Overall Telegram Activity

We measured the vitality of telegram community by the chat volume among the relatively active community telegram groups:

The top three active telegram groups this week were: 1) TRON English group, 2) ONT China (Chinese group), 3) Vechain English group.

Telegram Activity

2.5 Popular Cryptocurrency Telegram Activity

We measured the vitality of EOS community by the chat volume among the selected EOS community telegram groups: EOS General Chat (English technology/ ecology group), EOS China (Chinese group); and measured the vitality of TRON community by the chat volume of TRONnetworkEN.

The number of chats in EOS community telegram groups decreased slightly, by 2,500, decreased for four consecutive weeks, the number of TRON telegram groups decreased by 3,100, increased compared with its last week.

Left: Total EOS Telegram Activity (in Thousands); Right: Total TRX Telegram Activity (in Thousands)

3.Market Trading Data

3.1 Rate of Return/ Trading volume

In the cryptocurrency market this week, the price of Cryptocurrencies raised up less and down more. The trading volume decreased dramatically. Zcash experienced the largest increase of 7.3%, and TRON experienced the largest decrease of 5.19%; In terms of trading volume, IOTA has the largest decrease of 72%.

Rate of Return vs Price Volatility

3.2 Cryptocurrency Price Correlations

Correlation amongst assets is the degree to which they move in tandem. The matrices above show Pearson correlations and p-values that are computed from log-returns of volume-weighted average daily prices over the past week. The Cryptocurrency price correlations is relatively low this week, Cryptocurrencies price move in the different directions.

BCH and ETH had the highest correlation coefficients of 0.94, then ETC and BTC, with the correlation coefficients of 0.93; IOTA and Stellar had the lower correlation coefficient of -0.7, ETC and LTC had the correlation coefficient of -0.58.

Pearson Correlations Matrix of Top 10 Cryptocurrencies

Huobi Research

About us:

Huobi Research of Blockchain Application (Huobi Research) was founded in April 2016 and started research and explorations in various aspects in blockchain area since March 2018. We cover blockchain technology research, industry analysis, application innovation and economic model explorations etc. 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 entire industry.

Contact us:

E-mail:huobiresearch@huobi.com

Twitter: @Huobi_Research

Medium: Huobi Research

Facebook: Huobi Research

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

Disclaimer:

1. Huobi Research does not have any form of association with blockchain projects or other third-parties mentioned in this report that could jeopardize the objectivity, independence and fairness of this report.

2. All outside information, data referenced in this report is from compliant and legitimate sources that we deem as reliable, and Huobi Research have conducted the due diligence concerning its authenticity, accuracy and completeness, but such due diligence does not provide any guarantee.

3. This report is only for reference purposes. Conclusions and viewpoints in the report do not constitute any form of investment advice on crypto assets. Huobi Research is not responsible for any losses resulting from the use of this report, unless stipulated by law. Under no circumstances should the readers give up their own investment analysis and judgements.

4. This report only reflects the opinions from Huobi Research on the day it was finalized. Future market condition changes may lead to updates of such judgements.

5. The report is copyrighted by Huobi Research, please cite the source when quote, and get approval from us when large amount of contents is referenced. Under no circumstances is reference, abridgment and modification contrary to original intention permitted.

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Blockchain industry top think tank, affiliated to Huobi Group.

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