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Huobi Blockchain Big Data Weekly Insights (Vol.21 2018/10/24–2018/10/31)

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

This Week:

  • Social Media Data:

In the Cryptocurrencies category, BTC, Ethereum, EOS to be the top trending in China, while BTC, Ethereum, Monero were the top Cryptocurrencies overseas; In the Events category, “Risk”, “Contract” and “Rebound” were the hottest words in China, while “Scam” ,“Flat” and “Robot” 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; BTC, ETH and EOS were the projects that received the most watchers in a week; IOTA, TRX and ADA were the projects with the most code commit submission this week.

  • Market Trading Data:

In the cryptocurrency market this week, the price of Cryptocurrencies decreased. The trading volume increased dramatically. NEO experienced the largest decreased of 6.84%, in terms of trading volume, EOS has the largest increase of 103%.

1. On-Blockchain Data

1.1 Active Bitcoin Addresses

The amount of active Bitcoin addresses this week rises by 1.8% from last week, total to 3.69 million, which sticks to the ongoing trends for the last six weeks, and reaches the highest amount per week for recent two months.

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 transaction volume for Bitcoin Blockchain this week is 5.602 million BTC, which shows a decrease by 5.82% from 5.949 million last week. The amount of transactions is 1.768 million, a 3% increase from last week, which reaches the highest for recent six months. The average amount of BTC traded per transaction shows a decline of 8.6% from last week, which now equals to 3.17 BTC.

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

1.3 Bitcoin Transaction Fee

Compared with last week, the total amount of transaction fee increases this week, from 114.6 BTC last week to 120.4 BTC this week, which indicates that the transaction fee for each transaction is 0.00007 BTC, a 5% increase from last week.

Bitcoin Transaction Fee (BTC)

1.4 Concentration of Wealth on Bitcoin

The concentration of Bitcoin address doesn’t change much this week compared with that of last week. The ratio of Bitcoin holding for the Top10 addresses holds the same, which equals to 5.74%; this ratio for the addresses from Top10 to Top100 shows a decline of 0.016% from that of last week; this ratio indicates a decrease of 0.014% from that of last week for the addresses from Top100 to Top1000; while for the rest of the addresses, it shows an increase of 0.03%, enabling the ratio to reach 64.09%.

Concentration of Wealth on BTC Network

1.5 BTC Large Transactions Monitor

According to the transfer amount of Bitcoin transactions, Huobi Research has established a classification standard. For the transactions whose transfer amount is larger than 10 thousand, they are classified as super large transfers, while those between 1 thousand and 10 thousand BTC are classified as large transfers, with those under 1 thousand classified as others. By this classification, we can see during this week, there were 5 super large transfers, while the amount of large transfers declined from 348 last week to 262.

1.6 Bitcoin Transaction Volume Distribution

Except for super large transactions, the volume for any other transaction has seen a fall this week. The one with the most significant decrease is the volume for large transactions, which shows a decline from 11% to 8.4% as a proportion of the whole volume.

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

1.7 Active Ethereum Addresses

The amount of active Ethereum address rises by 2.6%, from 1.166 million last week to 1.196 million this week.

1.8 Ethereum Transactions

The transaction volume for Ethereum Blockchain this week is 11.35 million ETH, which shows a decrease by 8.3% from last week. The amount of total transactions is 3.906 million, a 0.8% increase from last week. The average amount of ETH traded per transaction shows a decline of 9% from last week, which now equals to 2.91 ETH.

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

1.9 Ethereum TPS

The average transaction volume per second this week is 6.5, which shows an increase of 0.1 transaction/second from last week.

1.10 Ethereum Transaction Fee

Compared with last week, the total amount of transaction fee increases this week, from 10.1 thousand ETH last week to 10.4 thousand ETH this week, which indicates that the transaction fee for each transaction is 0.0027 ETH, an 1.9% increase from last week.

1.11 Concentration of Wealth on Ethereum

The concentration of Ethereum address shows a decline from last week. The ratio of Ethereum holding for the Top10 addresses equals to 12.07%, which shows a decline of 0.02%; this ratio for the addresses from Top10 to Top100 shows a decline of 0.12% from last week, which now equals to 24.55%; this ratio also indicates a decrease of 0.03% from last week for the addresses from Top100 to Top1000, which now is 25.21%; while for the rest of the addresses, it shows an increase of 0.13%, enabling the ratio to reach 38.17% from 38.04%.

1.12 ETH Large Transactions Monitor

According to the transfer amount of Ethereum transactions, Huobi Research has established a classification standard. For the transactions whose transfer amount is larger than 50 thousand ETH, they are classified as super large transfers, while those between 10 thousand and 50 thousand are classified as large transfers, with those under 10 thousand classified as others. By this classification, we can see during this week, there were 3 super large transfers, while the amount of large transfers slightly increased from 57 last week to 59.

1.13 EOS Transactions

The total amount of transactions on EOS Chain equals to 21.84 million, including transfers, RAM pledge/purchase, CPU pledge and so on, which shows a 10.4% increase from last week and continues the upgoing trends for the last six weeks.

1.14 EOS RAM Utilization and Voting Percentage

Currently, the proportion of allocated RAM on EOS is 56.38%, with a 0.66% decline from last week. The total amount of accounts equals to 424 thousand, which shows an increase from 399 thousands of last week. Among these accounts, the ones which have participated in the voting process covers a proportion of 39.53%, which shows a slight difference from 59.52% of last week.

1.15 EOS DApp Activity

Currently, the Top5 most active DAPP projects on EOS Chain with regard to the transaction volume of accounts this week is BetDice, Endless Dice, EOS Poker, EOSBet and EOS Knights respectively.

Based on this, Huobi Research has calculated EOS transaction volumes and transfer amounts of the currently active 123 DAPP projects on EOS. Among these active DAPPs on EOS, gambling DAPPs hold 82% of the total EOS transaction volume (while last week this figure reached 93%) and 90.1% of the total amount of transactions (which equaled to 91.3% last week), thus occupying the largest proportion of all DAPPs.

It is worth mentioning that except for gambling DAPPs, DAPPs with other features have become increasingly popular recently. For example, Exchange DAPPs like Newdax and Game DAPPs like EOS Knights show an obvious increase this week with regard to their activities.

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

1.16 ETH DApp Activity

Currently, the Top5 most active DAPP projects on ETH with regard to the transaction volume of accounts this week is IDEX, Dice2win, CryptoKitties, ForkDelta and Ethroll respectively.

Based on this, Huobi Research has calculated ETH transaction volumes and transfer amounts of the currently active 1137 DAPP projects on ETH. Among these active DAPPs on ETH, exchange-based DAPPs hold 65% of the total ETH transaction volume and 37% of the total amount of transactions, thus occupying the largest proportion of all DAPPs.

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 EOS as the top Cryptocurrencies receiving the most widespread attention, for Bitcoin and Ethereum, discussions mainly focused on price and trading strategies.

In the events category, NLP Word Cloud suggests “Risk”, “Contract” and “Rebound” as the hottest words of the week. “Risk” refers to: after the “Black swan” event on October 15, USDT returned to its original price and the risk was temporarily eliminated; “Contract” refers to the discussion on analysis of advantages and disadvantages from major contract platforms; “Rebound” refers to the discussion on people’s expectation to the price rebound after a long period of sideways trading.

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 “Zcash”, “DAG”, “DASH”, “Bithumb” and “GSDT” receiving the largest increase, while focus on “stock right”, “Jiang Zhuoer”, “okcoin”, “Github” and “bull market” 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, ETH, and Monero as the three cryptocurrencies that received the most widespread attention this week. For Bitcoin and ETH, discussions on mainly focused on price and trading strategies. Monero was highly discussed because Binance and Bitfinex successively transferred the withdraw fee of Monero from 0.04XMR to 0.0001XMR.

In the Events category, NLP Word Analysis suggests “BOT Robot”, “Wallet”, and “Scam” 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; “Scam” refers to the discussion on Canada’s exchange Maple Change has been hacked, with investors concerned about the risk of closing the exchange for fraud.

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 “SEC”, “Node”, “NANO”, “China” and “0x” receiving the largest increase, while focus on “IOTA”, “BCH”, “DOGE”, “Mainnet” and “POW” 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, IOTA, TRX and ADA were the projects with the most code rows; It’s worth noting that IOTA has had a lot of code updates this week, with 1,718 rows of code updated on 53 submissions. BTC, ETH and EOS were the projects with the most forks; IOTA, XMR, and ADA were the projects with most code commit submissions; ETH, NEO and ADA were the projects with the most issue; ETH, BTC and EOS were the projects with most stars; ETH, BTC and EOS 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 activist telegram groups this week were: 1) Ontology group, 2) Vechain English group, 3) EOS China (Chinese 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 5,000, decreased for five consecutive weeks, the number of TRON telegram groups decreased by 1,400, compared with its last week.

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

3.Market Data

3.1 Rate of Return/ Trading volume

In the cryptocurrency market this week, the price of Cryptocurrencies decreased. The trading volume increased dramatically. NEO experienced the largest decrease of 6.84%; In terms of trading volume, EOS has the largest increase of 103%.

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.

The overall Cryptocurrency price correlation this week can be divided into two categories: the price of BTC,BCH,ADA,EOS,ETC,IOTA,ETH,TRON are highly correlated; the price of NEO,XLM,XRP,DASH are highly correlated

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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