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Huobi Blockchain Big Data Weekly Insights (Vol.22 2018/10/31–2018/11/7)

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

This Week:

  1. This week, the number of active Bitcoin addresses increased by 7.6% to 3.98 million, including 1.47 million newly created addresses, increased 7.2%. There were 1.92 million transactions happened on Bitcoin this week, up 8.6% compared to that of last week, reaching a 6-month high.
  2. There were overall 23.61 million transactions on EOS this week, increased 8.1% compared to that of last week.
  3. EOS dApp activity increased by 24%, in which gambling dApps accounted for 91.8% of all EOS dApp activity.
  • Social Media Data:

BTC, Ethereum, EOS to be the top trending in China, same trending overseas; In the Events category, “Rebound”, “Risk” and “Supervise” were the hottest words in China, while “Scam” ,“Mining” and “Wallet” were the hottest words overseas; in the Exchange and KOL category, “Huobi”, “Binance” and “ZB” were the hottest in China, while “Coinbase”, “Binance”, and “Kucoin” 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 XLM were the projects that received the most watchers in a week; ETH, IOTA 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 raised up more and down less. The trading volume increased dramatically. BCH experienced the largest increase of 43.34%; In terms of trading volume, BCH also has the largest increase of 213%.

1. On-Blockchain Data

1.1 Active Bitcoin Addresses

This week, the number of active Bitcoin addresses increased by 7.6% to 3.98 million, rising in seven consecutive weeks and reaching a three-month high.

Active Bitcoin Address (in millions)

There were 1.47 million new Bitcoin addresses created this week, increased by 7.15% from last week’s 1.37 million.

New BTC Addresses

1.2 Bitcoin Transactions

The overall transaction volume on Bitcoin network was 6.09 million BTC, increased by 8.6% from last week’s 5.6 million. There were overall 1.92 million transactions this week, increased by 8.6% compared to last week, reaching a half-year high. The average trading volume per transaction decreased by 0.1% to 3.17 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 120 BTC to 117 BTC this week. Average transaction fee was 0.00006 BTC, decreased by 10% from last week.

Bitcoin Transaction Fee (BTC)

1.4 Concentration of Wealth on Bitcoin

Concentration of wealth on bitcoin showed little change this week. Top 10 addresses held 5.73% of all Bitcoins, 0.01% less than last week; top 10–100 addresses held 0.01% less Bitcoins than that of last week; top 100–1000 held 0.01% less Bitcoins than that of last week; other addresses held 0.03% more Bitcoins than that of last week, reaching 64.11% of all Bitcoins.

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 4 extra-large transactions on Bitcoin network. The number of large transactions drastically increased from 262 to 433 this week.

Large and Extra-Large Bitcoin Transactions

1.6 Bitcoin Transaction Volume Distribution

Transaction volume increased mainly for the category of 1,000–10,000 BTC, whose proportion of total weekly Bitcoin transaction volume increased from 8.4% to 20.3%.

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 decreased by 5.8% from 1.196 million to 1.127 million.

Active Ethereum Addresses

1.8 Ethereum Transactions

The overall transaction volume on Ethereum has increased by 9.9% to 12.48 million ETH. There were overall 3.898 million transactions this week, same with that of last week; average transaction volume increased by 10.2% from last week to 3.2 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 decreased by 0.1 to 6.4 tps this week.

Ethereum TPS

1.10 Ethereum Transaction Fee

The overall transaction fee on Ethereum network has increased from 10.4k to 11.4k ETH this week, while the average transaction fee on Ethereum network was 0.0029 ETH, increased by 9.4% this week.

Ethereum Transaction Fee

1.11 Concentration of Wealth on Ethereum

The concentration of wealth on Ethereum network has increased compared to last week: top 10 accounts held 12.24% of all ETH, increased by 0.17% from last week; top 10–100 addresses held 24.54% of all ETH, decreased by 0.01% compared to last week; top 100–1000 addresses held 25.12% of all ETH, increased by 0.09% compared to last week; the rest addresses held 38.09% of all ETH, decreased by 0.07% from last week.

Concentration of Wealth on Ethereum

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 2 extra-large transactions and 34 large transactions (there were 59 large transactions last week).

Large and Extra-Large Transactions on Ethereum

1.13 EOS Transactions

There were 23.61 million transactions on EOS this week (including transfer, RAM collateral/purchase, CPU collateralization), increased by 8.1% from last week, rising in seven consecutive weeks.

EOS Transactions

1.14 EOS DApp Activity

Based on transaction volume, BetDice, EOS luckyMe, BET24, Blackjack-EOS Poker, and EOS Seven 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 140 currently active EOS dApps. Currently, gambling dApps accounted for 80% of total EOS transaction volume (82% last week)and 91.76% of total number of transactions (90.1% last week), the most popular among all dApp categories.

The activity of EOS dApps increased by 24% this week, among which, that of gambling dApps increased by 25%, that of cryptocurrency exchange dApps increased by 244% (mainly due to whaleEx), and that of game dApps decreased by 4%.

There were 13 gambling dApps, 1 game dApp (EOS Knight)and 1 distributed cryptocurrency dApp (whaleEx) among the 15 most popular EOS dApps this week.

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

1.15 ETH DApp Activity

Based on transaction volume, IDEX, Dice2win, CryptoKitties, Ethereum Name, and ForkDelta 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 1137 currently active ETH dApps. Currently, cryptocurrency exchange dApps accounted for 60% of total ETH transaction volume and 35% of total number of transactions, the most popular among all dApp categories.

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. EOS, with the discussion mainly focused on 1) WhiteBlock research says EOS isn’t even blockchain sparking controversy; 2) EOS resource mortgage redemption.

In the events category, NLP Word Cloud suggests “Rebound”, “Rike” and “Supervise” as the hottest words of the week. “Rebound” refers to: BCH increased price makes some investors think it is the signs of a rebound emerging ; “Risk” refers to the discussion on reasons for BCH price increases and risk of pullback; “Supervise” refers to the discussion on the investors’ understanding of Hong Kong’s securities and announced futures commission (SFC) ‘s new digital assets regulation.

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

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 BTC, ETH, and EOS as the three cryptocurrencies that received the most widespread attention this week. The discussions in China and abroad this week are similar. For BTC and ETH, discussions on mainly focused on price and trading strategies. Discussions on EOS focused on WhiteBlock research says EOS isn’t even blockchain project.

In the Events category, NLP Word Analysis suggests “Scam”, “Mining”, and “Wallet” as the hottest words of the week. “Scam” refers to the discussion on the recent spate of cryptocurrencies scams, how can investors guard against scams; “Mining” refers to the discussion on 1) whether bitcoin mining will cause global warming; 2) BTCC announced the closure of their mining; “Wallet” refers to the discussion on advantages, disadvantages and choices of major cryptocurrencies wallets

In the Exchanges/Opinion Leaders category, NLP World Analysis suggests “Coinbase”, “Binance”, and “Kucoin” as the hottest words of overseas this week, with the normal discussion on general topics among platform users including log-in issue, transaction, the rate and so on.

r/CryptoCurrency Word Analysis

2.3 Github Code Activity

Among all GitHub repositories this week,

  1. ETH, IOTA and ADA were the projects with the most code rows;
  2. ETH, EOS and NEO were the projects with the most forks;
  3. BCH, XMR, and ADA were the projects with most code commit submissions;
  4. ETH, IOTA and NEO were the projects with the most issue;
  5. ETH, BTC and EOS were the projects with most stars;
  6. ETH, BTC and XLM 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) EOS China (Chinese group), 2) EOS English group, 3) Ontology 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 increased, by 4,300, the number of TRON telegram groups hold the same with its number 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 raised up more and down less. The trading volume increased dramatically. BCH experienced the largest increase of 43.34%; In terms of trading volume, BCH also has the largest increase of 213%.

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 high this week, Cryptocurrencies price move in the same directions.

BCH and ETH, EOS and LTC had the highest correlation coefficients of 0.98; BTC and NEO had the lowest correlation coefficient of 0.59.

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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