Huobi Blockchain Big Data Weekly Insights (Vol.25 2018/11/21–2018/11/28)
All data in this report was captured and analyzed by Huobi Research; please cite the source “Huobi Blockchain Big Data” for reference.
New Data Included: Cryptocurrencies with the Largest Increase/Decrease in Weekly Trading Volume
This Week:
- Active BTC addresses drastically decreased by 7.2%, among which the number of new address creation decreased by 7.6%. Bitcoin trading volume slightly decreased despite still at a relatively high position. Number of large transaction increased in the recent two weeks.
- Active ETH addresses drastically decreased by 11.2%, the first time reaching below 1 million since October. However, concentration of wealth in ETH network increased for two consecutive weeks.
- Number of transactions on EOS increased by 28.5%, while overall EOS DApp activity increased by 25.4%.
- GitHub XRP repository saw the addition of 18k new line of codes, the largest increase among all cryptocurrency repositories.
- Social Media Data：
BTC, ETH, and EOS were the most discussed cryptocurrencies in China, while BTC, ETH, and IOTA were the most discussed cryptocurrencies overseas; In the events category, “Bounce”, “Bear Market” and “Contract” were the hottest words in China, while “Long”, “Bot” and “Mining” were the hottest words overseas; in the Exchange and KOL category, “Huobi”, “Bitfinex” and “Binance” were the hottest in China, while “Satoshi”, “Binance”, and “Coinbase” 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 BTC were the projects that received the most watchers in a week; XRP, ETH and DASH were the projects with the most code commit submission this week
- Market Trading Data：
The price of major Cryptocurrencies crashed this week, led by Stellar which had the largest decrease of 25.72%. NEM had the smallest decrease of 2.96%.
1. On-Blockchain Data
1.1 Active Bitcoin Addresses
This week, the number of active Bitcoin addresses decreased by 7.2% to 3.54 million.
There were 1.198 million new Bitcoin addresses created this week, decreased by 7.6% from last week’s 1.296 million.
1.2 Bitcoin Transactions
The overall transaction volume on Bitcoin network was 8.005 million BTC, decreased by 7.4% from last week’s 8.647 million, still staying at a high level. There were overall 1.811 million transactions this week, decreased by 6% compared to last week. The average trading volume per transaction decreased by 1.5% to 4.42 BTC this week.
1.3 Bitcoin Transaction Fee
The overall transaction fee on Bitcoin network drastically increased from 250 BTC to 264 BTC this week. Average transaction fee was 0.00015 BTC, increased by 12.2% from last week.
1.4 Concentration of Wealth on Bitcoin
Concentration of wealth on bitcoin increased. Top 10 addresses held 5.4% of all Bitcoins, 0.06% more than last week; top 10–100 addresses held 0.03% more Bitcoins than that of last week; top 100–1000 held 0.13% more Bitcoins than that of last week; other addresses held 0.21% less Bitcoins than that of last week, reaching 63.92% of all Bitcoins.
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 2 extra-large transactions on Bitcoin network. The number of large transactions drastically increased from 868 to 1051 this week, leading to two consecutive weeks with great quantities of large transactions.
1.6 Bitcoin Transaction Volume Distribution
Transaction volume increased mainly for 1k-10k, in which the proportion of transaction volume increased from 22.1% to 26%.
1.7 Active Ethereum Addresses
The number of active addresses in Ethereum has drastically decreased by 11.2% from 1.108 million to 0.983 million, the first time to fall below 1 million since October.
1.8 Ethereum Transactions
The overall transaction volume on Ethereum has slightly decreased by 6.4% to 21.56 million ETH. There were overall 3.901 million transactions this week, decreased by 0.8% compared to last week; average transaction volume decreased by 5.6% from last week to 5.53 ETH.
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.
1.10 Ethereum Transaction Fee
The overall transaction fee on Ethereum network has slightly decreased from 13k to 12.9k ETH this week, while the average transaction fee on Ethereum network was 0.0033 ETH, the same with last week.
1.11 Concentration of Wealth on Ethereum
The concentration of wealth on Ethereum network has drastically increased for two consecutive weeks: top 10 accounts held 13.04% of all ETH, increased by 0.39% from last week; top 10–100 addresses held 25.58% of all ETH, increased by 0.46% compared to last week; top 100–1000 addresses held 24.49% of all ETH, decreased by 0.25% compared to last week; the rest addresses held 36.88% of all ETH, decreased by 0.62% from 37.5% of last week.
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 38 large transactions (165 large transactions last week), showing a drastic decrease from last week.
1.13 EOS Transactions
There were 40.47 million transactions on EOS this week (including transfer, RAM collateral/purchase, CPU collateralization), drastically increased by 28.5% from last week, rising in ten consecutive weeks and reaching 40 million for the first time since August. The number of EOS accounts drastically increased by 32981 this week.
1.14 EOS DApp Activity
Based on transaction volume, FastWin, BetDice, BlackJack, Royal Online Vegas and EOS Knight 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 179 currently active EOS dApps. Currently, gambling dApps accounted for 80.6% of total EOS transaction volume (77.9% last week) and 93% of total number of transactions (91.3% last week), the most popular among all dApp categories.
The activity of EOS dApps increased by 25.4% this week. Meanwhile, the transaction volume increased from 66 million by 63.6% to 108 million.
There were 9 gambling dApps and 1 game dApp (EOS Knight) among the 10 most popular EOS dApps this week.
1.15 ETH DApp Activity
Based on transaction volume, IDEX, Dice2win, CryptoKitties, OasisDEX and FCK 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 1191 currently active ETH dApps. Currently, cryptocurrency exchange dApps accounted for 65% of total ETH transaction volume and 32% of total number of transactions, the most popular among all dApp categories.
The activity of ETH dApps decreased by 14.4% this week.
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. Discussions regarding Ethereum focused on Casper CBC improvement as suggested by Vitalik, and discussions regarding EOS focused on whether EOS is a blockchain network, and the degree of centralization in EOS.
In the events category, NLP Word Cloud suggests “Bounce”, “Bear Market” and “Contract” as the hottest words of the week. “Bounce” refers to investors’ expectation for a bounce in Bitcoin price after the recent crash; “Bear Market” refers to the consensus reached by investors regarding the currently cryptocurrency market conditions; Trending for 4 consecutive weeks, “Contract” refers to Huobi’s new future trading platform, which generated much hype among cryptocurrency investors.
In the Exchanges/Opinion Leaders category, NLP Word Cloud suggests “Huobi”, “Bitfinex”, and “Binance” 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. Bitfinex received much attention due to its announcement of the addition of USDT/USD and EURT/EUR trading pairs on Bitfinex, replacing the previous 1:1 conversion on deposits and withdrawals for USDT.
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 IOTA as the three cryptocurrencies that received the most widespread attention this week. For BTC, discussions on mainly focused on price and trading strategies. Discussions on ETH mainly focused on the recently announcement by ETH developers to speed up ETH network updates, and discussions on IOTA mainly focused on the relationship between IoT and Cryptocurrency, as well as the IOTA development plan according to its roadmap.
In the Events category, NLP Word Analysis suggests “Long”, “Bot”, and “Mining” as the hottest words of the week. “Long” refers to many investors’ decisions to long Bitcoin after a substantial crash in price; “Mining” refers to the discussion on the miner shutdown as Bitcoin Hashrate has decreased by 10% over the past week; “Bot” refers to the discussion on how to trade and profit with quant bot trading.
In the Exchanges/Opinion Leaders category, NLP World Analysis suggests “Satoshi”, “Binance”, and “Coinbase” as the hottest words of overseas this week, for Coinbase and Binance, with the normal discussion on general topics among platform users. For Satoshi, with the discussion on CSW which is refer to “Australian Satoshi”.
2.3 Github Code Activity
Among all GitHub repositories this week:
- XRP, ETH and DASH were the projects with the most code addition;
- BTC, ETC and EOS were the projects with the most forks;
- ETH, BTC, and EOS were the projects with most code commit submissions;
- IOTA, XMR and ADA were the projects with the most new issues;
- ETH, BTC and EOS were the projects with most new stars;
- ETH, ADA and BTC were the projects with most new watchers.
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) NEO English group.
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). We also similarly measured the vitality of TRON and EOS community by the chat volume of TRONnetworkEN and NEO Blockchain telegram group.
The total chat volume in EOS community telegram groups remained largely unchanged compared to last week; the total chat volume in TRON community telegram decreased by 1.2k compared to last week; the total chat volume in NEO community increased by 0.1k compared to last week.
It’s worth mentioning that NEO Telegram has been relatively active in the past two consecutive weeks, from October’s 1k/week to 3k/week recently.
3.Market Data
3.1 Rate of Return/ Trading volume
In the cryptocurrency market this week, the price and transaction volume of most cryptocurrencies both decreased. Stellar experienced the largest decrease of 25.72%, and NEM received the smallest decrease of 2.96%; In terms of trading volume, Zcash had the largest increase of 25.2%, while ADA had the largest decrease of 72.76%.
3.2 Cryptocurrencies with the Largest Increase/Decrease in Weekly Trading Volume
Huobi Research captured cryptocurrency trading volume in major exchanges and calculated 5 cryptocurrencies that had the largest increase and decrease in their respective trading volume.
5 Cryptocurrencies with the largest increase in weekly trading volume: MDA, REQ, RLC, ARK, MOF;
5 Cryptocurrencies with the largest decrease in weekly trading volume: YOYOW, MITH, MANA, STEEM, Go.
3.3 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 except the correlation between Stellar and Ripple, Cryptocurrencies price move in the same directions.
High correlations were observed between the price of top 10 Cryptocurrencies this week.
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.
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