Huobi Blockchain Big Data Weekly Insights (Vol.23 2018/11/7–2018/11/14)

Huobi Research
Nov 17, 2018 · 12 min read

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: Tron DApps Activity, EOS/ETH/TRON DApps Activity Comparison

This Week:

  1. This week, the number of active Bitcoin addresses decreased by 4.1% to 3.81 million, including 1.37 million new addresses, increased 0.7%. There were 1.93 million transactions happened on Bitcoin this week, up 0.7% compared to that of last week, reaching another 6-month high. Concentration of Bitcoin slightly decreased this week, mainly caused by a net outflow of 40,000 BTC from a Binance cold wallet.
  2. There were overall 31.27 million transactions on EOS this week, increased 32.4% compared to that of last week.
  3. EOS DApp activity increased by 36%. EOS>TRON>ETH in terms of total number of in-DApp transactions.
  • Social Media Data:

Bitcoin, Ethereum, BCH to be the top trending in China, Bitcoin, BCH, EOS to be the top trending overseas; In the Events category, “Bifurcation”, “Contract” and “Computing power” were the hottest words in China, while “Scam”, “Bot robot” and “Decentralized” were the hottest words overseas; in the Exchange and KOL category, “Huobi”, “Binance” and “ZB” were the hottest in China, while “Coinbase”, “Binance”, and “Satoshi” were the hottest overseas.

Among Github repositories, ETH, BTC and EOS were the top Cryptocurrencies projects that received the most stars in a week; EOS, ADA and BCH were the projects that received the most watchers in a week; IOTA, ETH 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. BCH experienced the largest decrease of 28.58 %; In terms of trading volume, NEM has the largest increase of 247%.

1. On-Blockchain Data

This week, the number of active Bitcoin addresses decreased by 4.1% to 3.81 million, terminating the consecutive 7 weeks’ increase.

Active Bitcoin Address (in millions)

There were 1.37 million new Bitcoin addresses created this week, decreased by 6.8% from last week’s 1.47 million.

New BTC Addresses

The overall transaction volume on Bitcoin network was 5.41 million BTC, decreased by 11.2% from last week’s 6.09 million. There were overall 1.93 million transactions this week, increased by 0.7% compared to last week, reaching a new high for the past half a year. The average trading volume per transaction decreased by 11.8% to 2.79 BTC this week.

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

The overall transaction fee on Bitcoin network increased from 117 BTC to 132 BTC this week. Average transaction fee was 0.00007 BTC, increased by 12.9% from last week.

Bitcoin Transaction Fee (BTC)

Concentration of wealth on bitcoin drastically decreased. Top 10 addresses held 5.46% of all Bitcoins, 0.27% less than last week, which mainly resulted from the net outwards transfer of 40000 Bitcoins from Binance’s cold wallet; top 10–100 addresses held 0.13% more Bitcoins than that of last week; top 100–1000 held 0.01% less Bitcoins than that of last week; other addresses held 0.13% more Bitcoins than that of last week, reaching 64.24% of all Bitcoins.

Concentration of Wealth on BTC Network

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 decreased from 433 to 318 this week.

Large and Extra-Large Bitcoin Transactions

Transaction volume decreased mainly for 1k-10k, in which the proportion of transaction volume decreased from 20.3% to 10.4%.

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

The number of active addresses in Ethereum has decreased by 1.4% from 1.127 million to 1.111 million.

Active Ethereum Addresses

The overall transaction volume on Ethereum has decreased by 2.5% to 12.17 million ETH. There were overall 3.83 million transactions this week, decreased by 1.8% compared to last week; average transaction volume decreased by 0.7% from last week to 3.18 ETH.

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

The average transaction per second (TPS) on Ethereum network this week decreased by 0.1 to 6.3 tps this week.

Ethereum TPS

The overall transaction fee on Ethereum network has decreased from 11.4k to 10k ETH this week, while the average transaction fee on Ethereum network was 0.0026 ETH, decreased by 10.8% this week.

Ethereum Transaction Fee

The concentration of wealth on Ethereum network has increased compared to last week: top 10 accounts held 12.31% of all ETH, increased by 0.06% from last week; top 10–100 addresses held 24.67% of all ETH, decreased by 0.13% compared to last week; top 100–1000 addresses held 24.98% of all ETH, decreased by 0.14% compared to last week; the rest addresses held 38.04% of all ETH, decreased by 1.05% from 38.09% of last week.

Concentration of Wealth on Ethereum

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 1 extra-large transactions and 33 large transactions (34 large transactions last week).

Large and Extra-Large Transactions on Ethereum

There were 31.27 million transactions on EOS this week (including transfer, RAM collateral/purchase, CPU collateralization), increased by 32.4% from last week, rising in eight consecutive weeks.

EOS Transactions

Based on transaction volume, BetDice, EOS Jacks, Blackjack-EOS Poker, Funcity, 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 155 currently active EOS dApps. Currently, gambling dApps accounted for 84% of total EOS transaction volume (80% last week) and 92.91% of total number of transactions (91.7% last week), the most popular among all dApp categories.

The activity of EOS dApps increased by 36% this week, among which, that of gambling dApps increased by 37%, that of cryptocurrency exchange dApps stayed the same, and that of game dApps increased by 20%.

There were 12 gambling dApps, 1 game dApp (EOS Knight), 1 distributed cryptocurrency dApp (WhaleEx) and 1 other dApp (PRA CandyBox) 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

Based on transaction volume, IDEX, Dice2win, CryptoKitties, Ethereum Name and FolkDelta 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 70% of total ETH transaction volume and 32% of total number of transactions, the most popular among all dApp categories.Based on transaction volume, IDEX, Dice2win, CryptoKitties, Ethereum Name, and ForkDelta were the 5 most popular ETH dApps this week.

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

Based on transaction volume, TRON DICE, TRON BET, and HitDAPPs were the 3 most popular TRON dApps this week.

Based on the information above, Huobi Research analyzed total number of transactions and total transaction volume of all 17 currently active TRON dApps. Currently, gambling dApps accounted for 99.3% of total TRON transaction volume and 98% of total number of transactions. Nearly all TRON dApps are gambling dApps.

Tron DApp Activity

Huobi Research analyzed daily active transactions of dApps of 3 currently active and popular public chains (EOS, ETH, TRON). EOS leads with an average of 2 million daily transactions, TRON ranks second with that of 0.5 million and ETH ranks third with that of 0.4 million.

DApp Activity Comparison

2. Social Media Data

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 BCH as the top Cryptocurrencies receiving the most widespread attention, for Bitcoin and Ethereum, discussions mainly focused on price and trading strategies; For RCH, discussion mainly focused on the BCH computing power competition between Wu Jihan and CSW.

In the events category, NLP Word Cloud suggests “Bifurcation”, “Contract” and “Computing power” as the hottest words of the week. “Bifurcation” refers to: the exchange’s solution to BCH bifurcation, and the influence (positive or negative) of bifurcation on the currency market; “Contract” refers to the discussion on the price has fallen sharply recently, with some investors taking advantage of contracts to short; “Computing power” refers to the discussion on 1) the overall computing power of bitcoin has fallen recently; 2) computing power competition between Wu Jihan and CSW.

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 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, BCH, and EOS as the three cryptocurrencies that received the most widespread attention this week. For BTC and EOS, discussions on mainly focused on price and trading strategies. BCH was highly discussed because of the computing power competition between bitcoin ABC and bitcoin SV.

In the Events category, NLP Word Analysis suggests “Scam”, “BOT robot”, and “Decentralized” as the hottest words of the week. “Scam” refers to the discussion on how investors guard against scams with the recent spate of Cryptocurrency scams; “BOT robot” refers to the discussion on how to trade and profit with quantitative transaction by robot; “Decentralized” refers to the discussion on framework and security issues of popular decentralized exchanges such as EtherDelta, IDEX.

In the Exchanges/Opinion Leaders category, NLP World Analysis suggests “Coinbase”, “Binance”, and “Satoshi” 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 referred to “Australian Satoshi”.

r/CryptoCurrency Word Analysis

Among all GitHub repositories this week:

  1. IOTA, ETH and ADA were the projects with the most code rows;
  2. ETH, BTC and EOS were the projects with the most forks;
  3. ETH, TRX, and XLM were the projects with most code commit submissions;
  4. EOS, XMR and NEO were the projects with the most issue;
  5. ETH, BTC and EOS were the projects with most stars;
  6. EOS, ADA and BCH were the projects with most watchers.
GitHub Code 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) TRON English group.

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 8,000, decreased for five consecutive weeks, the number of TRON telegram groups increased by 300, compared with its last week.

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

3.Market Data

In the cryptocurrency market this week, the price of Cryptocurrencies decreased except NEM. The trading volume increased slightly. NEM experienced the largest increase of 3.56%; In terms of trading volume, NEM has the largest increase of 247%, BCH has the largest decrease of 28.58%, BNB with the most obvious decrease of 11.7%.

Rate of Return vs Price Volatility

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.

BTC and LTC, had the highest correlation coefficients of 0.97; then, BCH and TRON had the second highest correlation coefficients of 0.95; Stellar and XMR had the lowest correlation coefficient of -0.66, Stellar and NEO had the second lowest correlation coefficient of -0.42.

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

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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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