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Huobi Blockchain Big Data Weekly Insights (Vol.24 2018/11/14–2018/11/21)

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

This Week:

  • Social Media Data:

BTC, BCH, and ETH were most discussed cryptocurrency in China and overseas; In the Events category, “Fork”, “Contract” and “Bounce” were the hottest words in China, while “Bots”, “Mining” and “Fiat” were the hottest words overseas; in the Exchange and KOL category, “Huobi”, “Jihan Wu” 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; EOS, BTC and NEO 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:

The price of major Cryptocurrencies crashed this week, led by BCH which had the largest decrease of 55.75. Ripple had the smallest decrease of 14.14%.

1. On-Blockchain Data

1.1 Active Bitcoin Addresses

This week, the number of active Bitcoin addresses was the same as that of last week, remaining at 3.81 million.

Active Bitcoin Address (in millions)

There were 1.296 million new Bitcoin addresses created this week, decreased by 5.4% from last week’s 1.37 million.

New BTC Addresses

1.2 Bitcoin Transactions

The overall transaction volume on Bitcoin network was 8.647 million BTC, drastically increased by 60% from last week’s 5.412 million. There were overall 1.926 million transactions this week, decreased by 0.4% compared to last week. The average trading volume per transaction increased by 60.4% to 4.49 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 drastically increased from 132 BTC to 250 BTC this week. Average transaction fee was 0.00013 BTC, increased by 90.7% from last week.

Bitcoin Transaction Fee (BTC)

1.4 Concentration of Wealth on Bitcoin

Concentration of wealth on bitcoin increased. Top 10 addresses held 5.34% of all Bitcoins, 0.12% less than last week; top 10–100 addresses held 0.1% more Bitcoins than that of last week; top 100–1000 held 0.13% more Bitcoins than that of last week; other addresses held 0.11% less Bitcoins than that of last week, reaching 64.13% 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 15 extra-large transactions on Bitcoin network. The number of large transactions drastically increased from 318 to 868 this week.

Large and Extra-Large Bitcoin Transactions

1.6 Bitcoin Transaction Volume Distribution

Transaction volume increased mainly for 1k-10k, in which the proportion of transaction volume increased from 10.4% to 22.1%.

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 0.3% from 1.111 million to 1.108 million.

Active Ethereum Addresses

1.8 Ethereum Transactions

The overall transaction volume on Ethereum has drastically increased by 89.2% to 23.03 million ETH. There were overall 3.934 million transactions this week, increased by 2.8% compared to last week; average transaction volume increased by 84% from last week to 5.85 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 0.2 to 6.5 tps this week.

Ethereum TPS

1.10 Ethereum Transaction Fee

The overall transaction fee on Ethereum network has drastically increased from 10k to 13k ETH this week, while the average transaction fee on Ethereum network was 0.0033 ETH, increased by 27.4% this week.

Ethereum Transaction Fee

1.11 Concentration of Wealth on Ethereum

The concentration of wealth on Ethereum network has drastically increased compared to last week: top 10 accounts held 12.65% of all ETH, increased by 0.34% from last week; top 10–100 addresses held 25.12% of all ETH, decreased by 0.45% compared to last week; top 100–1000 addresses held 24.74% of all ETH, decreased by 0.25% compared to last week; the rest addresses held 37.5% of all ETH, decreased by 0.54% from 38.04% of 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 21 extra-large transactions and 165 large transactions (33 large transactions last week), showing a drastic increase from last week.

Large and Extra-Large Transactions on Ethereum

1.13 EOS Transactions

There were 31.5 million transactions on EOS this week (including transfer, RAM collateral/purchase, CPU collateralization), increased by 0.7% from last week, rising in nine consecutive weeks.

EOS Transactions

1.14 EOS DApp Activity

Based on transaction volume, FastWin, BetDice, EOSMax, BlackJack, 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 162 currently active EOS dApps. Currently, gambling dApps accounted for 77.9% of total EOS transaction volume (80% last week) and 91.3% of total number of transactions (91.76% last week), the most popular among all dApp categories.

The activity of EOS dApps decreased by 6% this week, the first decrease in a single week ever since October 2018. Meanwhile, the transaction volume decreased from 106 million by 37.7% to 66 million.

There were 9 gambling dApps and 1 game dApp (EOS Knight) among the 10 most popular EOS dApps this week.

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

1.15 ETH DApp Activity

Based on transaction volume, IDEX, Dice2win, CryptoKitties, FolkDelta and Ethereum Name 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 63% of total ETH transaction volume and 34% of total number of transactions, the most popular among all dApp categories.

The activity of ETH dApps increased by 3.9% this week.

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

1.16 TRON DApp Activity

Based on transaction volume, TRON Bet, TRON Dice, and Dice Bet 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 21 currently active TRON dApps. Currently, gambling dApps accounted for 99% of total TRON transaction volume and 98% of total number of transactions. Nearly all TRON dApps are gambling dApps.

Tron DApp Activity

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

In the events category, NLP Word Cloud suggests “Fork”, “Contract” and “Bounce” as the hottest words of the week. “Fork” refers to multiple cryptocurrency exchanges’ attitudes toward BCH fork, and the impact it had on the market sentiment; “Contract” refers to the discussion on the price has fallen sharply recently, with some investors taking advantage of contracts to short, as well as Huobi’s new “contract trading” service which generated much discussion; “Bounce” refers to cryptocurrency investors’ expectation for a price bounce after the crash.

In the Exchanges/Opinion Leaders category, NLP Word Cloud suggests “Huobi”, “Jihan Wu”, 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. Discussions on Huobi focused on its new “contract trading” service, and discussions on Jihan Wu focsed on the BCH split between Wu and Craig Wright.

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, BCH, and ETH as the three cryptocurrencies that received the most widespread attention this week. For BTC and ETH, 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 “Bot”, “Mining”, and “Fiat” as the hottest words of the week. “Bot” refers to the discussion on how to trade and profit with quantitative transaction by robot; “Mining” refers the continued decrease in Bitcoin’s mining difficulty; “Fiat” refers to the discussion on purchasing Cryptocurrencies with fiat money.

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”.

r/CryptoCurrency Word Analysis

2.3 Github Code Activity

Among all GitHub repositories this week:

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) TRON 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 increased by 50% compared to last week, and the number of TRON telegram groups increased by 1000.

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 crashed, while trading volume for most Cryptocurrencies increased. BCH experienced the largest decrease of 55.75%, and Ripple received the smallest decreased of 14.14%; In terms of trading volume, ADA had the largest increase of 224%, while BCH had the largest decrease of 85%.

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 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. Except for Ripple and Stellar, the correlations between prices were generally over 0.95.

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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