Huobi Research
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Huobi Research

Weekly Report(2021/11/08–2021/11/14)【Vol.190】

Abstract

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 1.18%, with 51 projects increased in value to varying degrees. According to coinmarketcap, as of November 14, 2021, the total market cap of cryptocurrencies was 2864.0 billion U.S.dollars, increased of 1.18%, and the total market cap of the top 100 cryptocurrencies was 2763.0 billion U.S. dollars, increased by 1.78% from last week. 4 cryptocurrency projects entered the top 100 this week, namely LPT, WAX, IOTX and BTG. As of November 14, 2021, Bitcoin was traded at 65466.84USD, 3.41% higher than its price last week. Ethereum was traded at 4626.36USD, 0.20% higher than its price last week.

The hashrate of Bitcoin increased and Ethereum increased by this week. This week, the difficulty of mining Bitcoin increased and the difficulty of mining Ethereum increased. The average number of transactions per block increased and the average block size of Bitcoin increased. The average number of transactions per block decreased but the average block size of Ethereum increased this week. The average transaction fees of Bitcoin increased and Ethereum increased. TWT was the most active project on GitHub this week.

The average bitcoin Hashrate for the entire network reached 160.4EH/s, increased by 0.38% from the previous week. Average Hashrate for the entire Ethereum network was 841.84TH/s this week, increased by 4.75%. Average difficulty for mining Bitcoin this week was 21.65, increased by 1.98% from last week. The average difficulty of mining Ethereum this week was 10828.81TH, increased by 4.87% from that of previous week.

In network activity, the average size of each block was 1.22MB, increased by 1.67% from last week; there were on average 1886 transactions recorded in each block, increased by 3.85% from the previous week. The average number of transactions per block in Ethereum this week was 208.7, decreased by 1.23%. The average size of each block was 64665.14 bytes, decreased by 0.40% compared to last week. Average transaction fees of Bitcoin this week was $2.871, increased by 3.31% from last week. Average transaction fees of Ethereum this week was $47.048, incresead by 13.28% from last week The total number of Bitcoin addresses was 78996381, increased by 272032 (0.35%). Trust wallet token was the most active project on GitHub this week, with 59 commits submitted in the past week.

In terms of community activity, Tron, Bitcoin and Ethereum are the most popular communities on Facebook. On Twitter, the most popular communities are Bitcoin, Ripple and Ethereum.

According to public information statistics, there were 25 investment and financing in the past week, with a total amount of US $2.046 billion, an increase of 52.8% month on month.

1. Weekly Market Review

1.1 Market overview

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 1.18%, with 51 projects increased in value to varying degrees. According to coinmarketcap, as of November 14, 2021, the total market cap of cryptocurrencies was 2864.0 billion U.S.dollars, increased of 1.18%, and the total market cap of the top 100 cryptocurrencies was 2763.0 billion U.S. dollars, increased by 1.78% from last week, among which, IOTX had the largest increased of 124.46%, bringing its market cap ranking from №110 to №73, OMG had the largest decreased of -28.24%, bringing its market cap ranking from №70 to №83. In addition, there were 4 projects that entered TOP100, namely, BTG (Bitcoin Gold, increased 4.58%, Now №99), WAX (WAXP, increased 55.79%, Now №89), LPT (Livepeer, increased 79.38%, Now №81), IOTX (IoTeX, increased 124.46%, Now №73). As of November 14, 2021, Bitcoin was traded at 65466.84USD, 3.41% higher than its price last week. Ethereum was traded at 4626.36USD, 0.20% higher than its price last week.

The overall 24h trading volume decreased this week. Overall, the 24h trading volume decreased by 3.23% compared with the same period of last week. In this week, 18 of the top 100 projects increased in 24h trading volume, led by LRC with a weekly increased of 1376.49%; there were 82 projects decreased in their 24h trading volume, there were 62 projects that saw over 20% decrease in their 24h trading volume, while 34 projects fell by more than 50%. The most decresed project led by AMP, with a decreased of -89.70%.

The top 10 cryptocurrencies’ market value increased, the market share distribution remained stable. On November 14, 2021, the overall market cap of the top 10 cryptocurrencies was 2276.8 billion USD, increased by 1.48% from last week, accounting for 79.50% of the total market capitalization of cryptocurrencies, increased by 0.23% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 43.14%, increased by 0.93% from last week.

1.2 Segment Analysis

Among TOP 100 cryptocurrency project segments, the total market cap of Coin project got the largest increase. The average market cap of Application project got the largest increase. As of November 14, 2021, the total market cap of coin projects reached 1687.2 billion USD, increased by 2.66%. The average market cap of coin projects reached 31.8 billion USD, increased by 0.72%. The total market cap of platform projects reached 748.4 billion USD, increased by 0.33%. The average market cap of platform projects reached 32.5 billion USD, increased by 0.33%. The total market cap of application class projects reached 252.2 billion USD, increased by 0.31%. The average market cap of application class projects reached 11.4 billion USD, increased by 4.87%. The total market cap of asset-backed token projects reached 75.1 billion USD, increased by 1.64%. The average market cap of asset-backed token projects reached 37.5 billion USD, increased by 1.64%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of November 14, 2021, among the top 100 projects, the number of coin class projects increase 1, platform class projects and asset-backed token class both remain the same, application class projects decrese 1. The largest overall market cap by segment was still coin projects, accounting for 61.06% of the total market cap of top 100 projects.

Note: According to the different attributes of cryptocurrencies, Huobi Academy of Blockchain Application will divide them into four categories: Coin, Application Class, Platform Class and Asset-backed Token.

Coin Project: Refers to a type of asset developed based on blockchain technology that does not correspond to a specific use scenario and whose main function is only the transaction target. Its asset value is mainly reflected by liquidity.

Platform Class Project: A type of asset that is associated with the development of the underlying technology of the blockchain and is supported by the right to use or participate in the platform.

Application Class Project: Refers to a type of asset that is associated with a specific application scenario and is supported by a certain right of use, participation, or dividend.

Asset-backed Project: Refers to a class of assets that is linked to actual assets such as gold and US dollars and supported by the value of physical assets.

2. Technical Statistics

2.1 Cryptocurrency Mining Statistics

The hashrate of Bitcoin increased and Ethereum increased by this week. From November 8, 2021- November 14, 2021, the average bitcoin Hashrate for the entire network reached 160.4EH/s, increased by 0.38% from the previous week.

Average Hashrate for the entire Ethereum network was 841.84TH/s this week, increased by 4.75%.

This week, the difficulty of mining Bitcoin increased and Ethereum increased. As of November 14, 2021mber, average difficulty for mining Bitcoin this week was 21.65, increased by 1.98% from last week. The average difficulty of mining Ethereum this week was 10828.81TH, increased by 4.87% from that of previous week.

The number of blocks in Bitcoin decreased by 0.66%, Top 3 rankings had changed. The overall distribution of the Ethereum mining pools rankings had changed, the number of blocks decreased by 0.04%. In the past week, Bitcoin mined 1047 blocks, decreased by 0.66% from the previous week. Among the top three pools were AntPool、F2Pool、FoundryUSA, these 3 pools mined 169、168 and 140 blocks respectively, accounting for 16.14%、16.05% and 13.37% of all Bitcoins mined this week. The Hashrate was 26.10EH/s、25.95EH/s and 21.62EH/s, respectively.

In the past week, Ethereum’s entire network mined 47159 blocks, decreased by 0.04% in the previous week. The top five pools were Ethermine, F2pool Old, Hiveon Pool, Flexpool.io and 2Miners:PPLNS, each mined 12550、12451、4294、1715 and 1657 blocks respectively, accounting for 26.6121%、26.4022%、9.1054%、3.6366% and 3.5136% of all Ethereum mined this week, respectively.

2.2 Activity Statistics

The average number of transactions per block increased and the average block size of Bitcoin increased. The average number of transactions per block decreased but the average block size of Ethereum increased this week. According to blockchain.info, from November 8, 2021- November 14, 2021, the average size of each block was 1.22MB, increased by 1.67% from last week; there were on average 1886 transactions recorded in each block, increased by 3.85% from the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 208.7, decreased by 1.23%. The average size of each block was 64665.14 bytes, decreased by 0.40% compared to last week.

Number of unconfirmed transactions in Bitcoin increased by 42.83%. Number of unconfirmed transactions in Ethereum increased by 0.19% from the previous week. As of November 14, 2021, the number of 7-day average unconfirmed transactions in Bitcoin network was 6413, increased by 42.83% from last week. There were 181621.34 unconfirmed transactions in the Ethereum network, increased by 0.19% from last week, with the lowest amount of unconfirmed transactions in the week being 150026 and the highest amount being 219365.

Total transaction fees of Bitcoin increased and Ethereum increased. As of November 14, 2021, average transaction fees of Bitcoin this week was $2.871, increased by 3.31% from last week. Average transaction fees of Ethereum this week was $47.048, incresead by 13.28% from last week.

The average number of distinct miners per day in Ethereum increased. From November 8, 2021- November 14, 2021, the average number of distinct miners per day in Ethereum this week was 48.4, increased by 1.26% from last week.

The number of nodes in Bitcoin increased by 9.02% ,The number of nodes in Ethereum increased by 4.74% this week. As of November 14, 2021, there were 13381 Bitcoin nodes, increased by 9.02% compared to last week, of which 1843 nodes were in U.S, 1802 nodes were in Germany, and 134 nodes were in China(№10), each accounting for 13.77%, 13.47% and 1.00% of the total number of Bitcoin nodes, respectively.

As of November 14, 2021, there were 2741 Ethereum nodes, increased by 4.74% from the previous week. Specifically, there were 894 nodes in the U.S, 434nodes in Germany, and 193 nodes in China, each accounting for 32.62%, 15.83%, 7.04% of total number of nodes, respectively.

This week, the growth rate for new addresses of Bitcoin increased. According to the data on blockchain, as of November 14, 2021, the total number of Bitcoin addresses was 78996381, increased by 272032 (0.35%).

TWT was the most active project on GitHub this week. From November 8, 2021 — November 14, 2021, Trust wallet token was the active project repository on GitHub with a total of 59 commits.

2.3 Community Activity Statistics

The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 944k, 625k and 235k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and Ethereum, with 3.7million , 2.2million, and 1.8million followers, respectively.

3. Weekly Blockchain Dynamics

3.1 Mainstream project dynamics

1. Bitcoin activated taprot soft fork

Bitcoin has reached the block height of 709632, and taproot soft fork upgrade has been activated. Taproot was first proposed by Gregory Maxwell, a bitcoin core contributor, in 2018 to enhance the scalability, privacy and flexibility of bitcoin. This upgrade includes three important technical changes: p2sh (pay to scripthash), mast (Merkel abstract syntax tree) and Schnorr Signature. P2sh can help the sender avoid additional costs and transfer this responsibility (additional costs) to the receiver who really needs to use the conditions specified in the locking script. Its bitcoin address starts with the number 3; Mast compresses the transaction volume by assembling each condition in a large condition set into a Merkle tree; Schnorr Signature can combine multiple signatures into a single signature to enhance the privacy of transactions.

2. Ethereum glacier upgrade is coming

The upgrade of Ethereum arrow glacier will be carried out on December 8, and the node needs to complete the upgrade before December 5. The main content of this arrow glacier upgrade is EIP-4345, which aims to delay the difficulty bomb.

3. Ethereum layer 2 capacity expansion solution optimization completes EVM equivalence upgrade

EVM equivalence will be completely consistent with the EVM specification rather than just compatible, which can simplify the developer’s development process and reduce transaction costs.

4. USDC issuer circle plans to set up a center in Singapore

Circle announced that it plans to establish a center in Singapore as a key part of its “global expansion plan”. It will submit an application to obtain relevant operation licenses and test the stable currency innovation business locally.

3.2 International industry dynamics

1. AMC, the largest theater operator in the United States, announced that it would accept online payments such as bitcoin

AMC accepts bitcoin, Ethereum, Bitcoin cash and Litecoin for online payment. In the future, Dogecoin will be accepted for payment. Previously, Adam Aron released a public opinion survey on whether dog coins should be accepted as a payment method on twitter in September. 140000 people voted, and 77% supported the addition of Dogecoin. AMC began to cooperate with bitpay in October to support payment with dog coins as gift cards.

2. Microsoft and meta have reached a cooperation to integrate the metaverse related products Microsoft teams with the workplace platform

The integration of Microsoft teams and workplace will support users to use workplace related services through applications in teams. In addition, workplace has been integrated into Microsoft’s SharePoint, onedrive, office 365 suite and azure active directory. In addition, Microsoft teams chat and conference application version with digital virtual image function is the first metaverse related product of Microsoft. It is currently under test and is planned to be launched in the first half of 2022.

3. Private browser brave integrates Solana blockchain

Brave will default to Solana for cross chain and Solana native DAPP. In addition, the integration will enable the Solana DEX aggregator to conduct transactions (transactions within the Solana network), support NFT, send SPL tokens and create accounts. Solana will also support the implementation of Themis protocol developed by brave on Solana blockchain and the circulation of token bat on Solana blockchain. Brave will continue to support Ethereum and plans to integrate other blockchains in its browser later.

4. Sotheby’s took cryptocurrency as the bidding standard currency for the first time

Sotheby’s will hold an NFT auction at its decentraland headquarters on November 18, allowing bidders to use Ethereum. The NFT of the auction was composed of street artist Banksy’s trolley hunters and love is in the air. The auction was hosted by Sotheby’s auctioneer Oliver Barker. The upcoming event will mark the first time that cryptocurrency will be used as the standard currency to bid for works of art during the auction.

3.3 Industry regulatory dynamics

1. The Securities and Exchange Commission rejected Vaneck’s spot bitcoin ETF application

The reason is that it has not fulfilled its requirements to prove that its proposal meets the requirements of Article 6 (b) (5) of the exchange law in accordance with the exchange law and the Commission’s rules of practice, especially the rules for national stock exchanges, that is, to prevent fraud and manipulation and to protect investors and the public interest.

2. US SEC filed a lawsuit against cryptofed DAO, a decentralized autonomous organization

The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against cryptofed DAO, a decentralized autonomous organization in Ohio, asking it to stop the securities registration of “Ducat” and “Locke”.

3. The parliament of Kazakhstan has passed an anti money laundering bill involving cryptocurrency platforms

The bill involves the cryptocurrency platform and will implement financial monitoring on it. At present, the bill has been voted by the Senate and needs to be approved by the president of Kazakhstan.

4. The Basel Committee reviews the proposed capital requirements of banks with encrypted assets

The Board plans to further specify the proposed Prudential treatment and issue a further consultation document by mid-2022.

4.Weekly Investment Activities

According to public information statistics, there were 25 investment and financing in the past week, with a total amount of US $2.046 billion, an increase of 52.8% month on month. From the perspective of the track, investment and financing are mainly concentrated in defi and games. In particular, defi is very active in terms of total financing and the number of financing transactions.

Huobi Research

About Us:

The Huobi Blockchain Application Research Institute (referred to as ‘Huobi Research’) was established in April 2016. Since March 2018, it has been committed to comprehensively expanding research and exploration in various fields of blockchain. The research institute takes the pan-blockchain field as the research object, aimed to accelerate the research and development of blockchain technology, promote the application of the blockchain industry, and promote the ecological optimization of the blockchain industry. The main research content of the institute includes industry trends, technology paths, application innovation, and model exploration in the field of blockchain. In line with the principles of public welfare, rigor and innovation, Huobi Research Institute will carry out extensive and in-depth cooperation with government, enterprises, universities and other institutions through various forms. We are building a research platform covering the complete industrial chain of the blockchain, providing a solid theoretical basis and trend judgment for the blockchain industry professionals, and promoting the healthy and sustainable development of the entire blockchain industry.

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Disclaimer:

1. Huobi Research has no relationship with other third parties involved in this report that affects the objectivity, independence, and impartiality of the report.

2. The materials and data cited in this report are from compliance channels. The sources of the materials and data are considered reliable by the Huobi Research and the authenticity, accuracy and completeness of the materials have been verified as necessary, but Huobi Research does not make any guarantees regarding authenticity, accuracy or completeness.

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4. The information, opinions and speculations contained in this report only reflect the judgment of the researchers on the day of finalization of this report. In the future, based on industry changes and data information updates, there is a possibility of updating opinions and judgments.

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Blockchain industry top think tank, affiliated to Huobi Group.

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Huobi Research

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Blockchain industry top think tank, affiliated to Huobi Group.

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