Blockchain Weekly Update 11.5-11.11

Weekly overview: 

Market review

As of 24:00 on November 11, the total market capitalization of cryptocurrency stabilized at 210.9 billion US dollars, and it changed only 0.79% compared with November 4. Specifically, last week, the total market capitalization of cryptocurrency remained relatively stable. The situation was similar to that of two weeks ago. Although it showed a small upward trend, there was no obvious sign of market changes still. However, The market capitalization of most major cryptocurrencies fell slightly last week. Fortunately, the decline did not exceed 5%. XLM and XRP performed pretty well last week, with 14.14% and 9.98% rise respectively.

In terms of trading volume, it was $95.9 billion, up 17.54% from last two weeks, and the cumulative gains in the past two weeks was over 30%. The total trading volume of the 12 major cryptocurrencies last week has increased in varying degrees. The top three winners in the 12 major cryptocurrencies last week were XRP, XLM, and BCH, with market close gains of 44.50%, 40.96%, and 40.03%, respectively.

From the number of Over-the-Counter active addresses and the amount of over-the-counter transactions in Bitcoin and Ethereum, the market’s attention of cryptocurrencies was not that satisfactory. Last week, Bitcoin’s over-the-counter active address fell by 1.66%, but the number of transactions increased by 2.37. %. At the same time, Ethereum’s active position on the OTC dropped 3.95% from two weeks ago, and the number of transactions fell 2.47%.

Mining Technology News

The BTC price continued to fluctuate in the range of $6,400. The difficulty of mining was almost unchanged last week. The average difficulty of mining per day kept 7.184T level still. Meanwhile, the data of Eth has been slightly reduced, with the weekly average from 3.051P to 3.022P, a decrease of 0.97%. Speaking of mining revenue, last week, we see a rising tendency. The average income of Bitcoin’s weekly calculation unit (1THash/s) was about 0.23 US dollars, up 3.47%, rebounding from a 3.65% decline two weeks ago. At the same time, the mining revenue of Ethereum rose 8.26%, climbing from $0.0178 to $0.0183.

The average transaction fee for Bitcoin rose 11.85% last week, with an average transaction cost of $0.441. Ethereum transaction costs also rose by 15.86%, and the average transaction cost of Ethereum in the week was $0.168.

Weekly News Update

Last week global crypto markets once again showed signs of resilience this week as bitcoin kept testing the support around the uptrend line and traded between $6,380 and $6550.

There was some notable positive regulatory development for the blockchain industry this week. The Bangkok Post reported that Thailand’s Securities and Exchange Commission is planning to certify at least one ICO portal in November. They have already forwarded five digital asset business operators to the Ministry of Finance.

The U.S. based financial services company Square reported that it has earned $43 million in revenue from Bitcoin in Q3 2018, $6 million higher compared to Q2. Similarly, Canadian crypto mining company Hut 8 ended up mining a total 1,978 bitcoins during Q3 that earned them a revenue of $17.7 million last quarter.

Also, we noticed that ConsenSys’ blockchain startup Kaleido has jointly launched a full-stack platform with Amazon Web Services (AWS) that will help enterprises to implement blockchain solutions.

 

Analysis in details

Part 1

As f 24:00 on November 11, the total market capitalization of cryptocurrency stabilized at 210.9 billion US dollars, and it changed only 0.79% compared with November 4. Specifically, last week, the total market capitalization of cryptocurrency remained relatively stable. The situation was similar to that of two weeks ago. 

Although it showed a small upward trend, there was no obvious sign of market changes still. However, The market capitalization of most major cryptocurrencies fell slightly last week. Fortunately, the decline did not exceed 5%. XLM and XRP performed pretty well last week, with 14.14% and 9.98% rise respectively in market capitalization.

In terms of trading volume, it was $95.9 billion, up 17.54% from last two weeks, and the cumulative gains in the past two weeks was over 30%. The total trading volume of the 12 major cryptocurrencies last week has surged in varying degrees. The top three biggest increase in the 12 major cryptocurrencies last week were XRP, XLM, and BCH, with market close gains of 44.50%, 40.96%, and 40.03%, respectively.

For public opinion, although the total market value of cryptocurrency remained basically flat compared with the previous week, the public index began to fall slightly. In terms of search volume, the search volume of ‘Cryptocurrency’ last week has dropped by 6.09%, but down by 76.75% compared with the highest point. At the same time, the search volume for ‘Blockchain’ has dropped by 1.25% compared with the previous week, and dropped by 84.87% compared with the highest point. Based on the Gyro Pulicity Index and the analysis of market, although the market value of cryptocurrency basically remain basically the same compared with the previous week, the public opinion has a certain degree of decline in the discussion of cryptocurrency and blockchain technology.

According to statistics, the sum of market capitalization of the top 12 cryptocurrencies has exceeded 80% of the total market capitalization of the cryptocurrencies. Based on the statistics, Gyro Finance has taken October 31, 2017 as the benchmark data, the market capitalization data captured in the day as the benchmark market value, introducing the TL12 Index (the TL12 index on October 31 is 1000 points), to track the fluctuations of major cryptocurrencies.



Part 2

As of 24:00 on November 11, the total market capitalization of cryptocurrency stabilized at 210.9 billion US dollars, and it changed only 0.79% compared with November 4. 

Specifically, last week, the total market capitalization of cryptocurrency remained relatively stable. The situation was similar to that of two weeks ago. Although it showed a small upward trend, there was no obvious sign of market changes still. However, The market capitalization of most major cryptocurrencies fell slightly last week. Fortunately, the decline did not exceed 5%. XLM and XRP performed pretty well last week, with 14.14% and 9.98% rise respectively.

In terms of trading volume, it was $95.9 billion, up 17.54% from last two weeks, and the cumulative gains in the past two weeks was over 30%. The total trading volume of the 12 major cryptocurrencies last week has surged in varying degrees. The top three winners in the 12 major cryptocurrencies last week were XRP, XLM, and BCH, with market close gains of 44.50%, 40.96%, and 40.03%, respectively.

Combined with various market indicators, the activity in market has been risen compared with the previous week data due to the rebound in the market.

Hashrate of BTC and ETH fell slightly, the difficulty of BTC mining remained basically the same, and the difficulty of ETH mining continued to fall.

The average hashrate of BTC dipped as much as 12.72%, and went down to 47.11 (THash/s) for the last week, which pulled the BTC hashrate back to two weeks ago. Meanwhile, the average hashrate of ETH was 249.2412 (MHash/s), which slipped 0.57% from last week.

 

The trends of mining difficulty of BTC and ETH are as follows:

 

The BTC price continued to fluctuate in the range of $6,400. The difficulty of mining was almost unchanged last week. The average difficulty of mining per day kept 7.184T level still. Meanwhile, the data of Eth has been slightly reduced, with the weekly average from 3.051P to 3.022P, a decrease of 0.97%. Speaking of mining revenue, last week, we see a rising tendency. The average income of Bitcoin’s weekly calculation unit (1THash/s) was about 0.23 US dollars, up 3.47%, rebounding from a 3.65% decline two weeks ago. At the same time, the mining revenue of Ethereum rose 8.26%, climbing from $0.0178 to $0.0183.

 

The average transaction fee for Bitcoin rose 11.85% last week, with an average transaction cost of $0.441. Ethereum transaction costs also rose by 15.86%, and the average transaction cost of Ethereum in the week was $0.168.


Based on the major mining data indicators of BTC and ETH, combined with the data of the exchanges and the market, most of the trading volume of the major cryptocurrencies in the market has a different degree of increases compared with data from the previous week.

 

Blockchain Week in Review

Global News

  1. U.S. Sanctions: Iran Ready to Launch National Cryptocurrency
  2. Uzbekistan Sets up International Arbitration Center for Crypto Businesses
  3. Colorado Issues Four Cease and Desist Orders to ICOs
  4. Venezuela encourages OPEC to adopt Petro as ‘Main digital currency backed by oil’
  5. SEC Charges EtherDelta with Operating Unregistered Exchange
  6. Upcoming Bitcoin exchange-traded funds (“ETF”) Decisions

 

Industry News

  1. Bitcoin Mining Giant Bitmain Sues “John Doe” Binance Hacker Over $5.5 Million BTC Theft
  2. Swiss Risk Weighting for Bank Crypto Trading
  3. Taiwan Amends Anti-Money Laundering Act to Regulate Virtual Currencies
  4. Ripple Breaks Into China Through A Joint Venture Between AmEx And LianLian Group
  5. South Korean exchange Zeniex shut down by financial authorities

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