The computing power of mainstream coins has remained at a high level in the past six months. Coins with lower growth rates may have a need to catch up.

1. Weekly Industry News

1. Currently, the total market value of the cryptocurrency market is US$275.41 billion, up 10.27% from the previous week;

2. The total cryptocurrency market trading volume in the past week was $626.319 billion, up 21.11% from $517.147 billion the previous week and down 4.47% from $655.641 billion two weeks ago.

3. Japanese communication giant LINE officially released the official version of the future prediction platform 4CAST;

4. Block.one launches social media app Voice and issues Voice Token;

5. Bitfinex announced the launch of EOS-based stablecoin USDT on the EOS blockchain. In addition, they are also considering issuing USDT on the Lightning Network;

6. The Governor of the Central Bank of Russia opposes the legalization of cryptocurrencies, saying they are risky and volatile. Currently, Sberbank, Russia's largest bank, has suspended its cryptocurrency plans.

2. Trading Market

In the past week, the total market value of the cryptocurrency market once again hit a new high in the second half of the year, reaching US$279.803 billion on May 30. The total trading volume increased by 21.11% compared with the previous week, but decreased by 4.47% compared with the recent weekly trading volume peak.

Data source: CoinMarketCap

It can be seen that in the past week, the transaction volumes of EOS, BSV and TRX have skyrocketed year-on-year, among which EOS transaction volume increased by 90.24% year-on-year, BSV transaction volume increased by 97.79% year-on-year, and TRX transaction volume increased by 63.83% year-on-year. The sharp increase in transaction volume has pushed up the prices of these three currencies.

Prices and trading volumes of major cryptocurrency exchanges

  Data source: CoinMarketCap

3. Mining situation

As shown in the figure below, we can see that as the price of coins rises, the computing power of ETH, LTC, BCH and BSV has continued to rise. At present, the computing power of each mainstream coin has remained at a high level in the past six months. In addition, some cryptocurrencies with lower market value gains in the early stage have started a new round of catch-up gains. Under the condition of BTC price fluctuations, the price of ZEC rose by 18% in a week, and the price of ETC rose by 25% in a week.

BTC network computing power in the past three months

ETH network computing power in the past three months

LTC network computing power in the past three months

DASH network computing power in the past three months

The total network computing power of BCH and BSV in the past three months

Data source: Bitinfocharts

Based on the electricity fee of 0.03 yuan and the cost parameters of mainstream mining machines, the estimated payback days for several major mainstream coins are as follows:

Data source: JRR calculation

4. JRR 30 Index Trend

According to the latest data released by JRR Research Institute, as of 17:00 on June 3, 2019, the JRR 30 Index closed at 4353.08 points, with a daily increase of 0.96%. The cumulative return of the JRR 30 Index since its establishment on January 1, 2017 is 4253.08%, while the cumulative return of BTC in the same period is 775.76% and the cumulative return of ETH is 3207.59%. In the past week, the JRR 30 Index has fallen by about 1.17%.

5. Stablecoins

We selected the trading situation of stablecoins in the past week and observed that the total transaction volume of stablecoins in the past week was 177.683 billion US dollars, an increase of 14.28% compared with 155.487 billion US dollars in the previous week. The average daily transaction volume of USDT in the past week was 24.896 billion US dollars, accounting for about 98.08% of the stablecoin transaction volume. This proportion was basically the same as the value of 97.68% in the previous week. The second and third stablecoins in terms of trading volume were TUSD and PAX, with average daily transaction volumes of 232 million US dollars and 153 million US dollars respectively in the past week. Compared with the previous week, TUSD's transaction volume increased by 10.59% and PAX's transaction volume decreased by 2%. In addition, the average daily transaction volume of USDC in the past week was 114 million US dollars, a year-on-year decrease of 25.%, which was a significant decrease compared with the previous week.

Data source: Coinmarketcap

6. DApp List

In the past week, the performance of various DApps ranked by DAU in the top 100 is as follows.

Data source: DappRadar

7. Market Summary

In the past week, the total market value of the cryptocurrency market hit a new high in the second half of the year, reaching $279.803 billion on May 30. At the same time, the trading volume of several mainstream cryptocurrencies represented by EOS, BSV and TRX increased sharply year-on-year. The sharp increase in trading volume pushed up the prices of these three currencies. At present, the computing power of each mainstream currency remains at a high level in the past six months. In addition, some cryptocurrencies with lower market value gains in the early stage have started a new round of catch-up gains, such as ZEC, which rose 18% in a week, and ETC, which rose 25% in a week.

Note: This article only represents the author’s personal views and does not constitute any investment advice.