2020-2021加密货币市场年报：去中心化价值扩张｜第一章：加密市场，牛市归位

图片来源@视觉中国

Image Source @VisualChina

链得得旗下“得得智库”团队对2020年加密货币市场及业态进行深度追踪及分析，完成了《2020-2021加密货币市场年报：去中心化价值扩张》的制作。得得智库探究团队采集、处理、分析全球加密行业10万余条数据，整合2020年最热行业事件与项目，涵盖数字货币、技术趋势、DeFi、矿业各个领域。并综合得得指数，选取头部交易所十二个主流币种交易对，通过加权方法进行指数计算，反映整个市场行情走势及波动。

Under the umbrella of the chain of excellence, the “Get the think tank” team conducted an in-depth tracking and analysis of the crypto-currency market and business patterns in 2020 and completed the production of the Annual Report of the Encrypted Money Market 2020-2021: Decentralized Value Expansion. The think tank collected, processed and analysed over 100,000 data from the global encryption industry, integrating the most hot industry events and projects in 2020, covering digital money, technology trends, DeFi, mining areas.

报告共分为全球加密货币行情、TOP30数字货币市值、DeFi发展、技术趋势、矿业现状、持币分布六个维度进行复盘，对2020年全球区块链发展现状和生态布局进行梳理和分析。

The report is divided into global cryptography, market value of TOP30 digital currency, Devi development, technology trends, state of mining, and currency distribution by six dimensions, and a review and analysis of the current state of global block chain development and ecological layout by 2020.

扫描下方图片二维码关注链得得微信号（微信ID：ChainDD），回复“2020年报”获取《2020-2021加密货币市场年报：去中心化价值扩张》PDF完整特刊购买链接，或点击链接，下载完整PDF报告内容。

Scanning the bottom picture with a two-dimensional focus on the faint signal of the chain (micro-ID: ChainDD), responding to “202020” for links to the entire special issue of the PDF, “Annual report of the encrypted currency market 2020-2021: decentralizing value expansion”, or clicking on links to download the full PDF report.

得得智库据CoinMarketCap数据统计，截至2021年1?1?，全球数字货币市场共有数字货币8124种，总市值共计约7653.12亿美元。与2020年年初的1915.42亿美元的总市值相?，整个数字货币市场上涨了5737.7亿美元，同比上涨近400%。

According to CoinMarketCap, as of 2021, 1?1, the global digital currency market had 8124 digital currencies with a total market value of approximately $765.312 billion. Compared with the total market value of $191,542 million at the beginning of 2020, the overall digital currency market rose by $57,377 million, or nearly 400 per cent.

?、2020年数字货币市场行情：年末价格上涨明显

, digital currency market developments in 2020: price increases are evident at the end of the year

1、「得得指数」上涨近121%

One, the "get index" is up by almost 121%.

得得智库综合「得得指数」数据显示，2020年3月和12月为全年波动最为剧烈的月份，但整体来看年末仍较年初上涨明显，上涨近121%。

A combination of "gets index" data from the think tank shows that March and December 2020 were the most volatile months of the year, but overall the year ended with a significant increase of nearly 121 per cent compared to the beginning of the year.

『得得指数』（DDCI）是链得得推出的，综合全球Top50交易所和Top50币种的深度数据行情指数。会在一定时间内反应全球数字货币市场走势，对未来24小时投资行为进行预测和产生影响，可在链得得App内行情实时查看。

The "Deeds Index" (DCDI) is a chain that combines deep data flows from the Global Top50 Exchange and Top50. It will reflect global trends in digital money markets over a period of time, predicting and influencing investment behaviour over the next 24 hours, and it can be viewed in real time with App on the chain.

2、加密总市值经历极端行情后不断上涨，年末突破7500亿美元

2. The total market value of encryption rose after extreme behavior, breaking by $750 billion at the end of the year

据得得智库统计，3月12日前，比特币价格始终徘徊在7000-8000美元。北京时间2020年3月12日下午6点，比特币开始从近8,000美元迅速下跌至6,000美元左右，直至跌破6,000美元。13日上午，比特币价格继续下跌，部分交易平台下探至4,000美元。

According to the think tank, by March 12, the price of Bitcoin had been hovering at $7,000-$8000. At 6 p.m. Beijing time on March 12, 2020, Bitcoin began to fall rapidly from nearly $8,000 to about $6,000, until it fell to $6,000. In the morning, Bitcoin prices continued to fall, with some trading platforms looking down to $4,000.

由于此次市场大幅动荡，链上转账拥堵比特币流动性问题暴露，绝大多数交易平台在极端行情下或多或少的出现不稳定的情况。这些问题造成比特币流动性通道进一步阻塞，加剧市场恐惧，引起价格继续下跌，3月13日全球数字货币总市值一度跌至1428亿美元。

As a result of this volatile market situation, the problem of chain-to-chain transfers blocking the liquidity of bitcoins has become apparent, with the majority of trading platforms experiencing more or less instability in extreme terms. These problems have further blocked the Bitcoins liquidity route, heightened market fears, and caused prices to continue to fall, with the total market value of global digital currencies falling to $142.8 billion on 13 March.

二、主流货币年度走势复盘：BTC市场占有率居高不下，以太坊创新高

II. Annual review of trends in mainstream currencies: high BTC market ownership and high innovation in the near future

3月12日晚6时至7时许，比特币出现瀑布式下跌，连续跌破7000美元、6000美元关口，一度触及5555.55美元，短时狂跌2000美元。3月13日比特币跌势不止，各大交易平台均跌破4800美元，24小时跌幅40%，创下2019年4月以来新低。

On 12 March, between 6 p.m. and 7 p.m., Bitcoin fell in a waterfall, falling in a row of $7,000 and $6,000, once reaching $555.55, with a short drop of $2,000. On 13 March, Bitcoin fell by more than four hundred dollars, with a 24-hour drop of 40 per cent and a new low since April 2019.

“3·12”极端行情后，比特币价格开始回暖。5月12日，比特币迎来第三次减半，币价已回调至极端行情前水平。12月16日22:18左右，比特币继短线触及20800美元，打破2017年新高。2020年末，比特币突破20000美元阻力位，一路拉涨。

The price of Bitcoin began to warm up after the extremes of 3·12. On May 12, for the third time, Bitcoin halved and its value returned to its extreme level. On December 16:18, Bitcoin hit $20,800 in a short line, breaking its new high in 2017. By the end of 2020, Bitcoin had broken its 20,000-dollar resistance position and shrunk all the way.

DeFi的爆发与ETH2.0的启动，促使以太坊于2020年成为数字货币领域最亮眼的资产。

The outbreak of DeFi and the start of ETH 2.0 prompted Ether to become the most visible asset in the digital currency field by 2020.

2017年是属于以太坊的牛市，在最初的两个月中，该币稳定地上涨了23美元。3月涨至53美元，然后在随后一个月上涨至95美元。另一个价格上涨是由在Avantrade交易所上市触发的。作为结果，6月份价格达到了400美元。直到11月中旬，以太坊价格稳定在270-350美元的价格范围内。

In 2017, a cattle market belonging to Etheria, the currency rose steadily by $23 in the first two months. It rose to $53 in March, and then to $95 in the following month. Another price increase was triggered by a listing on the Avantade Exchange. As a result, prices reached $400 in June. Until mid-November, the price of Taipa was stable within the range of $270-350.

（本文为《2020-2021加密货币市场年报：去中心化价值扩张》第一章简版，点击购买链接，阅读完整报告内容。）

(This is a short version of chapter I of the Annual Report of the Encrypted Currency Market 2020-2021: Decentralizing Value Extension, clicking on the purchase link and reading the full report.)

据得得智库统计，2017年8月，当比特币现金（BCH）首次出现在市场上时，价格为200美元。到月底，涨至550美元，资本总额为90亿美元。矿工的兴趣和交易者的购买活动引发了急剧的增长。

According to the think tank, in August 2017, when Bitcoin cash (BCH) first appeared on the market, the price was $200. By the end of the month, it had risen to $550, with a total capital of $9 billion.

随后的调整将报价削减了近30％，但已经在11月开始了下一阶段的增长。在正式软件发布，上线交易所以及牛市开始的背景下，价格超过了1000美元。2017年12月，该分叉币达到了4,300美元的历史高位。资本总额已超过700亿美元。

The subsequent adjustment reduced the offer by nearly 30 per cent, but the next stage of growth began in November. Against the backdrop of the official software release, the online exchange and the start of the cattle market, prices exceeded $1,000. In December 2017, the split had reached a historic high of $4,300.

（本文为《2020-2021加密货币市场年报：去中心化价值扩张》第一章简版，点击购买链接，阅读完整报告内容。）

(This is a short version of chapter I of the Annual Report of the Encrypted Currency Market 2020-2021: Decentralizing Value Extension, clicking on the purchase link and reading the full report.)

得得智库统计数据得出，从2011年诞生之时起到2013年11月底，莱特币从2美元升至52美元。回调后，其价格从50美元跌至24美元。

The think tank statistics show that from the time it was born in 2011 until the end of November 2013, Leitco increased from US$ 2 to US$ 52. When it returned, its price fell from US$ 50 to US$ 24.

2018年，莱特币整体下行，并无明显反弹迹象。2019年币价开始回暖，但并未再回巅峰时刻。

In 2018, Leytco went down as a whole, with no clear signs of a rebound. The price began to warm in 2019, but it did not return to its peak.

2020年，莱特币价格回落至40美元上方进入震荡期，于年底跟随主流币种价格回调。

In 2020, the price of the Leit currency fell to a shock period above $40 and followed the mainstream currency prices at the end of the year.

（本文为《2020-2021加密货币市场年报：去中心化价值扩张》第一章简版，点击购买链接，阅读完整报告内容。）

(This is a short version of chapter I of the Annual Report of the Encrypted Currency Market 2020-2021: Decentralizing Value Extension, clicking on the purchase link and reading the full report.)

2018年4月，由于比特币价格的上涨，到月底EOS飙升至21美元。但由于市场转为看跌，其价格开始逐渐下降。7月初，EOS发布了他们的主网并脱离以太坊，价格抬高到14美元，但积极情绪并未持续，EOS在8月跌至4-5美元。

In April 2018, the price of Bitcoin rose sharply to $21 by the end of the month, as the market turned to look down, and its prices began to decline gradually. In early July, EOS released their main network and left ETA, raising the price to $14, but the positive sentiment did not continue, with EOS falling to $4-5 in August.

EOS的价格徘徊了约3个月，然后在2019年2月开始增长之前跌至2美元。5月份EOS达到7美元。2019年末EOS稳定在3美元附近。

EOS prices hovered for about three months, then fell to $2 before growth began in February 2019. EOS reached $7 in May. EOS stabilized near $3 in late 2019.

2020年EOS最高涨至5美元上方，作为公链赛道的头部之一，EOS并未在2020年乘上DeFi的快车，技术上无亮眼突破，成为价格3美元附近的“稳定币”。

In 2020, the EOS peaked above $5. As one of the tops of the public-chain track, EOS did not board the DeFi fast car in 2020 and did not make a technological breakthrough and became a “stable currency” near the $3 price.

（本文为《2020-2021加密货币市场年报：去中心化价值扩张》第一章简版，点击购买链接，阅读完整报告内容。）

(This is a short version of chapter I of the Annual Report of the Encrypted Currency Market 2020-2021: Decentralizing Value Extension, clicking on the purchase link and reading the full report.)

得得智库观察发现，2019年大机构资金开始入场，投资布局重点为比特币。5月底，灰度投资曾表示旗下加密货币信托基金合计管理资产规模达到21亿美元，其中比特币信托基金管理资产最多，为19.712亿美元。另一方面，投资者对基于以太坊发币ICO的生态热情降低，对比特币共识的增加，导致了市场内存量资金都涌向了比特币，而舍弃了其余主流币和山寨币。

At the end of May, the grey-scale investment indicated that the combined management assets of the encrypted currency trust fund under the flag amounted to $2.1 billion, of which the Bitcoin trust managed the largest assets, at $1,971.2 million. On the other hand, investors’ ecological enthusiasm for ICO based on Ether’s currency was reduced, and the increase in the Bitco consensus led to a surge in the market’s stock to Bitcoin, leaving behind the rest of the mainstream and mountain currency.

（本文为《2020-2021加密货币市场年报：去中心化价值扩张》第一章简版，点击购买链接，阅读完整报告内容。）

(This is a short version of chapter I of the Annual Report of the Encrypted Currency Market 2020-2021: Decentralizing Value Extension, clicking on the purchase link and reading the full report.)

自2019年比特币的共识回归，其市场占有率最高达70%，最低也占到了56%。尽管以太坊依靠DeFi崛起，但仍无法撼动比特币的霸主地位。

Since 2019, when Bitcoin’s consensus returned, its market share has been as high as 70% and as low as 56%. Despite its dependence on DeFi’s rise, it has not yet been able to shake Bitcoin’s dominance.

得得智库分析认为，2020年由比特币带领的牛市重现主要有以下几个因素：

According to an analysis by the think tank, the re-emergence of the cattle market in 2020, led by Bitcoin, was mainly due to the following factors:

1、以灰度为首的机构资金进场，深入加密投资腹地：2020年11月份开始，灰度开始持续购买比特币，一度导致比特币价格大幅度上涨，不到三个月的时间，灰度比特币信托的持仓量从48万枚，增加到将近65万枚，目前灰度信托的比特币持仓总量已经超过了比特币总数的3%。乃至于1月21日灰度信托当天增持9900每比特币，帮助比特币挽回一波颓势。

1. Institutional funds, headed by greyscales, are on the move for deep-encrypted investments: starting in November 2020, Greyscale began to buy bitcoins on a continuous basis, once leading to a significant increase in bitcoins prices, which in less than three months has increased from 480,000 to nearly 650,000 in the size of the Greyscale Trust, which now holds more than 3% of the total amount of bitcoins. And on 21 January, the Greyscale Trust increased by 9,900 bitcoins per day to help Bitcoins recover a wave of depression.

2、Paypal将数字货币带入新纪元：PayPal是全球使用最为广泛的第三方支付工具之一。2020年10月21日，Paypal宣布将支持加密数字货币支付，允许美国账户持有人通过其PayPal钱包认购、持有比特币及其他虚拟货币。从2021年初开始，PayPal客户将能够使用其持有的加密货币作为资金来源，向PayPal在全球的2600万商户付款。消费者可以将其选定的加密货币余额转换为法定货币，加密数字货币具有确定的价值，无需支付额外的兑换费用，所有交易都将以其当前PayPal汇率使用法定货币结算。

Paypal brought digital currency into the new era: PayPal is one of the most widely used third-party payment instruments worldwide. On 21 October 2020, Paypal announced that it would support encrypted digital currency payments, allowing United States account holders to subscribe through their PayPal wallets, hold bitcoins and other virtual currencies. From early 2021, PayPal clients will be able to use the encrypted currency they hold as a source of funding to pay 26 million businesses worldwide in PayPal. Consumers can convert their chosen encrypted currency balances into statutory currencies, encryption digital currency has a defined value and no additional exchange cost will be paid, and all transactions will be settled using the legal currency at their current PayPal exchange rate.

（本文为《2019-2020加密货币市场年报：共识的回归》第一章简版，点击购买链接，阅读完整报告内容。）

(This is a short version of chapter I of the Annual Report of the Encrypted Currency Market 2019-2020: A Return to Consensus, clicking on the purchase link and reading the full report).

三、CBDC新路线：各国央行数字货币持续推进

III. The new CBDC route: the continued advancement of central banks'digital currencies

2020年是央行数字货币蓬勃发展的一年。据国际清算银行（BIS）近期发布的工作报告统计，截至2020年7月中，至少有36家中央银行发布了其数字货币工作进展。在参与调查的66家中央银行中，约80％的中央银行正在从事数字货币的研究、试验或开发。而该数值在2017年仅为65%，在2018年为71%。

According to a recent report on the work of the Bank for International Settlements (BIS), at least 36 central banks had published their progress on digital money as of mid-July 2020. About 80% of the 66 central banks surveyed were engaged in research, testing, or developing digital money.

据得得智库分析，各国发力CBDC存在以下三个因素：

According to an analysis by the think tank, there are three factors that contribute to the development of CBDC:

1、数字资产在全球范围内扩大普及；

1. Expanding access to digital assets on a global scale;

2、Facebook提出的超主权货币Libra（已更名为Diem）冲击国际支付清算体系；

2: Facebook proposed a supranational currency, Libra (renamed Diem) to hit the international payment clearing system;

3、2020年新冠疫情的爆发，数字支付方式转变加速。

3. The outbreak of the new crown epidemic in 2020 accelerated the shift in digital payment patterns.

得得智库对全球央行数字货币进展进行了盘点。

The think tank was able to take stock of the progress of the global central bank's digital currency.

中国

China

在推进CBDC进展方面，中国在全球主要经济体中一直处于“第一方阵”。2020年4月，在深圳、苏州、雄安、成都，以及未来的冬奥场景进行了CBDC内部封闭试点测试；10月8日，深圳市联合人民银行开展了数字人民币红包试点。

In advancing the progress of the CBDC, China has been “first-party” in the world's major economies. In April 2020, an internal CBDC pilot test was conducted in Shenzhen, Suzhou, Yuan, Chengdu, as well as in the future winter Olympic scene; and on 8 October, the United People's Bank of Shenzhen launched a pilot digital renminbi red bag.

欧盟

European Union

2020年，欧洲中央银行（ECB）一直在加强数字欧元的工作。最近，欧洲央行行长克里斯蒂娜?拉加德（Christine Lagarde）谈到了在全球范围内主导支付业务的竞争，她表示，相信数字欧元将使欧元区走在创新的前沿。

In 2020, the European Central Bank (ECB) has been strengthening its work on the digital euro. Recently, the ECB President, Christine Lagarde, spoke of global competition for leading payments, and she expressed confidence that the digital euro would put the eurozone at the forefront of innovation.

10月2日，欧洲央行首次发布了一份长达50页的《数字欧元报告》，明确了数字欧元的重要性。欧洲央行表示，数字欧元将为支付方式提供便利，从而改善金融的包容性。

On October 2, the ECB released for the first time a 50-page Digital Euro Report, clarifying the importance of the digital euro. The ECB stated that the digital euro would facilitate payments, thereby improving financial inclusiveness.

日本

Japan

进入2020年之后，日本央行对CBDC的热情大增：与国际清算银行以及英国、加拿大、瑞典等国央行组成工作小组，合力探索数字货币；举办CBDC主题论坛；日本高层频频发声，表达对发行CBDC的支持。

After entering 2020, the central bank of Japan increased its enthusiasm for CBDC: working groups were formed with the Bank for International Settlements and the central banks of the United Kingdom, Canada and Sweden to explore digital currencies; a CBDC thematic forum was organized; and high-level voices were heard in Japan expressing support for the release of CBDC.

10月9日，日本央行发布央行数字货币报告，明确了未来数字货币的规划、设定及实施路线，阐述了发行数字货币的先导实验，称将在下一财年初（2021年4月）启动第一阶段实验，测试数字货币的基础核心功能。

On 9 October, the Central Bank of Japan issued a report on the central bank's digital currency, clarifying the planning, design and implementation of future digital currencies, describing the pilot experiment for the issuance of digital currencies, stating that the first phase of the experiment would be launched at the beginning of the next fiscal year (April 2021) to test the basic core functions of the digital currency.

瑞典

Sweden

瑞典开始为期一年的“电子克朗”测试，在隔离环境中模拟人们的日常使用，例如通过数字钱包进行支付、存取款，并针对CBDC和电子克朗的探索，提出了四种模式。

Sweden began a one-year “electronic kroner” test, simulated the daily use of people in an isolated environment, such as payment through digital wallets, access payments, and proposed four models for CBDC and EK exploration.

韩国

Korea

韩国央行2020年4月开始研发零售型CBDC，计划分三步开展测试，依次为需求分析和技术评审、业务流程分析和咨询、试点系统构建和测试，已启动为期22个月的CBDC试点项目，预计2021年底完成相关工作。

The Central Bank of Korea, which began the development of retail CBDC in April 2020, plans to conduct tests in three stages, followed by needs analysis and technical review, business process analysis and advice, pilot system construction and testing, and has launched a 22-month CBDC pilot project, which is expected to be completed by the end of 2021.

......

（本文为《2020-2021加密货币市场年报：去中心化价值扩张》第一章简版，点击购买链接，阅读完整报告内容。）

(This is a short version of chapter I of the Annual Report of the Encrypted Currency Market 2020-2021: Decentralizing Value Extension, clicking on the purchase link and reading the full report.)

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