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28% of the total Bitcoin [BTC] is held by 1600 anonymous whale wallets

Sthuthie Murthy

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28% of the total Bitcoin [BTC] is held by 1600 anonymous whale wallets
Source: Pixabay

Whales still exist in the Bitcoin market, as 1600 Bitcoin [BTC] wallets hold around 28% of the total Bitcoins in existence. Wallet data from BitInfoCharts evidences that only 0.000074% of wallet addresses hold around 40% of all coins.

The wallets in question held at least 1000 Bitcoins each, with a total of 5 million Bitcoins between them. The top 3 addresses hold a collective total of a whopping 448,218 Bitcoin, which translates to around $3.4 billion. A recent report showed results of 1,600 investors known as “Bitcoin whales” holding $37.5 billion BTC that comes up to around 1/3 of the entire amount of BTC every available.

According to a report from Financial Times, Chainanalysis data indicate that BTC wallets holding at least 1000 Bitcoins each was a total of 1,600. These unidentified whales supposedly control 1/3 of the BTC market.

Philip Gradwell, Chainanalysis chief economist stated recently:

“This concentration of wealth means that bitcoin is at risk of volatility, as the moves of a small number of people will have a large effect (on the price).”

Bitcoin [BTC], the original currency and the ruler of the market has lost huge value from standing on the peak almost at $20,000 last year to struggling at a value of around $9,000 this year. It at press time was trading at $7,207 with a market cap of $124 billion.



Also, the data from the Chainalysis showed how the early investors were profited from the market before the speculators rushed to the market last year end. From the November statistics of last year, the total amount of BTC held by long-term investors was 3 times greater than that of the short-term investors who were also frequent traders.

Bitcoin's price action today

Bitcoin’s price action today

According to a lot of analysts, the market is “not regulated yet” and there are warnings that big players are prone to engage in market manipulation. Additionally, over-the-counter [OTC] existing in the market is a huge support to them.





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Sthuthie Murthy is a full-time reporter at AMBCrypto. She has been researching and writing about the Blockchain technology for a year now. Her passion for blockchain has led her to be a part of AMBCrypto's news reporting team. She does not hold value in any cryptocurrencies currently.

Bitcoin

Bitcoin prices hit $150 billion market cap for the first time in 2019 as prices pump by 11%

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Bitcoin prices hits $150 billion market cap for the first time in 2019 as prices pump by 11%
Source: Unsplash

Bitcoin’s parabolic rise that started in April seems to be staggering as the increase in price vs. the number of days it took to increase was surprising, considering the prolonged bear market.

The recent pump on May 27 at 23:30 UTC [+5:30] pumped the price from $7.995 to $8,939 in 7 hours with each green candle forming one after another. However, the price reached a peak at 05:30 UTC [+5:30]. After which the price declined by 2.85%.

Source: TradingView

Moreover, at press time, the market cap of Bitcoin has reached a new high, i.e., $154 billion and the price reaching $8,900 is a new all-time high of Bitcoin in 2019. Bitcoin’s total rise YTD was 146% and in a 24-hour time frame, the price of Bitcoin was up by 8.71%.



Meanwhile, altcoins have also followed suit as Ethereum pumped by 7.21%, XRP by 7%, Bitcoin Cash by 9.53%, Litecoin pumped the most in top 10 as it was up by 11.23% in 24-hours. Tron, the eleventh largest cryptocurrency pumped by 13.84%, at press time.

Anthony Pompliano, a well-known Bitcoin enthusiast tweeted:

“Someone check on @nouriel. Bitcoin seems to be coming back with a vengeance ever since he blocked most of Bitcoin Twitter.”





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