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5% of the total Ethereum [ETH] supply was transferred on the same day

Priya

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5% of the total Ethereum [ETH] supply was transferred on the same day
Source: Unsplash

Ethereum [ETH], the third-largest cryptocurrency by market cap, witnessed a massive slump in terms of its price, through-out last year, 2018. The year saw the coin reach its highest value, i.e., $1419 in January and fall to its lowest point for the year, i.e., $80 in December, recording almost 94% of loss.

The coin is back in the spotlight because of an investigation by ORS Labs. The firm’s new product, CryptoHound, a multi-blockchain AI-powered crypto analytics tool, shows that 5% of the total Ethereum [ETH] supply was transferred on the same day in the month of December 2018. The report shows that almost $500 million Ethereum was transferred on December 1, 2018, and these transactions are recorded on six wallet addresses.

The report said:

“Using ORS CryptoHound Transactions Widget we analyzed the top 1000 ETH transactions from October 1, 2018 to December 6, 2018. We discovered that abnormal activity occurred on December 1, 2018.”

The report further states that these wallets have similar patterns. It states that, at present, all the six wallets have more than 90% of OMG tokens. According to the analysis, the total OMG tokens on these six wallets are around to 393,904 OMG, 0.28% of the total OMG supply.



Furthermore, the report states that the wallets have a similar pattern in terms of creation date as well. Wallet number 1, 2, and 3 were created on August 20, 2016, whereas the wallet number 4 and 5 were created on June 14, 2017.

“Following the money, we discovered that these transactions didn’t settle in the first wallets but underwent 313 before eventually landing in 39 wallets.”

This was followed by the report ascertaining that these 39 final wallets hold a whopping 150,000 ETH each. It adds that the OMG tokens could belong to OMG advisors, “who want to protect their reputation by disassociating the wallets containing OMG tokens from their huge ETH holding”. It also states that a person who is interested in “faking the decentralization of ETH” is someone who wants to protect the integrity of the “ETH brand”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin Dominance Index [BDI] falls short of Bletchley Ethereum Token Index [BETI] in 2019

Biraajmaan Tamuly

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Bitcoin Dominance Index [BDI] outperformed by Index based on the Ethereum blockchain in 2019
Source: Pixabay

One of the key factors which is often used to represent or indicate the potential of a particular cryptocurrency’s growth is its market capitalization. When the market capitalization of a coin or token showcases a positive hike, it usually has a positive impact on that particular asset’s market.

According to LongHash, the Bitcoin Dominance Index [BDI], which is used to measure Bitcoin’s market cap had been the dominant index since the beginning of 2019. It was observed that the BDI improved from 53 percent to 58 percent over the past few weeks after the largest crypto-asset underwent multiple price hikes.

XRP, which dominated Bitcoin by 1,600% back in 2017 on cryptocurrency exchange Bittrex in 2017, was currently down by almost 50% against Bitcoin in 2019. Ethereum [ETH] fared better comparatively, but was still down by 14% against the Bitcoin.

However, the Bletchley Ethereum Token, a token built on top of Ethereum, seemed to have outperformed Bitcoin this year.

The Bletchley Ethereum Token Index [BETI] can be utilized by investors for their allocation to tokens placed on top of the Ethereum blockchain. However, it should be noted that Ethereum is not a part of the index as it is an independent entity. The BETI is a weighted index, which means that the tokens with dominant market caps will take up a larger part of the index and the re-balance will take place at the end of a particular month.

For example, Tron [TRX] and Binance Coin [BNB] currently take up more than half of the BETI’s Weighted Index. Since the launch of their DEX, BNB has enjoyed a lucrative year with multiple hikes bringing the coin to $30 from under $6. Tron also witnessed major growth in market cap as it was up by 40% in comparison to the US dollar.



However, it is important to note that the major tokens on the BETI’s weighted index have all launched their own blockchain, at press time. Hence, it can indicate that the dominance enjoyed by BETI over the BDI over the last few months could point to a situation where the Ethereum blockchain was preferred for the launch of various tokens.

Despite the aforementioned reason, it is safe to state that Bitcoin was not the only entity which dominated the crypto-space this year.





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