Bitcoin Virus Is Spreading Fast: 19.4 Million BTC Addresses Over $1 of Bitcoin Now
Bitcoin was created as a means of payment as well as a store of value for the benefit of the public, one would think that more people would join the bandwagon immediately. However, after more than 10 years of existence, the network has been a swimming ground for whales. Until recently, those with large amounts of Bitcoin moving it from one accomplice to the other, as the majority have held, have been empeding on the supply of the coin. But, the market corrections that are happening has seen Bitcoin’s price rise sharply and has seen many people joining the fray.
Whales are offloading their supplies to the masses to take advantage of the recent price spike and the number of Bitcoin addresses holding over $1 of Bitcoin has been on the rise over the past few months.
According to Toronto based cryptocurrency analyst, Kevin Rooke, BTC is fast spreading like a virus, pointing to the fact that there are now 19.4 million Bitcoin addresses that own more than $1 worth of BTC. The data that was collated between November 2017 and June 21, 2019 shows that Bitcoin is being embraced by the masses. In a tweet, Rooke presented the table below explaining his virus theory:
The table shows that the number of Bitcoin addresses owning about $1 to $10 was 16.3 million in November 2017. However, the number has risen by about 19% over the research period and now stands at 19.4 million. Although the amount of crypto may be low, the increasing number of addresses owning BTC signifies that the king coin is gaining massive adoption. It is also a sign that more people are now aware of how Bitcoin works and willing to be part of the Bitcoin community.
The table also presents positive signs up the quantity ladder. Rooke shows that the amount of addresses owning about $10 to $100 worth of cryptos has increased by about 3.3 million to 13.3 million. This is an increase of 33 percent. The first and the second categories show that people who invest about $1 or above, mostly add onto the same and in the end accumulate about $100 worth of cryptos in their respective addresses.
Similarly, the positive trending was also witnessed in the $100 to $1000 category where the increase was 1.6 million to 7.3 million addresses in the same timeframe. However, there was a slow growth in the $10000 to $100000 category where a 9% rise was recorded. However this is a positive sign in the market.
As you go up the whale hoarding ladder, the percentage change was on a decline trend. The $100,000 to $1,000,000 worth of BTC category saw a decline of 1 percent while the over $1,000,000 worth of BTC category recorded a decrease of 11 percent. There about 150, 000 BTC addresses in the million dollar category while there are over 16,000 addresses owning more than $1 million worth of BTC.
The table shows that there are few individuals and institutions hoarding BTC and there is a rise in the number of BTC addresses holding low amounts of BTC. Rooke says that this is a sign of mass embracing of the most popular crypto in the industry.
19.4 million bitcoin addresses own more than $1 of Bitcoin.
Bitcoin is spreading from the whales, to the people.
— Kevin Rooke (@kerooke) June 22, 2019
Are whales cashing in on the increased BTC prices or is the recent price increase attracting small scale investors in the market? Let us know your opinion on the comments section below.
Bitcoin’s price is $56,759.58 BTC/USD exchange rate today. The real-time BTC market cap of $1.06 Trillion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $28.26 Billion and live coin value change of BTC -2.30 in the last 24 hours.