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Wholecoiner Wallets Take Huge Chunk Leaving 5% of BTC Market Cap to Rest

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1 Monat ago

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Every year, the number of “wholecoiner” Bitcoin wallets holding at least 1 BTC has been increasing gradually. Now, the remaining addresses with less than 1 BTC account for just 5% of Bitcoin’s market cap.

Bitcoin wallets holding 1 BTC or more — dubbed “wholecoiner” wallets — take 95% of the popular cryptocurrency’s entire capitalization, according to new data that recently emerged. Meaning just 5% of the market cap remains, which users with a balance of less than 1BTC, assumed to be tens of millions, have to share amongst each other.

BTC Wholecoiner Addresses Rise Year-on-Year

Despite Bitcoin continuously displaying impressive price rallies, wholecoiner addresses numbers have risen steadily year-over-year since 2009. Addresses currently holding at least 1 BTC are anticipated to be over 800,000.

The total BTC value of less-than-wholecoin addresses is around $16 billion while those of wholecoiner addresses is almost $301 billion, according to Bit Info Chart. in early 2016, prior to the second BTC halving, the largest dip of wholecoiners occurred when there was a 13.5% fall in the number of addresses holders of at least 1 BTC, from 520,000 to 450,000 as revealed on the linear chart.

Wholecoiner growth also stagnated in the period for 12 months beginning from December 2017 throughout the whole year of 2018, when addresses numbers oscillated between roughly 720,000 and 690,000. Reportedly, balance-bearing Bitcoin wallets of wholecoiners is around 0.47% since Bitcoin addresses currently holding less value of BTC are over 32.95 million.

Addresses Holders with at Least 1 BTC Surge in 2020

In September, the Bitcoin wholecoiner club hit a new all-time high when the number of addresses rose to 823,000. Top-tier exchanges showed data points of retail traders accumulating, making the number of wallet addresses holding a whole Bitcoin to rise rapidly. Big capital inflows in the crypto market seen in August attracted not only institutional investors but also retail ones, causing the accumulation of the digital asset to occur at a rapid pace over the past weeks.

In April, the Bitcoin Twitter community turned a certain Colombian Sats Stacker to Wholecoiner in just Under 24 Hours. After revealing that he had bought an extra 0.3 BTC to increase his Bitcoin stack amount, the Columbian got donations ranging from a few thousand sats to 0.01BTC and even to an undisclosed value. The events made the Colombian the owner of a whole Bitcoin in just a matter of hours.

Investors Project Good Prospects Due to the Increase

The rise in the number of wholecoiners is crucial as it shows that a lot of people are pegged on increasing their crypto reserves. Meaning, if the number of addresses with at least one Bitcoin increase, trust in BTC’s medium and long-term prospects will significantly escalate as investors expect the cryptocurrency to bring good business.

Related to the wholecoiners, the whales have been causing a significant impact on the crypto environment. They are the risk-loving high-net-worth individuals who determine the direction of the cryptocurrency market. Through their bulk buying and selling activities, they are able to influence the price of BTC. For instance, yesterday, Coinspeaker reported whale activity having caused a sudden 11% drop in BTC price. At press time, BTC was just oscillating under the $17K mark.

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RIOT Stock Registers Unprecedented Rally, Riot Blockchain Valuation Soars Above $1B

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34 Minuten ago

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Dezember 29, 2020

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Following the Bitcoin all-time high on Sunday, December 27, Riot Blockchain stock registered 20% gains on Monday’s trading session. The stock has already appreciated by 13x this year. Apart from BTC, investors of Bitcoin mining companies are making a bomb in the market.

Bitcoin mining giant Riot Blockchain is making all the news in the market at the moment. On Monday, December 28, Riot Blockchain Inc (NASDAQ: RIOT) stock price surged a massive 20% surging past $15.5 levels. One of the biggest milestones with the Monday rally is that the Riot Blockchain has clocked a $1 billion market cap.

The latest price rally comes as Riot Blockchain hints at going aggressively on its Bitcoin mining business. Last week, the Riot Blockchain added new S19 Pro Antimers to its bitcoin mining arsenal. The company announced the purchase of an additional 15,000 Bitcoin (BTC) mining machines from Bitmain. The recent purchase also pushes Riot’s total fleet to 37,640 Next-Generation Bitmain Antminers.

Riot said that the fresh purchase of Antminers will help the mining company to attain a 65% jump in its mining hash-rate. RIOT stock has registered an unprecedented rally this year in 2020. RIOT stock has multiplied by 13x this year registering a 1200% surge so far.

Riot Blockchain has issued nearly 17 million shares since November 2020 with its total outstanding shares going to 67.5 million. It has been a phenomenal journey for Riot ever since it ventured into the Bitcoin mining business in October 2017. With valuations less than $50 million back then, Riot has grown more than 20x in size as of its latest stock price.

RIOT Stock and Shares of Other Bitcoin Mining Companies Profit from BTC Bull Run

The recent Bitcoin (BTC) price rally during Q4 2020 has also pushed the stocks of Bitcoin mining companies to new highs. Earlier on Sunday, December 28, the BTC price hit its all-time high of $28,000 in a massive bull run followed by huge institutional inflows.

Moreover, along with the BTC price rally, the Bitcoin hash-rate has jumped significantly since November 2020. Over the last two months, the BTC hash-rate has surged nearly 30% and is currently at 132 TH/s. The surge in the hash-rate suggests higher mining activity for Bitcoin.

As a result, Bitcoin mining companies have been making massive purchases of the BTC mining machines. In addition to Riot Blockchain, other giants like the Marathon Patent Group have made aggressive purchases over the last few months. Just like RIOT, the Marathon Patent Group (NASDAQ: MARA) has registered a phenomenal rally of 18% on Monday, December 28. MARA stock has multiplied investors’ wealth by 12x in 2020. It means the MARA stock has also given phenomenal 1100% returns year-to-date.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.



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How low could XRP go? Watch these price levels next

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7 Stunden ago

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Dezember 29, 2020

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XRP price dropped by 30% on Dec. 29 following Coinbase’s decision to suspend trading. 

The market sentiment around XRP has become overwhelmingly negative due to the fear of more exchange delistings.

In the near term, XRP faces three key historical support levels at $0.224, $0.1743 and $0.1471.

Where will the XRP price go next?

The ongoing price trend of XRP is not cyclical nor reliant on technical analysis. It is due to investors selling XRP following the suspension of trading across major cryptocurrency exchanges.

On Dec. 29, Coinbase announced that it is suspending the XRP trading pairs on their platform. Paul Grewal, the chief legal officer at Coinbase, wrote:

“In light of the SEC’s lawsuit against Ripple Labs, Inc, we have made the decision to suspend the XRP trading pairs on our platform. Trading will move into limit only starting December 28, 2020 at 2:30 PM PST, and will be fully suspended on Tuesday, January 19, 2021 at 10 a.m. Pacific Standard Time*. We will provide additional updates, if any, through the Coinbase Support Twitter account, including if there are any changes to timing.”

As Cointelegraph previously reported, analysts anticipated Coinbase to suspend XRP trading after the United States Securities and Exchange Commission filed its complaint.

Coinbase plans to undergo an initial public offering, and it is in the firm’s best interest to remain fully compliant with the regulators in the U.S.

Considering the regulatory uncertainty around XRP, traders have emphasized that technical analysis is of less importance in the short term. Scott Melker, a cryptocurrency trader, said:

“A few people have told me that there’s oversold bullish divergence on the $XRP chart. You are doing it wrong. Charts don’t matter here. You cannot trade in a vacuum. Jesus could come down with Biggie and Tupac and put on a concert for Brad Garlinghouse and I still wouldn’t buy.”

In the foreseeable future, XRP has several major support areas it could potentially recover from. However, these are deep support levels on the weekly chart, which shows that it lacks momentum for a major rebound.

XRP/USD weekly candle price chart (Coinbase). Source: TradingView.com

The XRP price has fallen by over 60% in merely two weeks, recording one of its steepest two-week drops in history.

What happens next?

Adam Cochran, a partner at Cinneamhain Ventures, was one of the first to break the story that Coinbase had conversations about suspending XRP trading.

Cochran hinted that the SEC are probably looking into more projects and companies than people realize. He said:

“If you thought my scoop on Coinbase delisting/suspending $XRP was insightful, you’re going to love the next scoop I’m working on, this week. Looks like that SEC is far more active than we thought and sniffing around a number of projects and companies!”