The Bitcoin news now show that BTC is struggling near the $9,400 mark and has been struggling over the past couple of months. Even despite the recent run to $10,400, BTC is volatile and has been correcting over the past weeks. Despite the entire bearish sentiment, however, lies the Bitcoin Rich List and the fact that it has grown by 30% in 2019 – even in a market like this.
Wondering how is all of this possible?
For starters, if you don’t know what The Bitcoin Rich List is, it is basically the number of addresses holding more than 1,000 in BTC. This list managed to grow by 30% in the past 12 months and reflected an influx of new high net-worth investors.
As data from Coin Metrics shows, the growth of 30% is since September 2018. Even when adjusted to exclude addresses which are known to belong to exchanges, the figure shows a similar surge.
Currently, 2148 addresses on The Bitcoin Rich List are said to hold more than 1,000 BTC. On a larger scale, this amounts to just 0.01 percent of the total Bitcoin (BTC) addresses all around the world, the BitInfoCharts Bitcoin Rich List shows.
Today’s crypto news also show that charts and lists like these are witnessing a lot of growth over the last 12 months. For all of you wondering how and why is this possible, the investor and analyst Willy Woo jumped out with an answer – stating that The Bitcoin Rich List has expanded mainly due to the increased investor participation in the market.
“The two options are we have high-net-worth investors coming in or it could be cold storage practice at the exchanges and custody solutions. The latter explanation cannot be ruled out, but it does not coincide with other data we have on the timing of when supply increased at these entities. For now, I’m going with the first explanation,” Woo noted.
As a reminder, it is worth noting that BTC feel from $6,400 to $3,100 in the final quarter of 2018 and experienced that investors may have taken advantage of the price dip to snap up the top cryptocurrency on the cheap. Perhaps this is the only valid proof behind the rise in the addresses with more than 1,000 Bitcoins.
“It’s mostly the exchanges … both the amount of BTC held in exchanges and the number of exchanges/custodians have been growing,” another popular trader named Alex Kruger told the media.
One way or another, this is a good sign for Bitcoin and its mass adoption.
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