A new report by Chainalysis is in the latest cryptocurrency news, indicating that a third of all Ether (ETH) is owned by just 376 whales as of May 1 this year. The blockchain analysis startup Chainalysis has published a study on Ethereum possession, indicating that a third of ETH is controlled by 376 individuals.
What’s also interesting is that this number is actually down from the 2016 and 2017 levels, meaning that the Ethereum possession is declining in terms of the number of users holding the cryptocurrency.
The study by Chainalysis is in the altcoin news today – finding that these whales have “no meaningful” impact on the ETH price despite controlling a third of it. However, they have the ability to increase the intraday volatility in the crypto market with the large sell-offs, mainly due to their big Ethereum possession.
According to Chainalysis, whales are the top 500 holders of cryptocurrency (excluding services) who store their holdings off exchanges. Ether whales, as the coming altcoin news show, currently account for just 7% of all transaction activity.
The study also found that the majority of whales with Ethereum possession are not active traders – but instead hold their assets and are not regularly trading on cryptocurrency exchanges. In other words, this means that these whales ar consistently holding 25% to 40% of the supply as their Ethereum possession and account for only 5% to 18% of the transaction volume, as Chainalysis said.
By using a vector autoregression (VAR) model, which is commonly used in financial time series analysis, Chainalysis found that the Ethereum possession and prices follow Bitcoin (BTC) prices. On average, a 1% increase in BTC leads to a 1.1% increase in the ETH prices, which is something many best cryptocurrency news sites found interesting and worth reporting.
Besides the Ethereum possession, this study also analyzed the impact of whales sending and receiving funds to and from exchanges using the VAR model. It found that funds sent do impact the volatility but not the price – while the funds received have no impact on prices or intraday volatility.
“These preliminary findings are consistent with the literature on stock market prices and volatility,” the report on Ethereum possession concluded. “Academics have found that large anomalous fluctuations in traded volumes of particular stocks, notably the S&P 500, tend to impact volatility and not price levels.”
Ethereum Network Development: The $30 Million Investment In Detail
"Over the last 12 months the Ethereum community — a global collection of developers, entrepreneurs, researchers, and passionate users — has made tremendous progress. Every week, new applications built on Ethereum launch to mainnet, scalability solutions come online, and ETH 2.0 moves closer to key milestones. Ethereum remains the de-facto platform for decentralized applications, and is used every day to secure billions of dollars in digital assets," the post noted.Speaking of, Plasma is the project that was first proposed by Vitalik Buterin and Joseph Poon in 2017 - as a scaling solution for the network employing autonomous smart contracts. The project is in the latest cryptocurrency news again as part of the Ethereum network development. It is described as a solution that would enable “the blockchain to be able to represent a significant amount of decentralized financial applications worldwide,“ according to the white paper The $30 million budget reserved for the ETH network and its development was first announced by the Ethereum Foudation at the ConsenSys' Ethereal Summit on May 10. The executive director Aya Miyaguchi was in the coming altcoin news then for stating that the foundation intends to bring academic involvement to Ethereum - which will attract the top-tier researchers and developers (and grants) to the academic teams and organizations. As we previously reported on our crypto news site, the "rerelease" of the community website for Ethereum Foundation was announced at the end of April. The Ethereum network development sits on top of this update, which purports to be a repository filled with community-created Ethereum content including documentation and tutorials for using Ethereum tools.
Cryptopia Hackers Are Moving The Funds In At Least Four Wallets
“Despite the efforts of management to reduce cost and return the business to profitability, it was decided the appointment of liquidators was, in the best interests of customers, staff and other stakeholders. […] Given the complexities involved we expect the investigation to take months rather than weeks.”As the new analysis by CoinFirm notes, the hackers are moving the cash into separate wallets including the two CoinDesk which found that were directly connected to Huobi. “The Cryptopia hacker moved 30,790 ETH (~$7.67M) from the last red address to the yellow one which is a new address of the hacker as of May 20, 2019 at 01:43:57 AM +UTC. The yellow address still has got 29,770 ETH,” said CoinFirm’s Grant Blaisdell in a statement that went viral in the coming altcoin news. Two other addresses were also reported by many best cryptocurrency news sites - showing that they received a combined 1010 ETH while another 10 ETH landed in what appears to be a Huobi deposit address and a Huobi hot wallet. This means that the Cryptopia hackers are preparing to pull cash out through these exchanges. Even though there is no telling what is exactly happening to this Ether as it moves from one wallet to another, it is certain that the $16 million is not going to sit still for long.
Ethereum Price Analysis: ETH Is Weak But Could Start Upswing Soon
Ethereum (ETH) Price Surges By 9% Following The BTC Rally
“After breaking the much anticipated 6000 level BTC still looks amazing. Trend, momentum and sentiment are all clearly bullish. That said it’s at resistance and a pullback would make sense. I’d much rather be a buyer at support than a seller at resistance.’’The best cryptocurrency news sites reported on the sentiment around bitcoin and the rest of the crypto market. It seems that the community is generally optimistic. The analysts can predict that the major cryptocurrencies will sustain the momentum in the medium term just as the Ethereum (ETH) price managed to do so. The co-founder of Ethereum Joseph Lubin declared back in 2018 that the bottom of the crypto market is here just when the price of the largest cryptocurrency reached $3,150. Lubin stated that the fear is intensifying about the future of crypto and noted:
‘’I am calling the cryptobottom of 2018. This bottom is marked by an epic amount of fear, uncertainty, and doubt from our friends in the 4th and crypto-5th estates. What I’ve witnessed among the chattering class the past few weeks in response to ConsenSys 2.0 is a rather typical tune: the alarmed, the eulogistic, and the gleeful.’’Since then, the Etehreum (ETH) price surged by 70 percent year-to-date.
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