New data suggests that “wholecoiners” — Bitcoin wallets holding 1 BTC or more — now account for 95% of the cryptocurrency’s entire capitalization. That leaves just 5% of the market cap divided among tens of millions of users with a balance below 1BTC.
The total number of wholecoiner addresses has steadily increased year-over-year since 2009, despite BTC’s astronomic price rallies. On Nov. 27, Glassnode CTO Rafael Shultze-Kraft tweeted a chart revealing that more than 800,000 addresses currently hold at least 1 BTC.
The number of #Bitcoin “wholecoiner” addresses (holding ≥ 1 BTC) on this day every year
Data: https://t.co/VJm4nRFKp8 pic.twitter.com/6VJff2vB3r
— Rafael Schultze-Kraft (@n3ocortex) November 26, 2020
According to Bit Info Charts, wholecoiner addresses represent around $301 billion worth of BTC. By contrast, the current combined value of less-than-wholecoin addresses is $16 billion.
A linear chart reveals few retracements in the history of wholecoiners, with the largest dip coming in early 2016 when the number of addresses holding at least 1 BTC fell by 13.5%, from 520,000 to 450,000.
The year 2018 also saw wholecoiner growth stagnate, with the number of addresses oscillating between roughly 720,000 and 690,000 for 12 months from December 2017.
![](https://s3.cointelegraph.com/uploads/2020-11/67a92d78-6d4b-4f4c-9642-fb6ff89b99c7.png)
According to Into The Block, 32.95 million Bitcoin addresses currently hold some value of BTC, suggesting that wholecoiners represent just 0.47% of balance-bearing Bitcoin wallets.
Author: Samuel Haig ::: Source link