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XRP Price Prediction: Will XRP Break $0.35 Resistance? No Silver Lining in the Cloud Is Found
XRP Price Prediction: Will XRP Break $0.35 Resistance? No Silver Lining in the Cloud Is Found

Bitcoin News - Bitcoin Nouveau Riche: Only 588 Wallet Addresses Contain More Than $10 Mln Worth of BTC

  • Alex Morris
    📰 News

    After Bitcoin became the ultimate buzzword of 2017, many started dipping their toes in the industry, never making a full dive

Bitcoin Nouveau Riche: Only 588 Wallet Addresses Contain More Than $10 Mln Worth of BTC
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According to new Delphi research, which examines the current distribution of the Bitcoin supply, only 20 percent of wallets contain more than $100. However, the embarrassing statistics don’t stop there — recent research has found that almost half of all Bitcoin addresses contain less than 0.001 BTC ($3.40).  

Baby steps

The market bears are in full force, and it’s really important to find out how many BTC each wallet contains. The above-mentioned numbers confirm that cryptocurrency enthusiasts are still reluctant to put money into crypto since the number of Bitcoin addresses that contain more than $100 worth of Bitcoin is sitting at 20 percent. Obviously, many investors are afraid of making a full dive into the industry due to the volatile nature of Bitcoin.  

Crypto whales are rare but powerful

The research also concludes that less than 600 addresses contain more than $10 mln worth of Bitcoin, and many may jump to the conclusion that the power of crypto whales is limited. The Bitcoin nouveau riche could be definitely seated on a single plane or cruise ship.

👉MUST READ Bitcoin Whales Still Make the Biggest Splash in the Markets


Notably, only 3 percent of the total Bitcoin supply goes to ultra-rich holders who have more than 100,000 BTC in their pockets (more than $340 mln at the time of writing this article).    

Not-that-rich Bitcoin millionaires

As U.Today reported earlier, this tiny 1 percent of the crypto industry is responsible for almost half of the total circulation supply. These members of the Bitcoin elite boast wallets that contain more than 200 BTC. The market woes, however, have forced them to leave the $1 mln club, almost halving their fortunes.   

Still, the new research confirms that the majority of coins is indeed held by the crypto upper-middle class — they are responsible for 41 percent of the total circulation supply.

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Bitcoin News - This Is Why Bitcoin Price Will Surge Higher This Year

  • Thomas Hughes
    📈 Price Predictions

    💸✅Cryptocurrency traders, investors, and HODLer’s will be happy to learn that Bitcoin will surge higher this year📈

This Is Why Bitcoin Price Will Surge Higher This Year
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Cryptocurrency traders, investors, and HODLer’s will be happy to learn that Bitcoin will surge higher this year. The world’s reserve cryptocurrency and the leading digital token has been undergoing a period of recuperation that will soon be complete.

👉MUST READ Bitcoin to Hit $5,000 by May 2019, Analysts Predict, Despite Trading Volumes Faked by Exchanges

Last year, uncertain regulation, the so-called Fork Wars, and lack of awareness all played a role in the sharp sell-off and bear-market that has lingered into the current year. Now, many of the issues weighing on the market are disappearing or about to disappear and that is setting up conditions for a massive bull market.

BTC Price Prediction chart by TradingView

BTC/USD chart by TradingView

Fundstrat’s Tom Lee, one of the most prominent and outspoken BTC bulls, says macroeconomic trends are going to underpin the rally he thinks will start before the end of the year. He cites last year’s surging dollar and global market uncertainty as headwinds now gone. In his view, the technical picture is promising but it is the fundamental story that will drive value long-term.

The most important factor for Bitcoins value for Lee is the fact that it, and blockchain, are becoming useful. Banks like JP Morgan, Mizuho Bank, and Santander are all using blockchain while non-financials like Facebook and sovereign nations like Venezuela are also flocking to the technology. This is causing a shift of awareness that will spill into the retail sector and that in turn will further increase BTCs utility and emergence as a stand-alone asset class.

👉MUST READ Could Bitcoin Come Crashing Down? — The Mystery of Satoshi’s Kill Switch

Ironically, Lee says global turmoil is helping Bitcoin’s adoption. Venezuela is only one example where uncertain economic times, skyrocketing inflation, and mismanaged government are pushing people to the blockchain. Bottom line, Bitcoin is going to move higher, a retest of the all-time high (in my opinion) is all but certain.

The Six-Month Bitcoin Forecast You Need to Know Now

Bitcoin has been wallowing near long-term lows for several months now. In recent weeks the coin has begun showing bullish activity that is the first signs of movement in what will become a massive bull market. The near-term outlook is not quite as rosy, the token may continue to move sideways inside its range until one of a few things happens.

BTC/USD chart by TradingView

BTC/USD chart by TradingView

The first possibility is the U.S. government will finally adopt cryptocurrency regulation and/or allow the listing of a BTC based ETF. The next thing that may happen is an advancement in blockchain technology that may include but is not limited to enhancing BTC’s transaction speed and the much-needed and long-awaited upgrade of the Ethereum network; either could spark a massive rally in the entire market.

The final scenario, and possibly more likely, is that the market will slowly return to BTC. Investor confidence was sorely shaken last year, it is taking time for it to heal. Eventually, the market will build to a boiling point and spark a rebound in prices.

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