On 13th May, glassnode (leading blockchain analytics) revealed the new milestone of 1 Million addresses hold 1 Bitcoin or more. Even though the number was huge, it was not surprising for the crypto community. Bitcoin is known as the number 1 cryptocurrency. And every individual who knows the word crypto must be aware of the name of Bitcoin as well. According to the stats, around 1 Million people have at least 1 Bitcoin in their accounts holding around 5% value of the total. At the moment, Bitcoin is being traded at ₹2,230,554.73 with a market cap of ₹43,226,702,061,134.
As new Bitcoins continue to be mined and divided among the miners (at a pace of approximately 6.25 per 10 minutes as each block is added to the chain). They will eventually make their way onto the market. This results in a more equitable distribution of the Bitcoin supply.
It also occurs as society as a whole begins to adopt Bitcoin. As more and more people show interest in it and begin to invest, higher demand drives the price up (over the long run, at least). It encourages early Bitcoin investors and adopters with a sizable stash to start giving away their holdings.
“1 Million Addresses Hold 1 Bitcoin or More” Is Not Entirely True
When talking about Bitcoin Addresses it’s not always aggregated to a person but to also an exchange’s wallet. Many Bitcoin investors have numerous addresses, and other addresses are owned by important organizations. Like cryptocurrency exchanges and financial companies that frequently hold substantial Bitcoin holdings.
Data according to Bitcoin Addresses of 2018.
Of the roughly 19 million Bitcoins now in circulation, 1.89 million of them, worth $50.7 billion, are said to be kept on the big centralized exchanges. In addition, 3 million BTC, worth $80.4 billion and representing 17% of the total circulating supply, are reportedly “lost forever”. As a result of a combination of factors, including BTC sent to “burn addresses,” wallets with misplaced keys, and sizable accounts that have been idle for more than ten years.
Bear Market Leading The Pathway For Bitcoin
The number of wallet addresses holding one or more Bitcoins increased as the price of Bitcoin dropped more than 65% over the course of last year. The most notable increases occurred during a severe market crash in June 2022 and starting on November 11. At that time, FTX collapsed and subsequently filed for bankruptcy.
According to Cointelegraph, since early February 2022, when the price of Bitcoin began to decline from its peak in November 2021, a staggering 190,000 or so “whole-coiners” have been added.
The steady rise in the quantity of so-called Bitcoin wallets, carrying at least 1 Bitcoin (whole-coiners), started in 2022 after a pause in 2020 and 2021. Aligning with a rise in the number of wallets holding at least 0.1 and 0.01 BTC as well as a rise in the number of wallets with a balance greater than zero.
Final Thought
In conclusion, the recent information that 1 million addresses hold 1 Bitcoin or more emphasizes the cryptocurrency’s rising acceptance and popularity. This large group of individual holders accounts for about 5% of the entire Bitcoin value. It’s crucial to keep in mind nevertheless that not all Bitcoin addresses are held by private individuals. Significant amounts of Bitcoin are also held by exchanges and other businesses. Making up a sizable chunk of the available supply. In addition, a sizable portion of Bitcoins is thought to be permanently lost owing to a variety of reasons. That includes lost keys, idle accounts, and transactions to burn addresses. However, the growing number of people who own Bitcoin shows that this digital asset is becoming more and more popular.
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