A SECRET cluster of 1,600 investors known as bitcoin whales’ collectively hold a third of the entire cryptocurrency with holdings of $ 37.5billion, according to new data.
Bitcoin is the most popular cryptocurrency and enjoyed a dramatic rise to the top last year when its price rose by 1,000 percent and its value peaked at $20,000 in the run-up to Christmas.
But since then, its trade price has fallen back down to $7,500 as regulators circle the sector and competitors Litecoin, Ripple and Ethereum flood the market.
Data from blockchain research company Chainalysis showed in April there were 1,600 bitcoin wallets held by investors, all of which contained 1,000 of the alt-coin each.
Mountain – chart at 06-09-2018
The unidentified ‘whales’ scooped an eye-watering 5million bitcoins between them, which amassed to a third of the market, according to the FT.
Just under 100 wallets contained between 10,000 and 100,000 bitcoin which would be valued at between $75million and $750million at today’s prices.
: “This concentration of wealth means that bitcoin is at risk of volatility as the moves of a small number of people will have a large price effect.” said; chief economist Phillip Gladwell.