Bitcoin

321 crypto-whales control the market of Bitcoin, Ethereum and Litecoin

January 14, 2020 by Clementine

A recent report Into The Block throws new reproach on the Bitcoin, Ethereum and Litecoin. The document in question points out that approximately 321 crypto-whales (big investors) would garner most of the crypto-currencies issued on these blockchains.

The rise of the crypto-whales

According to a report from the analysis company data IntoTheBlock, there is an unusual concentration of crypto-currencies within the crypto-whales.
And for proof, near 321 crypto-whales would garner the vast majority of the total supply of Bitcoin, Ethereum and Litecoin.
In detail, 39 whales took 11.1% of Bitcoin in circulation, 154, own 40% of the total supply of Ethereum, while 128 whales hold 47% of all litecoins created.
Other markets miners of crypto-assets are also characterized by a strong presence of crypto-whales : 105 crypto-addresses have 28% of the total supply of Bitcoin cash, 39 address control 25% of the Bitcoin VS and 140 addresses, and ownership close to 60 % of the Tether.

A manipulation of the market by the crypto-whales ?

In recent years, the crypto-whales have exercised actions destabilising the market of crypto-currencies. In fact, these rich crypto-investors the power to manipulate the crypto-market through the mechanism of the “pump and dump”. As a reminder, the “pump and dump” is the purchase of crypto-currencies in large quantities in order to artificially inflate their progress, then get rid of it at a better price a few hours later.
Other the fact to fuel suspicion of market manipulation, the concentration of crypto-currencies are challenging their decentralized nature, a value that has always been claimed by the developers of Blockchain.
Thus, the data output by the company IntoTheBlock confirm the unequal distribution of wealth in the crypto-industry.
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Clementine

Passionate about the universe geek, Clementine finds the news more interesting and involved in their drafting.

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Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.

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