Bitcoin is being distributed more and more widely. This is shown by on-chain data.
Quo vadis, crypto market? If Bitcoin and Co. gave a sign of life yesterday, Monday, November 29th, for the first time in a long time, today’s weather report is rather changeable, due to the time of year. Quite a few coins, including Ethereum (ETH), are in the plus. But it is not yet the big breakout.
Bitcoin, for example, yesterday with around 4 percent growth, is now slightly in the red. At the time of going to press, 1.6 percent were accounted for on a daily basis.
The picture is mixed within the top 10. Dogecoin (DOGE) made the biggest gain with 5 percent, which is now also ahead of Shiba Inu (SHIB) with a market capitalization of 2 billion US dollars.
Market report: cheerful
The current correction movements are more of a side note in a thoroughly healthy market. One characteristic of this is, for example, the distribution of bitcoins between the market participants. In the past, the cryptocurrency was considered to be extremely unevenly distributed (a small number of investors held large parts of the supply), this characterization is hardly tenable today.
The number of BTC addresses with at least 10,000 BTC has been falling steadily since the peak in September 2018.
The number of addresses with 1,000 or more Bitcoin has also been falling since February of this year.
In other words: there are fewer and fewer whales in Bitcoin land.
But the coins must have landed somewhere. In fact, the number of addresses is steadily increasing from 0.1 BTC to 1 BTC.
Likewise the one with 0.01 BTC.
The trend is clearly recognizable: the shrimp outstrip the whales. This is good news for the Bitcoin market structure. Because a broader distribution of the Bitcoin supply volume means, conversely, less market power on the side of affluent whales. And that’s good news.