Bitcoin wallets with over 1,000 BTC continue growing. According to the blockchain analysis company Chainalysis, during 2020 the number of wallets with more than 1k BTC surged by 17%. At the moment there are 2,052 wallets with this amount or more of Bitcoin.
Chainalysis Shows Large Holders Continue Buying Bitcoin
Large Bitcoin holders and investors continue to increase their presence in the market. Despite the complicated year due to the Coronavirus crisis, investors continue to place their funds in Bitcoin.
Just this year 302 new accounts reached the 1,000 BTC threshold. As reported by Chainalysis, this is an increase of 17% in 2020. The total number of accounts with more than 1,000 Bitcoins is now 2,052.
It is worth taking into consideration that many other users may have more than one BTC wallet. That means that the number of investors with more than 1,000 BTC could be even higher. During the last years, a large number of high-profile individuals and firm started to show support for Bitcoin.
“That’s a big increase in the wealthiest wallets and provides evidence that institutional investors have entered the market,” explained Chainalysis in a recently released report.
It is worth mentioning that companies such as MicroStrategy or MassMutual have acquired millions of dollars worth of Bitcoin. This has allowed them to gain exposure to the largest cryptocurrency in the world. Moreover, it has also started a discussion for large companies on whether they should gain BTC exposure.
Bitcoin has moved this year from $3,800 in March to $19,400 a few weeks ago. The entire cryptocurrency market is excited about the future of the space and how high Bitcoin can go. Many experts claim that Bitcoin could enter the $20k territory and continue expanding towards new highs after that.
The crypto market is now waiting for new inflows of money from large investors. This could also be very positive for the price of other virtual currencies. Nevertheless, all the sight are placed on Bitcoin and how high this virtual currency can move.
Currently, Bitcoin is being traded around $18,450 and it has a market valuation of $342 billion. In the last 24 hours, the virtual currency experienced a price increase of almost 3% and other virtual currencies followed.
At the time of writing this post, XRP is falling by 6.24% after the awaited Spark token (FLR) airdrop.
