During the last week the total cryptocurrency market enjoyed a little rally and increased from $220 billion to $231. Then the market pulled back gradually and stabilized around $226 billion. Last monday Bitcoin dropped below $8000 reaching $7800. It quickly corrected itself, touching $8600 before falling back. Currently Bitcoin is trading around $8330. Ether has been officially recognized as a commodity by the Commodity Futures Trading Commission (CFTC). It is up by 4.5% to $184. Also last week Ethereum community held its fifth annual conference Devcon 5 in Osaka, Japan. Ripple didn’t seemed to be correlating with the overall crypto market. Over the week XRP has increased by 5% to $0.29. Ripple has restructured their website so their clients have easy access to all of their software products.
According to a chart shared by Glassnode the number of Bitcoin addresses holding more than 1000 Bitcoin has increased drastically despite the bear market. There will only ever be 21 million Bitcoins. Thousand Bitcoin is just 0.004% of the total supply, which might seem insignificant but at current price this amounts to $8 million. The whale addresses started to grow as soon as Bitcoin hit its bottom in late 2018 and early 2019, when the price of Bitcoin was around $3200. Addresses containing more than 1000 Bitcoins have grown from around 1500 addresses to over 2000 in 2019. The data suggests that whale addresses rise significantly during any major price drop. About hundred whale addresses have joined the list during the recent drop from around $9600 down one thousand. Another data shows that nearly $10 billion worth of Bitcoin is held in the wallets of major exchanges. That is about 7% of all Bitcoin in circulation. The whale addresses could be exchanges or institutional investors accumulating Bitcoin for the lowest price possible.