Report says more than half of the Bitcoins in circulation are stored in wallets


More than 55 percent of the Bitcoin in circulation is stored in wallets, according to the journal Diar.

Over the past 11 months, the value of Bitcoin in these wallets has exceeded $1 million. The Diar report says a third of the Bitcoins in these wallets have never been traded.

A cryptocurrency wallet is a secure digital wallet used to store, send, and receive digital currency (Cryptocurrecy Facts).

The figure from Diar shows more than 87 percent of Bitcoins are stored in wallets with least 10 Bitcoins – more than $60,000 based on the Bitcoin history value. The total value is slightly less than the $100 billion of the total market cap. However, these wallet addresses only accounted for 0.7 percent of all Bitcoin addresses.

Meanwhile, wallets with the balance of at least 100 bitcoins, or $640,000, is less than 0.1 percent of total Bitcoin addresses, whereas they account for 62 percent of total Bitcoin circulation.

An analysis conducted earlier this year by the firm Chainalysis showed that between December 2017 and April 2018, the total selling of Bitcoin was as high as $30 billion.

The report also mentioned nearly one-third of the bitcoin supply was concentrated in the hands of 1,600 people, as early as April this year.

Chainalysis indicates that up to 30 percent of the bitcoin supply is in status of loss or untapped.

All data used for price and market analysis collected from citicoins.com

 

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