The latest data suggest that the so-called “Wholecoiners” or wallets BTC holding 1 BTC or more – they now account for 95% of total market cap cryptocurrencies. Split among tens of millions of users with a balance of less than 1BTC, only 5% of the market cap remains.
Wallets for storing all Bitcoin
The number of wholecoiners has been growing steadily since 2009, despite the huge increase in BTC prices. November 27 CTO Glassnode Rafael Shultze-Kraft tweeted a chart which shows that at least 1 BTC currently has over 800,000 addresses.
The number of #Bitcoin “Wholecoiner” addresses (holding ≥ 1 BTC) on this day every year 📈
Date: https://t.co/VJm4nRFKp8 pic.twitter.com/6VJff2vB3r
– Rafael Schultze-Kraft (@ n3ocortex) November 26, 2020
According to BitInfoCharts, there are approximately $ 301 billion in BTC on wholecoiners’ addresses. By comparison, the current total value of addresses that store less than 1 Bitcoin is just $ 16 billion.
However, the line graph shows some interesting cases. The biggest decline in wallets holding all Bitcoin occurred in early 2016. The number of such addresses then fell by 13.5%, from 520,000 to 450,000. In 2018, the number of wholecoiners also stagnated. For the 12 months from December 2017, the number of such addresses ranged between 720,000 and 690,000.
Number of BTC addresses with balance> 1 BTC source: Glassnode
BTC transaction fees are lower than in 2017
The current BTC transaction fees of around $ 3.50 are significantly different from what we could see three years ago. During the boom in December 2017, we had to pay up to $ 50 for one transaction. Co-founder Ethereum (ETH) Vitalik Buterin however, it does not believe that the current low fees will be sustained. Buterin in a Twitter thread suggested that the inevitable spike in transaction fees would drive most users out:
I would say it’s more like “why do Bitcoin’s unique features matter given that any wide adoption scenario will lead to base chain fees pricing out most of those users and it’s proving hard to extend those features to the L2s intended to circumvent those limitations?”
– vitalik.eth (@VitalikButerin) November 25, 2020
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