Analytics / Forex and Crypto News
A term such as crypto whale has already come into use by crypto traders. Traders understand that crypto whales have been able to concentrate a significant number of cryptocurrencies in their wallets, and can make significant transactions that have an impact on the market. The concentration of cryptocurrencies in specific wallets can hardly be surprising, it can more likely cause concern over what effect this concentration may have for small traders and hodlers.
The IntoTheBlock website presented data on how many percents of altcoins have the richest wallets and what this means for the altcoin.
Crypto whales of Ethereum
And so, in 151 wallets, 39% of the Ethereum cryptocurrency in circulation is collected.
Crypto whales of Tether
132 wallets concentrated 63% of Tether coins. This means that a group of 132 wallets has full influence over cryptocurrency.
Crypto whales of Bitcoin Cash
112 wallets concentrated 29% of Bitcoin Cash (BCH).
Crypto whales of Litecoin
131 addresses own 47% Litecoin (LTC)
If we talk about altcoins that are not in the TOP-10, then Cardano can be distinguished. Just 41 wallets own 39% of Cardano (ADA).
As you can see, Litecoin and Tether turned out to be the most “concentrated” altcoins, while decentralization should be considered the most important characteristic of real cryptocurrencies, which, among other things, indicates a more even distribution of funds among system participants. This makes us wonder if these cryptocurrencies preach decentralization.
The concentration of cryptocurrencies in a small number of participants can ultimately matter for the cryptocurrency ecosystem as a whole - for example, affect decision making against most ethereum users (or Cardano), while Bitcoin Cash and some cryptocurrencies with PoW do not have control models.
Thus, the similar effect of a high concentration of coins in certain entities depends on a particular cryptocurrency ecosystem. At the same time, the operation of management models embedded in these systems can be difficult if there is control over a significant part of the decentralized system. This is a problem that developers should consider and solve when creating/improving the operation of specific cryptocurrency ecosystems.
During November, ICO-projects sold 416K ETH. This is the largest figure since the summer, reports Trustnodes.
According to Santiment, in August, ICO startups sold only 100,000 ETH. In September, sales of digital currency increased significantly, reaching 300 thousand ETH. In Nov