The adoption rate of cryptocurrency in Nigeria hits new highs and the price of Bitcoin has hit a more than 60% premium.
The number of Bitcoin large-scale investors, or Bitcoin whales, has recorded an all-time high as Bitcoin price saw a spike in value last week. The number of whales rose from 2,178 Bitcoin addresses recorded on 20th October to 2,231 whales addresses recorded on 25th October. Whale addresses here are defined as wallets which are storing over 1,000 Bitcoin (which translates to approximately $13 million USD).
Bitcoin whale addresses controlling Bitcoin market
The data, according to Glassnode, suggests that Bitcoin whales are in control of nearly 12% if the current circulation of the digital token. However, according to BitcoinCharts, whales own closer to 7,902,469 Bitcoin, which is nearly 42% of the total supply of the cryptocurrency The discrepancy comes as a result of the anonymous nature of Bitcoin – whereby it’s impossible to know who owns wallets and how many addresses belong to individuals.
Despite the massive difference, it can be stated that Bitcoin whales control a great deal of the market; meaning there is a massive amount of room for market manipulation. Should whales take a bullish stance, it’s likely that the price will surge. On the other side of the coin, if the large investors decide to sell off, Bitcoin price will plummet, and other investors will react accordingly.
Bitcoin price healthy with institutional interest
The sentiment surrounding the token is positive, however. With a major rally predicted within 2021 following the Bitcoin halving event earlier this year, the bulls are expecting a record high by this time next year. Historically, the trend has followed an aggressive bull run 18 months after the halving. This, coupled with a fresh interest from large-scale institutional investment firms, such as Grayscale and MicroStrategy points towards a healthy future for Bitcoin.
If whales continue to add to their portfolios, and we see new whale addresses, it could also spell a rally sooner than anticipated.