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  • Markets 14,166
  • Market Cap 370,089,841,458
  • 24h CMC 47,176,429,500.76
  • 24h Vol 54,266,217,148
  • Dominance BTC 64.40 % | ETH 9.97 % | XRP 5.54 % | 

Over 178,000 Bitcoin accumulated by exchanges including Bitfinex, Huobi and Bittrex

Image Courtesy: Finder

Bitcoin [BTC] obtained wide popularity not only among the individual investors but also among the huge institutional investors in the financial district of Manhattan, New York. Leading cryptocurrencies including bitcoin faced a bearish market trend in 2018. The bitcoin price dropped down from $20,000 to $3,121, which lead to the accumulation of the coins by various bitcoin wallets. 

Reports from BitInfo charts suggest that the largest Bitcoin wallets mostly owned by leading cryptocurrency exchanges. Bittrex tops the list of the richest bitcoin wallet. Bitfinex, Huobi, Binance, Bitstamp are the other richest exchanges that accumulated bitcoins. Within the last two months period the balance in these wallets increased by 2,879 BTC, which is worth over $11.01 million. According to the reports in December 2018 the balance in these wallets was cumulatively 571,079 BTC. 

The rest of the 101 wallets have accumulated 2,292,153 BTC, which is equivalent to 13.05% of the total coins in the cryptocurrency market. Within two months period the wallets saw an increase of 178,012 BTC. In December 2018 the wallets had 2,114,141 BTC.

This trend is influencing individuals to accumulated coins regardless of the bearish trend in the cryptocurrency market. Users and non-exchange wallets believe that the bearish trend would soon change to bullish in the near future.

At press time, BTC price was at $3,880 after it slipped from the $4,000 mark. Bitcoin dominance over the cryptocurrencies is at 52.2%, indicating that Bitcoin is growing stronger with each rally.
Bitcoin was priced at $3867 at the press time. Bitcoin shows a 51% dominance over the other leading cryptocurrencies in the market showing a positive trend towards the bullish trend in the future.

Research and analysis wing Weiss Ratings tweeted,

“100 largest #BTC wallets (not counting exchanges) have accumulated over 150k worth of #bitcoin during the last 60 days. They did this most likely to sell at peak and then buy back in at the lower price. Good for them.”

A twitterati responded to the tweet saying,

“Wales will completely crsuh the next bull market when ever they feel its not going up, they can sell tens of thousands BTC in a minute and the market won't buy it up quick enough, hence creating a huge drop in price and massive panic - > more sell off will follow.”