Bitcoin, gold most likely assets to thrive in 2020, new report claims

10m
tokendaily

Vodafone Enlists Blockchain Nonprofit for Tracking Renewable Energy…

1h
cryptonewmedia

Marathon Patent Group Announces Installation of 700 M30S+ ASIC Miners…

1h
cryptonewmedia

Podcaster Joe Rogan Uses Crypto-Powered Brave Browser

1h
cryptonewmedia

Technicals Suggest Bitcoin Needs To Clear $9,800 For Hopes of a Fresh Rally

1h
newsbtc

US Regulators Target Bitcoin ATMs: 88% of the Funds Exit the Country…

1h
cryptonewmedia

Vodafone Enlists Blockchain Nonprofit for Tracking Renewable Energy Use in Europe

1h
cryptonewmedia

‘Crypto Mom’ Nominated to Serve as SEC Commissioner Until 2025

2h
cryptonewmedia

Market Wrap: A Bitcoin Lull as Stocks Signal Economic Optimism

2h
cryptonewmedia

US Regulators Target Bitcoin ATMs: 88% of the Funds Exit the Country via Machines

3h
thebitcoinnews

How Germany Saved Its Workforce From Unemployment While Spending Less…

3h
cryptonewmedia

Spanish Multinational Launches Free Tool to Decrypt Files Affected by VCryptor Ransomware

3h
cryptonewmedia

Why the Bitcoin Price Will Double to $20,000 in 2020

4h
cryptonewmedia

Why an Eerily Accurate Analyst Still Expects Bitcoin to Retrace To the $7ks

4h
newsbtc

Analyst Claims “All Bets are Off” Once Bitcoin Breaks $10,500; Here’s What the Charts...

4h
newsbtc

Bloomberg Analyst: Why the Bitcoin Price Will Double to $20,000 in 2020

4h
bitcoinist

9656 an Early Hurdle for BTC/USD: Sally Ho's Technical Analysis 4 June 2020 BTC

4h
cryptodaily

Argo’s Mining Revenue Dips After Bitcoin’s Halving

4h
cryptonewmedia

Pomp Explains Why Mainstream Markets Are Up Amid Chaos

4h
cryptonewmedia

Analyst: Ethereum Bulls Still In Control at $240, Even Without “Real” Buying

5h
newsbtc

Roger Ver Donates $10K in Bitcoin Cash to Casa de Amparo Children’s Shelter

5h
thebitcoinnews

“Bitcoin will approach record high of about $20,000 this…

5h
cryptonewmedia

These Factors Show Ethereum is Still Poised to Explode Past Yearly…

5h
cryptonewmedia

The Juggernaut Messaging App Will Allow Confidential Chats on Top of Bitcoin

5h
bitsonline

Latest Bitcoin Core Code Release Protects Against Nation-State Attacks

5h
cryptonewmedia


Is Ether Not as Popular as Bitcoin?

It appears Ethereum isn’t as popular as bitcoin or other cryptocurrencies.

In a new report released by Bloomberg, only 376 people hold a third of all ether tokens. While Ethereum is widely revered for its blockchain network, which has hardcore smart contracts capabilities, the token itself is only in the hands of a small amount of people.

This suggests two things, the first being that the coin isn’t as popular as most other cryptocurrencies. A lot of people haven’t invested in ether or haven’t purchased tokens. They see it as a secondary coin that doesn’t possess as many strengths as major competitors.

The second option is that the coin has become somewhat exclusive over the years. Bitcoin, for the most part, is owned by several people across several nations. It’s the very definition of a decentralized token considering there are only 21 million in circulation. Ether, on the other hand, seems to boast concentrated ownership.

Perhaps it’s not that the coin is less popular than other coins; maybe it’s just too popular amongst a certain breed of people. They’ve worked hard to get their hands on as much ether as possible over the years, and now they’re having trouble sharing.

The report’s original statistics come from cryptocurrency analysis firm Chainalysis Inc. It reported that the people holding the ether in hand are “whales,” which are individuals that don’t trade, but simply hold onto large amounts of crypto, hoping it will spike in price. They also hold onto their assets through digital wallets, and don’t leave them on exchanges.

Kim Grauer is a senior economist at Chainalysis. She compared ether holdings to those of bitcoin. By comparison, roughly 448 people hold only 20 percent of bitcoin, so naturally, that asset is far more distributed. Grauer commented:

The majority of whales are not traders. They’re mostly holding.

In addition, Grauer noted that when an “ether whale” decides to move money onto an exchange, a much stronger effect is noted on the asset, and she’s seen significant change in the currency’s volatility. She also mentions that ether is largely affected by where investors’ heads are at. If sentiment is positive and trading is occurring regularly, ether tends to move higher.

The coin is also heavily dependent on where bitcoin goes. In the past, if bitcoin has moved high, ether has followed suit. If bitcoin has fallen, an ether drop is likely to occur.

Grauer further states:

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments