Cryptocurrencies have added $ 1.5 trillion in value this year as they continue to be a force in the market, Bloomberg reported.
Bitcoin has grown by over 60% this year and has garnered a lot of attention, although others like Ether and Binance Coin have also thrived, according to the report. There were also coins like Dogecoin and Shiba Inu which worked well.
The percentage of Bitcoin in the market has declined overall this year due to all the other new crypto additions. This shows how much investor interest has seen more coins thrive despite volatility, according to the report. This will likely continue next year with the âasset explosion in the crypto spaceâ.
The overall crypto market value hit around $ 2.3 trillion on December 17, according to the report, which cites data from CoinGecko, which has around 12,000 tokens.
Meanwhile, major bitcoin holders hold a larger share of the cryptocurrency than major U.S. households in dollars, the Wall Street Journal (WSJ) reported, citing a study by the National Bureau of Economic Research.
The study showed that the top 10,000 bitcoin accounts have 5 million bitcoins, which is roughly $ 232 billion, according to the report.
There are around 114 million people worldwide who hold crypto, which is around 0.01% of bitcoin holders with 27% of the 19 million bitcoins in circulation. Compared to the extreme wealth division of the United States, the richest 1% of households own one-third of all wealth, the report said, citing the Federal Reserve.
The study aimed to map every transaction in bitcoin’s history, according to the report. He said the entire bitcoin network could be more risk sensitive, and most of the gains end up going to a disproportionately small group of investors.