Goodbye to the melancholy of the bear market; Welcome to the net, Bitcoin (BTC) believers. During last week, the number of Bitcoin wallet addresses containing one BTC or more increased by 13,091. The total number of “wholecoiners” increased to 865,254.
The number of whole coins spiked during the downside price action, highlighted by the growth of the hockey stick on Glassnode’s chart:
Christian Ander, the founder of Swedish Bitcoin exchange BT.CX, told Cointelegraph that “it’s good for the ecosystem that it’s growing from scratch because it wants the economy to be bottom-up.” Anderson continued:
“People strongly believe in the future of the Bitcoin network and the value of the currency.”
In the last 10 days, since the May 10 market crash to $30,000, more than 14,000 “whole coiners” wallets (with one BTC or more) have joined the network. Since there will only be 21 million Bitcoin minted, these wallet addresses will hold one twenty-one millionth of all Bitcoin.
At a price of approximately USD 20,000 per Bitcoin, the sharp rise in the number of whole coiners would suggest that retailers – or “commoners” as they are affectionately known – are buying Bitcoin as fast as their incomes allow. The number of addresses adding 0.1 BTC ($2,000) or more has also started a parabolic run in the last 10 days.
By contrast, the number of wallets holding more than 100 BTC has dropped by 136 over the same period. By inference, “whale” wallets (large BTC addresses) could be shedding some of their holdings.
When Satoshi Nakamoto minted the first Bitcoin on January 9, 2009, the Gini coefficient was 1, that is, income inequality in the network was the highest in history. The Gini coefficient, developed by the statistician Corrado Gini, represents income or wealth inequality within a social group. In Bitcoin, it can be assigned to wallet addresses.
As soon as Hal Finney, the first Bitcoin believer, started mining and receiving Bitcoin, the Gini coefficient dropped below 1. Since then it has tended to go lower and lower, indicating that the distribution of wealth in the Bitcoin network Bitcoin is getting fairer.
As for Ander, he told Cointelegraph that he “added more SAT yesterday!”
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