Last year, the virtual currency market faced a very long bearish trading period. The bearish cycle has even continued to be witnessed in 2019. Some of the top ranking coins such as Bitcoin Core and Bitcoin Cash have lost huge fiat values. However, large holders, referred in the market as whales have had it different. They have been able to accumulate huge sums of the digital assets during the hard time for other coins. This was published in the top 100 rich list of the coins. The report shows that the leading BTC holders in the world have taken full advantage of the bearish market.
15,000 BTC Coins Gathered By The Top Bitcoin Holders
Something extraordinary happened during the beginning of the 22nd February weekend. Some of the top ranking coins such as Bitcoin Core and Bitcoin Cash have lost huge fiat values.. This was after they made huge gains just few days prior. That, however, came to a stop on the 24th of February. This is when the prices sharply fell and a number of the coins lost significant percentage of the coins. This happened within a timeframe of 30 minutes. Over the last 14 months, this has been the trend in the whole virtual coin market.
The problems faced in the market have made large Bitcoin holders to get coins at greatly reduced prices. This is why the whales have managed to stockpile huge sums of the coins each time there is a price drop. There is something that has been evident in the top rich list addresses for all the networks. It is clear that the whale wallets have grown their accommodation holdings each time there is a huge drop in prices. One instance is when there was a huge drop on the 24th of February.
The BCH Cash Whales Have Grown Their Holdings
The whales that keep their coin holdings in Bitcoin Cash have also hugely grown their holdings. For the addresses that posses between 10,000 to one million BCH, there are close to a hundred Bitcoin Cash addresses in circulation. After the price dump that occurred on the 2nd of February, there is a lot that took place. There is one specific Bitcoin Cash address that has close to 7.8 million US Dollars. In this given address, there has been a significant growth since the start of December last year. When it comes to accumulating the huge gains, there is no much difference between the BCH and Bitcoin Core.
There was also another sighting that became very noticeable. This was the few wealthiest BTC addresses that have been dominant for an extended period of time. They have also followed the same pattern of accumulation. The dormant huge Bitcoin holders have been moving on well since the month of November 2018. This is because the prices of the virtual coins have appeared to hit the bottoms at one point. There has been a speculation that the silent whales could be trying to fetch more coins.