Yes, you read that right. 1% of all the monies in the world is now held in Bitcoin, Ethereum, and other cryptocurrencies.
So far, the entire cryptocurrency market cap has crossed the $1 trillion mark and expected to double in 6 months, according to some estimates.
Bitcoin is the world’s eighth-largest asset in terms of its total market cap — putting it ahead of major brands such as Alibaba, Visa, Walmart and Mastercard.
SEE ALSO: Total Cryptocurrency Market Cap Crosses $1 Trillion as Bitcoin Breaks the $37,000 Milestone
Massive institutional investments into Bitcoin and Ethereum are driving the surge resulting in a supply demand for Bitcoins. Cryptocurrency exchange Kraken’s data shows that there are more Bitcoin whales, and they are steadily accumulating.
The Kraken report indicates that Bitcoin accounts holding more than 100 bitcoins has soared to more than 16, 300. These addresses hold over 11.6 million Bitcoins as of December 2020.
The large movement of bitcoins off exchanges is also a sign of long-term holding.
RECOMMENDED READING: The Total Cryptocurrency Market Cap Grew By More than 3.3x in 2020 Alone, Latest Report Shows
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