This is over Rs 34,000 crore more than India's total allocated defence budget (Rs. 2.74 lakh crore) for 2017-18!
Despite the interest cryptocurrencies are generating, most of them are concentrated to a few hundred wallets. The richest 100 bitcoin wallets contain the cryptocurrency worth USD 48 billion or Rs 3,08,544 crore. That means these wallets contain one-sixth of the currency in circulation.
Currently, more than 16.7 million bitcoins are in circulation and the market cap, that is, the total valuation of all the bitcoins is USD 279 billion at current rates.
The richest wallet in the world is worth USD 2.1 billion and contains 132,525 bitcoins. There are two wallets in the world which contain more than 100,000 bitcoins.
Ten bitcoin wallets are worth more than a billion at current rates, according to BitinfoCharts. Combined, they contain bitcoin worth USD 13.7 billion or about five percent of the total value of bitcoins.
Similarly, top 1,000 wallets contain one-third of total bitcoins and top 10,000 wallets have more than 55 percent of the total supply of bitcoins.
For Bitcoin Cash, top 100 addresses store 23 percent of the total supply. Dollar wise, these 100 wallets are worth USD 7.5 billion. The top 10 wallets store nearly 9 percent of the total supply of Bitcoin Cash.
Similarly, top 1,000 addresses have 43 percent of the cryptocurrency in circulation and top 10,000 have two third of the total value.
Litecoin which has also seen an unprecedented surge in its valuation lately, has a far more uneven distribution of wealth.
Top 100 addresses in the network contain a whopping 50.5 percent of all the litecoins! The cryptocurrency network has one address which contains more than a million litecoins which is worth USD 303 million.
Explainer: What is bitcoin and how does it work?For comparison, the market cap of litecoin is USD 16 billion at current rates. The total supply stands at 54,299,558 litecoins.The Great Diwali Discount!
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