Cryptocurrencies have added $1.5 trillion in value this year as they continue to be a force in the market, Bloomberg reported.
Bitcoin has been up over 60% this year and seen much of the attention, although others like Ether and Binance Coin have been thriving as well, according to the report. There were also meme coins like Dogecoin and Shiba Inu that did well.
Bitcoin’s percentage of the market fell overall this year because of all the other new additions of cryptos. That shows how investor interest has seen more coins thriving despite the volatility, the report stated. This will likely keep going through next year with the “explosion of assets in the crypto space.”
The overall market value of cryptos hit around $2.3 trillion Dec. 17, according to the report, which cited data from CoinGecko, which counts around 12,000 tokens.
In other news, the top bitcoin holders have more of a share of the cryptocurrency than the top American households have 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 comes out to around $232 billion, according to the report.
There are around 114 million people globally holding the crypto, so that comes out to around 0.01% of bitcoin holders having 27% of the 19 million bitcoin in circulation. Compared to the extreme wealth divide of the U.S., the top 1% of households have a third of all wealth, the report stated, citing the Federal Reserve.
The study aimed to map every transaction in the history of bitcoin, according to the report. It said the entire bitcoin network could be more susceptible to risk, and most of the gains end up going to a disproportionately small group of investors.
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