If the amount of money controlled by a small number of people in the world today moves you, the same pattern is also synonymous in the crypto industry as few traders manage considerable assets in the sector. For example, the largest traders in the crypto industry control about 20% of Bitcoin. Well, away from bitcoin we have another Crypto by the name Tether that has the least number of people owning a big chunk of it, up to 80%.
About 300 entities own 80 % of Tether; this fact has been brought to light by research coin, a research firm. Compared to Bitcoin, where the biggest traders control about a fifth of it, only 300 people have up to 80% share of Tether.
According to another data entity by the name VanEck, Tether is worth $3.5Billion, and the volume of trade for the coin is up to $10 million a daily, impressive right! Tether, like bitcoin, has found its place in the market and people have received it well going by recent statistics. Many of the world’s most significant cryptocurrencies, including bitcoin, support it daily on their platforms. Like Bitcoin, Teon and other popular crypto blockchains, Tether is also dependent on the same blockchain network as the other crypto. However, the founders of Bitfinex are behind its existence and have sponsored it for a while now.
In the few years of its existence, the coin has once or twice drawn criticism, recently, the chief legal advisor of the United States and other regulators in the world were up against it, and up to now, it is yet to stabilize fully as other crypto in the market have done so in the recent past.
Like other cryptocurrency, controversy has surrounded this coin as the US attorney in April accused its founders of having used it as a cover-up after claims of money laundering. These legalities have made the cryptocurrency very volatile. Bankers and other exchanges have shunned it, thus the stunted growth of the crypto today.
Another concern by market observers is the small number of base traders for the crypto currently standing at about 300. The small number of people holding the crypto makes it susceptible to volatility and may affect other cryptocurrencies in the market.
Briefly, if ever one holder of the crypto decided to sell, the market will surely shake up increasing uncertainty. It will take some time to find the so much needed stability and prices of Bitcoin, and other popular cryptocurrencies will plummet in the wait.