- A Surge in Bitcoin Millionaires
- Reason for This Surge in BTC Millionaires
- Dynamics of Smaller BTC Holdings
The year 2024 has been eventful for the Bitcoin market, with its price reaching an enviable peak of $73,000 in mid-March, resulting in a significant increase in the number of millionaires.
A Surge in Bitcoin Millionaires
According to data from BitInfoCharts, as many as 20,000 new Bitcoin millionaires have been created in 2024 by the BTC ecosystem. The total number of Bitcoin wallets with a balance of at least $1 million is now nearly 110,388, up from 89,322 at the start of the year — a rise of 21,066 wallets, representing an 18% increase.
Reason for This Surge in BTC Millionaires
At the start of the year, the price of Bitcoin was $42,300. Currently, it stands at $63,591, indicating at least a 50% growth. At the beginning of this month, the price was around $58,967, marking a 7.8% rise just this month. Days before the U.S. Federal Bank’s interest rate cut announcement, the market saw a rise of 17.95%.
Dynamics of Smaller BTC Holdings
Not only millionaires have benefited from the Bitcoin market's growth in 2024. The number of wallets holding at least $100 has grown from 19.8 million to 21.6 million, those with at least $1,000 have risen from 8.9 million to 10.37 million, and wallets with at least $10,000 have grown from 2.722 million to 3.43 million. Higher value wallets holding at least $10 million have also increased from 7,414 to 10,407.
The correlation between the rise in the number of new Bitcoin wallets and the growth of the Bitcoin market is an interesting trend to watch.
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