The year 2024 has been an eventful year for Bitcoin. The BTC market has witnessed several significant ups and downs. In mid-March, the market even created an enviable peak of $73,000. A recent report shows that the impressive journey of Bitcoin has generated several new Bitcoin millionaires this year. Here is what you should know!
A Surge in Bitcoin Millionaires
As per data collected from BitInfoCharts, as many as 20,000 new Bitcoin millionaires have been created this year by the BTC ecosystem. Right now, the total number of Bitcoin wallets with a balance of at least $1 million is nearly 110,388. Notably, at the start of this year, this number was just 89,322. Clearly, a surge of nearly 21,066 has been witnessed so far. If we convert this into a percentage format, we can understand that at least 18 percent growth has been witnessed in terms of the number of BTC millionaires to date.
Reason for This Surge in BTC Millionaires Explained
At the start of this year, the price of Bitcoin was just $42,300. Right now, the price stands at $63,591. Evidently, the market has witnessed at least 50% growth so far. At the beginning of this month, the price was around $58,967. This month alone, the market has seen a rise of at least 7.8%. On September 7, days before the U.S. Federal Bank’s interest rate cut announcement, strong buying pressure emerged in the market. Since then, at least 17.95% rise has been witnessed.
Undoubtedly, this impressive price growth in the market has resulted in the creation of new BTC millionaires.
What about Wallets Holding Smaller Amounts of BTC?
As per the report, it is not just millionaires who have benefited from the Bitcoin market growth. The data shows that the number of wallets holding at least $100 has grown from 19.8 million to 21.6 million this year, and the number of wallets with at least $1,000 has risen from 8.9 million to 10.37 million. Similarly, the number of wallets with at least $10,000 has grown from 2.722 million to 3.43 million.
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What about Higher Value Wallets?
The date indicates that higher value wallets have also seen an increase in number. The wallets holding at least $10 million have risen from 7,414 to 10,407.
In conclusion, the correlation between the rise in the number of new BTC wallets and the growth in the Bitcoin market is an interesting trend to watch.
Source: https://coinpedia.org/news/bitcoin-millionaires-2024-how-btcs-meteoric-rise-made-20000-new-millionaires/