With the market recovery in 2024, the number of newly minted Bitcoin millionaires has been on the rise. Given that the BTC price actually touched a new all-time high this year, the number of Bitcoin wallets holding balances of at least $1 million has skyrocketed. This report delves into how many new BTC millionaires have been created and how much the number has grown compared to the previous year.
Bitcoin Millionaires Cross 110,000
Data shows that over 20,000 new Bitcoin millionaires have been made so far in 2024 alone. According to BitInfoCharts, there are now 110,388 Bitcoin millionaires as of the time of this writing. This is in stark contrast to the 89,322 figure recorded at the turn of last year.
This means that a total of 21,066 new Bitcoin millionaires have been created in 2024. This translates to an 18% surge between January and September, showcasing the growing wealth of BTC investors during this time. It has also followed the trajectory of the BTC price, which is up by almost 50% in one year as well.
The increase in the number of wallets holding coins of a certain value was not only recorded among millionaires. Other wallets across different cohorts have all seen a notable rise. This ranges from BTC wallets holding at least $100, going from 19.8 million to 21.6 million.
The next cohort is addresses holding at least $1,000, which went from 8.9 million to 10.37 million. Addresses holding at least $10,000 saw one of the most significant jumps during this time period. The figure stood at 2.722 million at the start of the year. However, by the time of this writing, there are now over 3.43 million Bitcoin addresses holding BTC worth at least $10,000.
Then, the addresses holding at least $100,000 also grew from 451,129 at the start of the year to 621,934 addresses at the time of writing. Last but not least is the larger cohort, which is wallets holding at least $10 million. This grew from 7,414 addresses back in January to 10,407 wallets presently.
BTC Seeing Positive Moves
The rise in the number of Bitcoin wallets holding a certain amount over the last year is tied to the performance of the cryptocurrency during this time. Bitcoin started out the year around $44,000 and even after falling from its $73,000 all-time high to $63,000, maintains an almost 50% increase in price.
There have also been some bullish movements in some of its metrics, especially when it comes to its daily trading volume. Data from CoinMarketCap shows an over 6% increase in the last day alone, bringing its daily trading volume above $27.75 billion. This suggests a growing interest in the cryptocurrency, which could lead to a further increase in price.
If the price of BTC continues to rise, then it is expected that more Bitcoin addresses will enter a higher value cohort. Should the price reach a brand new all-time high this year, thousands of new Bitcoin millionaires could be minted as well.
Conclusion
In conclusion, 2024 has been a remarkable year for Bitcoin and its investors. With the number of Bitcoin millionaires crossing 110,000, it is evident that the cryptocurrency continues to offer substantial wealth opportunities. As BTC’s price and trading volumes remain bullish, the potential for more investors to join the millionaire cohort remains high. Investors and enthusiasts alike will be keenly watching the market as we progress through the year.
