Bitcoin (BTC) continues to trade in the green as the premier cryptocurrency attempts to set a new all-time high and recover from the 2022 downturn. As Bitcoin revives its value, it is simultaneously encouraging a rise in millionaire holders.

Specifically, the number of Bitcoin millionaires on November 12th stood at 88,628, a significant increase of 60,544 compared to the 28,084 millionaires on January 5th, according to data retrieved by Finbold.

This surge in Bitcoin millionaires represents a tripling in 2023, representing a remarkable 215% growth.

Bitcoin distribution among addresses on November 12, 2023. Source: BitInfoCharts

Breaking down the millionaires, the number of addresses holding at least $1 million worth of Bitcoin is 81,962, while the number of addresses holding at least $10 million in assets is 6,666.

In contrast, the number of Bitcoin millionaires stood at 28,084 as of January 5, 2023. Among them, 24,279 addresses held at least $1 million worth of BTC. In comparison, 3,805 addresses owned at least $10 million worth of Bitcoin, according to data accessed through the web archive tool Wayback Machine.

Bitcoin distribution on January 5, 2023. Source: BitInfoCharts/Wayback Machine

The surge in Bitcoin millionaires is linked to the rise in the asset’s price, which has catapulted the digital currency to $37,000 after remaining below the $30,000 threshold for most of the year.

In January, Bitcoin millionaires formed a rather exclusive group that took issue with the prevailing bearish sentiment in the cryptocurrency market. Notably, Bitcoin faced challenges during this period arising from macroeconomic conditions and the fallout from incidents such as the collapse of crypto exchange FTX.

Bitcoin is aiming for a new all-time high

At press time, Bitcoin was valued at $37,050, up over 120% year-to-date.

Bitcoin YTD price chart. Source: Finbold

Currently, Bitcoin’s rise can be attributed to several factors. In particular, the anticipation of the approval of the first Bitcoin spot exchange-traded fund (ETF) has served as a key catalyst for the ongoing rally.

According to a Finbold report, there is a possibility that the US Securities and Exchange Commission (SEC) will approve twelve separate Bitcoin ETF spots next week. Applicants include BlackRock (NYSE: BLK), the world’s leading investment firm, whose approval could have a significant impact on the market.

Meanwhile, analysts claim that Bitcoin’s current momentum could lay the groundwork for potentially the largest bull market in the asset’s history.

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