News Scrap

• Bitcoin’s 2024 surge has created 20,000 new millionaires, with wallet holders reaching record highs.
• Strong market performance and increasing investor participation push Bitcoin wealth to unprecedented levels.

According to data from BitInfoCharts, one of the standout achievements is the creation of around 20,000 new Bitcoin millionaires. This implies that 2024 has proven to be a notable year for Bitcoin, with significant price fluctuations and milestones.  In addition, this mirrors the propelled BTC surge, as reported by CNF, when rumors surfaced about Jeff Bezos’ $8 billion Bitcoin investment.

Subsequently, this surge has brought the total number of Bitcoin wallets holding at least $1 million to approximately 110,388, up from 89,322 at the start of the year. This 18% increase in wealthy Bitcoin holders reflects the cryptocurrency’s strong performance throughout the year.

Bitcoin’s price started at $42,300 in early 2024 and has since risen to $63,591, marking a more than 50% growth. The price saw a 7.8% rise in September alone, peaking at $73,000 in mid-March. The rapid increase in Bitcoin’s value has undoubtedly contributed to the rise in millionaires, with strong market demand pushing prices even higher just before key announcements, such as the U.S. Federal Bank’s interest rate cut.

At the time of writing, Bitcoin (BTC) is trading at $64,250, having surged by 1.75% in the past day and 6.18% in the past week. See BTC price chart below.

Broader Market Impact

Interestingly, Bitcoin’s impressive growth has had far-reaching effects beyond creating new millionaires. The number of wallets holding at least $100 has grown from 19.8 million to 21.6 million this year, while wallets with at least $1,000 have jumped from 8.9 million to 10.37 million.

Moreover, higher-value accounts, such as those with a minimum balance of $10,000, have risen from 2.72 million to 3.43 million. Meanwhile, wallets containing at least $10 million surged from 7,414 to 10,407, indicating broad market participation and interest.

These trends highlight Bitcoin’s increasing appeal and the growing number of investors benefiting from its rise. As more wallets accumulate substantial amounts of Bitcoin, the overall market continues to expand, reinforcing the cryptocurrency’s standing in the global financial landscape.

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