Bitcoin Births Another Set Of Millionaires As BTC Nears $24,000
01 Mars 2023 - 5:30PM
NEWSBTC
It’s no news Bitcoin has since been a millionaire-maker ever since
its massive surge from its all-time low of trading below a dollar
back in the day. And now, once again, data from on-chain analytics
firm Glassnode shows the largest cryptocurrency by market cap has
made a new set of millionaires. This comes after BTC dipped
below $20,000 last year creating a chance for smaller investors to
be able to afford the accumulation of the asset, therefore, making
them millionaires following its price spike above $20,000 earlier
this year. Bitcoin Birthing Millionaires According to data from
Glassnode, there are a total of more than 67,000 BTC wallets worth
over a million dollars or more on the blockchain. Notably, BTC
trading above $20,000 has since been a maker of millionaires as the
price is prominent for a notable high. The $20,000 price tag
was once a BTC all-time high in one of its halving cycles in the
past, and according to Glassnode, when BTC/USD makes a move above
or below this price range, millionaires are either made in large
numbers or lost in abundance. Related Reading: Bitcoin Two-Month
Rally Slows Down, What’s Next? Last year, when Bitcoin plummeted to
just above $16,000 following the FTX crash, a large number of
several millionaire wallets lost their status immediately.
However, since the beginning of the year, when Bitcoin spiked by
40% to trade above the $20,000 region, the story has reversed as
the asset has not only made many regain their millionaire status
but has also birthed another set of millionaires. On January
13 when BTC/USD was just trading under the $20,000 price tag, BTC
wallets worth more than $1 million were just around 27,000.
Meanwhile, by the next day when BTC traded $1000 higher, that
amount increased to 65,000 with the majority of wallets holding 50
BTC. Notably, at Bitcoin’s all-time high of $69,000 in
November 2021, BTC wallets worth $1 million or more cumulated to
nearly 113,000. Furthermore, not only wallets worth millions have
surged over the past month, but wallets of “wholecoiners” holding 1
BTC or more have also increased. Glassnode shows that this
category of holders is now nearing 1 million with a total of
982,726 as of February 28. Dormant BTC Surpasses BTC On
Exchange Reserves Prior to the report of the number of
millionaires BTC has birthed, yesterday, News BTC reported a change
in BTC circulating supply. According to the news outlet citing data
from Glassnode, the amount of BTC that is dormant has exceeded the
available Bitcoin for purchase on exchanges. Related Reading:
Dormant Bitcoin Now 16% Higher Than BTC In Exchange Reserves
Co-founder of Bitcoin-focused research firm Reflexivity, William
Clemente, noted: “There is now more Bitcoin that hasn’t moved in at
least 10 years than there is on exchanges.” Meanwhile, BTC has
recorded an increase in value over the past 24 hours. At the time
of writing, BTC trades just above $23,000 with a price of $23,774
looking to cross the $24,000 mark. The asset currently has the
highest 24-hour trading volume of $31.7 billion, the largest among
other crypto volumes in the market. Featured image from Unsplash,
Chart from TradingView.
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