As the crypto flagship Bitcoin (BTC) continues to trade below its impressive all-time high of over $73,000, the landscape of millionaire holders in the crypto sphere is evolving in 2024.
Currently, there are approximately 121,089 Bitcoin addresses flaunting a minimum of $1 million worth of BTC, with 10,434 of these addresses boasting holdings exceeding $10 million, according to data sourced from BitInfoCharts on September 23.
To provide context, a comparative analysis of data retrieved from the platform on January 4, 2023, utilizing the Wayback Machine web archive tool, reveals a notable surge of 25.21% in the number of millionaire Bitcoin holders in 2024 as per calculations by Finbold.
At the onset of the year, the total count stood at 96,736 holders, with addresses containing at least $1 million constituting the lion’s share at 89,322. Therefore, the year-to-date addition of 24,353 new millionaire Bitcoin addresses paints a picture of the crypto market’s growth momentum.
Moreover, it is worth noting that discerning the exact number of individuals holding over $1 million in Bitcoin remains a challenge due to the blockchain’s inherent transparency. Every address’s balance is publicly accessible, although ownership specifics are undisclosed, potentially resulting in multiple addresses belonging to the same individual.
Notable is the fact that Bitcoin commenced the year at $42,280, registering a remarkable 49% surge year-to-date. This implies that holders likely retain the same amount of Bitcoin, which has appreciated by approximately $20,000 in value.
Regarding the implications of the burgeoning Bitcoin millionaire holders, this uptrend underscores the resilience of Bitcoin in recent times. Despite experiencing corrections, Bitcoin has predominantly sustained trading levels above the $60,000 threshold, a trend indicating the asset’s bullish trajectory.
Market participants are currently eyeing a potential price rally propelling Bitcoin above $70,000, a development that could further elevate the number of millionaire holders. Notably, crypto trading expert Ali Martinez suggested in a recent post that historical trends hint at substantial price surges during Bitcoin’s halving years, with 2024 aligning with this pattern.
Should this anticipated price action materialize, it may coincide with the historical pattern of Bitcoin rallies in October. Noteworthy is the market anticipation signaled by a significant capital inflow into Tether (USDT), driving the market to new heights. This is especially significant considering that USDT and stablecoins are commonly viewed as gateways to the crypto realm.
On the flip side, not all market participants share the sentiment of an imminent Bitcoin rally. Renowned economist Peter Schiff voices skepticism, indicating that Bitcoin lacks long-term benefits for investors. He recommends capitalizing on short-term price surges and shifting focus to gold, which he views as a more lucrative alternative, as highlighted in a recent post.
In conclusion, as Bitcoin navigates through price fluctuations in 2024, the evolving dynamics of valuation will play a pivotal role in shaping the landscape of high-value holders in the crypto space.
