With the market recovering in 2024, the number of new Bitcoin millionaires is on the rise. As the price of BTC hit a new all-time high this year, the number of Bitcoin wallets holding balances of at least $1 million has exploded. So, in this report, we look at the number of new Bitcoin millionaires that have been created and how much that number has increased compared to the previous year’s figure.
Number of Bitcoin millionaires surpasses 110,000
Data shows that over 20,000 new Bitcoin millionaires have been created so far in 2024 alone. According to BitInfoCharts, there are now 110,388 Bitcoin millionaires at the time of writing. This figure contrasts with the 89,322 recorded at the beginning of last year.
This means that a total of 21,066 new Bitcoin millionaires were created in 2024. This translates to an 18% increase between January and September, showing the growing wealth of BTC investors during this period. It also followed the trajectory of BTC price, which has also increased by almost 50% in a year.
The increase in the number of wallets holding coins of a certain value was not only recorded among millionaires. Other wallets from different cohorts all saw a notable increase. This ranges from BTC wallets holding at least $100 increasing from 19.8 million to 21.6 million.
The next cohort is addresses holding at least $1,000, which increased from 8.9 million to 10.37 million. Addresses holding at least $10,000 saw one of the most significant increases during this period. This figure stood at 2.722 million at the beginning of the year. However, at the time of writing, there are now over 3.43 million Bitcoin addresses holding BTC worth at least $10,000.
Next, addresses holding at least $100,000 have also increased from 451,129 at the beginning of the year to 621,934 addresses at the time of writing. Finally, the largest cohort, wallets holding at least $10 million, has increased from 7,414 addresses in January to 10,407 wallets currently.
BTC sees positive movements
The increase in the number of Bitcoin wallets holding a certain amount over the past year is related to the performance of the cryptocurrency during this period. Bitcoin started the year around $44,000 and even after falling from its all-time high of $73,000 to $63,000, it maintains a price increase of almost 50%.
Some of its indicators have also been bullish, especially regarding its daily trading volume. Data from CoinMarketCap shows an increase of more than 6% in the last day alone, bringing its daily trading volume to more than $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, it is expected that more Bitcoin addresses will enter a higher value cohort. If the price hits a new all-time high this year, thousands of new Bitcoin millionaires could also be created.
Featured image created with Dall.E, chart by Tradingview.com
