​Number of bitcoin millionaires rises by 187% since the beginning of the year

As we enter the second quarter of 2023, Bitcoin (BTC) has continued its impressive run, gaining over 80% year to date. This surge in value has sparked renewed optimism around the cryptocurrency, and as a result, the number of Bitcoin millionaires has doubled. Just halfway through April, over 50,000 new Bitcoin millionaires emerged.

According to data compiled by Finbold, the number of Bitcoin millionaire addresses as of April 14 stood at 80,659, representing an increase of 52,575, or 187%, from the January 5 figure of 28,084 BTC millionaire holders.

Bitcoin millionaires. Source: BitInfoCharts.com

As per the data provided by BitInfoCharts.com, 74,912 different addresses have a Bitcoin balance valued at over $1 million. Additionally, 5,747 addresses hold BTC worth over $10 million.

Using the web archive tool Wayback Machine, on January 5, 2023, about 24,279 addresses owned Bitcoin, equivalent to at least $1 million, while 3,805 addresses accounted for BTC valued at over $10 million.

Bitcoin millionaires January 5, 2023. Source: BitInfoCharts.com

Bitcoin rally leads to new BTC millionaires

The recent surge in Bitcoin price and the emergence of new millionaires can be attributed to the crypto market overcoming the bearish conditions of 2022, which were marked by high inflation and incidents such as the FTX collapse.

Despite the banking crisis that unfolded in March and the uncertainty surrounding Binance, Bitcoin has continued to climb, recently reaching a peak of $31,000.This solid upward trend suggests that the crypto market is continuing to gain momentum, despite the challenges it has faced in the past.

As investors seek to diversify their portfolios and capitalize on the potential of digital assets, Bitcoin remains a leading choice for those looking to ride the wave of this exciting and dynamic market.

As things stand, Bitcoin is trading at $30,710 and has gained 1.6% in the last 24 hours and a further 10% across the previous week, with a total market capitalization of $594 billion, as per the data retrieved by Finbold on April 14.

Bitcoin 1-day price chart. Source: Finbold

Crypto trading analyst Michael van de Poppe noted in a tweet on April 14 investors should brace themselves for some shallow corrections as it looks to test key resistance points at $31,700 – $32,000.

Meanwhile, the crypto community predicted that Bitcoin’s average price by the end of April would be $23,561 with 83% historical accuracy. On the other hand, the machine learning algorithms forecasted a higher price of $30,697, closer to its current price for the same date.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

This material is taken from the website https://finbold.com.