The meteoric rise of Bitcoin (BTC) in 2024 didn’t just
break price records; it also minted new millionaires at an astonishing rate.
With the cryptocurrency surpassing the $100,000 mark in December, an average of
154 wallets holding over $1 million in BTC were created daily, Finbold
reported.
Bitcoin’s journey in 2024 was defined by significant
milestones. Starting the year with momentum from late 2023, BTC first shattered
the $73,000 all-time high (ATH) by mid-year before surpassing $100,000 in
December.
This surge not only rewarded early adopters but also
brought the total number of millionaire addresses to over 153,000, an
impressive 58.21% increase from the previous year, according to data from
BitInfoCharts.
According to the research, by the end of 2024,
approximately 56,325 new Bitcoin wallets held assets worth over $1 million.
This included 48,738 addresses valued between $1 million and $10 million,
alongside 7,587 addresses exceeding $10 million.
New Bitcoin Wallets
However, the overall increase in Bitcoin-holding
addresses was more moderate, reportedly growing by 12%, adding nearly 10
million new wallets across all value tiers.
The largest growth occurred among mid-tier holders,
with wallets holding $100 to $999.99, increasing by 3.3 million. Similarly,
addresses holding $1,000 to $9,999.99 rose by 2.6 million. These figures highlight
the growing participation of retail investors alongside high-net-worth
individuals.
Interestingly, 2024’s millionaire wallet growth lagged
behind 2023, which saw nearly 70,000 such wallets added, a 22% higher increase.
This discrepancy highlighted 2023’s stronger relative price gains and investor
enthusiasm as BTC rallied 153% that year, compared to 121% in 2024.
The rise in Bitcoin millionaire wallets doesn’t equate
directly to new individuals entering the market. Factors such as shared
wallets, multi-address holdings, and alternative investment strategies diluted
the effect of BTC’s rally.
The approval of multiple spot Bitcoin exchange-traded
funds (ETFs) in early 2024 offered institutional and retail investors new ways
to gain exposure without holding BTC directly.
Factors Driving Growth
Besides this, Donald Trump’s re-election in November,
which reportedly added 11,000 new Bitcoin millionaire wallets, spurred optimism
for a blockchain-friendly policy environment.
Meanwhile, vibrant activity in altcoin and meme coin
markets may have siphoned off some potential Bitcoin investors. Many traders
pursued smaller, high-growth cryptocurrencies, limiting Bitcoin’s new address
growth despite its record-breaking performance.
With Bitcoin achieving unprecedented highs and a new
wave of adoption, 2025 promises to be a pivotal year for the cryptocurrency.
Whether BTC maintains its dominant position or faces intensified competition
from altcoins, its 2024 performance has solidified its role as a key asset in
the global financial landscape.
This article was written by Jared Kirui at www.financemagnates.com.
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