Crypto market overreaction, government Bitcoin sell-off not that impactful
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Rapid Rise: More Than 90,000 BTC Addresses Become Millionaires as Bitcoin Soars
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Bitcoin has been experiencing a rebound in price following the downfall of FTX. Recently, it has crossed the $40,000 milestone after a remarkable surge of over 150% in value this year. As a result, the number of Bitcoin addresses holding at least $1 million has seen a staggering increase of more than 220% in 2021.
Based on information from Bitinfocharts, as reported by Benzinga, there are currently more than 90,360 addresses with millionaire status in terms of Bitcoin holdings. This means that the number of addresses containing over $1 million worth of the primary cryptocurrency has experienced a remarkable surge of 221% since the beginning of the year.
Likewise, there has been a significant increase in the number of Bitcoin addresses holding BTC valued at $10 million or higher. At the start of the year, there were approximately 3,800 addresses with such a value. However, as of now, the number has surged to around 7,500 addresses.
The surge in the number of Bitcoin millionaires can be attributed to the exceptional performance of the flagship cryptocurrency compared to other asset classes this year. This impressive performance has been fueled by growing expectations of a potential launch of a spot Bitcoin exchange-traded fund (ETF) in the United States.
As CryptoGlobe reported, major financial powerhouses that collectively manage an astounding $27 trillion in assets are making inroads into the world of Bitcoin and cryptocurrency after a race to list the first spot Bitcoin exchange-traded fund (ETF) in the United States kicked off with a filing form BlackRock, the world’s largest asset manager.
It's worth noting that the $27 trillion figure represents the total assets under management of the mentioned institutions. Only a tiny portion of this colossal amount is expected to be allocated towards cryptocurrency investments.
As of now, Bitcoin is being traded at $42,600 after experiencing a slight decline in value during the holiday season. This is primarily due to lower trading volumes typically observed during the end-of-year break.
Notably, the Bitcoin network’s mining power, known as the hash rate, has recently reached a new high of 544.6 EH/s.
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