Market Recovery Fuels Wealth Surge

With the market recovery in 2024, the number of newly minted Bitcoin millionaires has risen. This year, the BTC price touched a new all-time high, causing a surge in Bitcoin wallets holding at least $1 million. So far in 2024 alone, over 20,000 new Bitcoin millionaires have been made.

Explosive Growth in Millionaire Wallets

According to BitInfoCharts, there are now 110,388 Bitcoin millionaires at the time of this writing. This is in stark contrast to the 89,322 figure recorded at the turn of last year.

This means that a total of 21,066 new Bitcoin millionaires were created in 2024. This translates to an 18% surge between January and September, showcasing the growing wealth of BTC investors during this period.

The number of Bitcoin millionaires has grown by 18% in 2024 alone.

Growth Across All Wallet Cohorts

The increase in the number of wallets holding coins of a particular value was not only recorded among millionaires. Other wallets across different cohorts have all seen a notable rise.

For instance, BTC wallets holding at least $100 grew from 19.8 million to 21.6 million. The next cohort, addresses holding at least $1,000, went from 8.9 million to 10.37 million.

Addresses holding at least $10,000 saw one of the most significant jumps. The figure stood at 2.722 million at the start of the year but has now risen to over 3.43 million Bitcoin addresses holding BTC worth at least $10,000.

Similarly, addresses with a value of at least $100,000 grew from 451,129 to 621,934 addresses. Finally, the largest cohort, wallets holding at least $10 million, grew from 7,414 addresses in January to 10,407 wallets currently.

Correlation with Bitcoin's Performance

The rise in the number of Bitcoin wallets holding a certain amount over the last year is closely tied to the cryptocurrency's performance during this time.

Bitcoin started the year around $44,000, and even after falling from its $73,000 all-time high to $63,000, it maintains an almost 50% increase in price.

Some of its metrics have also been bullish, especially daily trading volume. Data from CoinMarketCap shows an over 6% increase in the last day alone, bringing its daily trading volume above $27.75 billion.

Future Projections

If the price of BTC continues to rise, more Bitcoin addresses are expected to enter higher-value cohorts. If the price reaches a new all-time high this year, thousands of new Bitcoin millionaires could also be minted.