Bitcoin Millionaire Count Soars – Is a New Record High Coming?

Bitcoin has seen a notable increase in millionaire holders throughout 2024, even though the cryptocurrency is still trading below its previous peak of over $73,000.

According to data from BitInfoCharts, there are currently 110,655 Bitcoin addresses with holdings valued at $1 million or more, while 10,434 of these addresses exceed $10 million, as of September 23.

This growth marks a 25% rise in Bitcoin millionaire addresses since the start of the year. On January 4, the number of such addresses stood at 96,736, with 89,322 accounts holding at least $1 million. As a result, 24,353 new millionaire addresses have emerged so far in 2024. However, it is difficult to pinpoint the exact number of individual Bitcoin holders with assets exceeding $1 million, as the decentralized nature of the blockchain keeps ownership details private, with multiple addresses potentially belonging to a single person.

Bitcoin’s price has also experienced significant growth, starting the year at $42,280 and climbing approximately 49% year-to-date. Despite this, many holders likely possess the same amount of Bitcoin, benefiting from the asset’s value increase of around $20,000.

The rise in the number of Bitcoin millionaires reflects the cryptocurrency’s resilience, with its price remaining above $60,000 for much of 2024, even after a correction from earlier highs. Market sentiment suggests a potential rally targeting a new all-time high above $70,000.

Experts, such as crypto analyst Ali Martinez, have noted that Bitcoin typically sees substantial gains during its halving years, with the current price movement mirroring previous cycles from 2016 and 2020, where Bitcoin saw gains of 61% and 171% in the fourth quarter, respectively.

As October approaches, many anticipate a potential price surge, consistent with historical patterns.