Bitcoin (BTC) remains in the positive territory as the original cryptocurrency strives to reach new record highs, rebounding from the setbacks experienced in 2022. With its renewed value, Bitcoin is also witnessing a surge in the number of individuals holding million-dollar positions.
As of November 12, the count of Bitcoin millionaires has soared to 88,628, marking a significant rise of 60,544 from the 28,084 reported on January 5, according to data from Finbold. This surge in Bitcoin millionaires represents a threefold increase in 2023, reflecting an impressive growth of 215%.
Breaking down these millionaires, there are 81,962 addresses holding a minimum of $1 million in Bitcoin, while those with at least $10 million in the asset amount to 6,666. In contrast, on January 5, 2023, there were 28,084 Bitcoin millionaires, with 24,279 addresses holding at least $1 million and 3,805 addresses possessing $10 million or more, as per data from the Wayback Machine web archive tool.
The rise in Bitcoin millionaires is closely tied to the surge in the cryptocurrency's price, which has pushed it to $37,000 after spending most of the year below the $30,000 mark. In January, Bitcoin millionaires faced challenges amidst bearish sentiments in the cryptocurrency market, including issues related to macroeconomic conditions and the fallout from events like the FTX crypto exchange collapse.
As of now, the value of Bitcoin stands at $37,050, reflecting a year-to-date growth of over 120%. Several factors contribute to Bitcoin's current surge, with anticipation of the approval of the first Bitcoin spot Exchange-Traded Fund (ETF) playing a crucial role. A Finbold report suggests the potential approval of 12 separate Bitcoin ETF spots over the next week by the U.S. Securities and Exchange Commission (SEC), with notable applicants like BlackRock (NYSE: BLK), the world’s leading investment firm.
Analysts believe that Bitcoin's current momentum could set the stage for its potentially largest bull run in history.
