By George Ward
The cryptocurrency market has seen its share of highs and lows over the past few years, from the meteoric rise of Bitcoin in 2017 to the crypto bear market in 2022. However, despite its tumultuous past, the crypto market showed signs of a resurgence at the start of this year.
In the past few weeks, Bitcoin has seen a dramatic increase in value. As a result of this new bullish run, tens of thousands of new Bitcoin millionaires have emerged.
New BTC Millionaires In January
According to reports, the amount of Bitcoin millionaire addresses as of January 28 was 72,483, indicating a 61% rise from the 28,084 BTC millionaires on January 5. According to Coingecko data, BTC has gained 44.2% in the last 30 days.
On-chain data from BitInfoCharts confirms that 67,551 addresses have a Bitcoin balance of over $1 million. Furthermore, the data further revealed that 4,932 wallet addresses containing BTC worth more than $10 million as of January 28.
Furthermore, the recent Bitcoin rally means that 60% of its holders are in losses, 35% have suffered losses, with the remaining 5% have neither made nor lost money. Notably, the reports revealed that the current group of millionaires has primarily avoided the losses many investors experienced during last year’s crypto winter.
The reports also indicate that approximately 71,085 millionaire address holders were wiped out in 2022.
Reason For The Recent Bitcoin Millionaires Emergence
The recent surge in BTC’s value and the emergence of new Bitcoin millionaires can be credited to the recent uptrend in the crypto market, pushing aside the bearish conditions of 2022. These bearish conditions were characterized by high inflation and the consequences of various industry events, such as the FTX collapse.
The less aggressive rate hike by the US Fed is also partly responsible for the recent positive performance of risky assets such as BTC. However, keeping the number of Bitcoin millionaires remains challenging as the market’s performance remains uncertain.
BTC’s price has yet to stabilize as the asset hasn’t shaken off all negative events from last year. Furthermore, the technical indicators send out conflicting messages about the asset’s price movement.