Bitcoin’s (BTC) recent ascent in the cryptocurrency market has resulted in making a number of new millionaires.
Data acquired by Finbold indicates that as of February 10, 2022, the number of addresses with a BTC balance of more than $1 million was at 96,399, according to BitInfoCharts.com statistics.
When employing a web archive tool Wayback Machine, we were able to determine that the number of addresses BTC with over $1 million worth of Bitcoin is up by 1,368 in the last 30 days, when compared to the 95,031 addresses recorded on January 10.
Approximately 7,815 of the addresses had a combined balance of approximately $10 million. The remaining 88,584 addresses have a balance of $1 million apiece.
Despite the recent increase, the numbers pale in comparison to October 28, 2021, when 116,139 addresses were declared Bitcoin millionaires, 105,820 had a balance of at least $1 million, and 10,319 had a balance no less than $10 million.
It’s worth mentioning that the number of Bitcoin millionaires decreased dramatically during October 28 and January 26, when addresses with balances of over $1 million stood at 87,953. As per the findings, the number of Bitcoin millionaires fell by 28,186 between the two dates, a total of 24.26%.
On-chain analysis indicates a potential bottom for BTC
Given the recent shift in market sentiment, it will be interesting to observe if Bitcoin continues to add to the number of millionaires if it continues to increase its upwards momentum after on-chain analysis showing BTC may have reached a bottom.
Bitcoin has effectively navigated through the first phase of the short squeeze according to the Glassnode metrics, and the market has risen as a consequence of this performance. Several measures show that significant support was present around $35,000, and traders will now be hopeful that the on-chain momentum will push the price higher in the coming weeks.
Currently, Bitcoin is trading at $45,394, up 3.33% in the last 24 hours and 23.03% across the previous seven days.
The world’s largest cryptocurrency by market capitalization has a current market worth of $860.4 billion with 41.8% market dominance.
Due to the anonymous nature of the world’s most valuable digital asset, it is difficult to identify the persons who are in possession of the addresses that have been conveyed.
Bitcoin addresses with more than $1 million in Bitcoin are likely to be associated with investors that have large capital streams, such as institutions or exceptionally early adopters. The fact that a single Bitcoin holder might have many Bitcoin addresses is also vital to keep in mind throughout this process.