Crypto News – After Bitcoin’s price recently rose above $72,000, the number of new millionaire wallets has increased to almost 1,500 every day. When compared to the number of new millionaires that were created every day during the previous bull market, this rise is negligible.
Number of New BTC Millionaire Wallets Modest Compared to Previous Bull Run
The top cryptocurrency in terms of market capitalization has seen a 70% increase in value since the year’s start. According to CoinGecko data, the overall market capitalization is currently $1.4 trillion, up 0.2% over the previous day.
Less than two thousand new Bitcoin millionaire wallets are being established every day, according to statistics from the analytics company Kaiko. From the height of the previous bull run in November 2021, when Bitcoin hit its then-all-time high of $69,000, the amount is a significant decline. Every day during the bull run, more than 2,000 addresses with at least $10 million in Bitcoin were created, and over 4,000 new millionaire wallets were created.
Why is the Increase So Low?
A significant capital inflow was witnessed in 2021, propelled by a generalized excitement surrounding the cryptocurrency sector. Nevertheless, big investors seem more circumspect this time around, as if they want to wait and see if the recent price surge is sustainable before investing. More Bitcoin whales, according to Kaiko, might now favor custodial services over personal wallets for storing large holdings. The observed decline in the creation of new millionaire wallets may also be directly attributed to this change.
Moreover, the fact that the number of new Bitcoin millionaire wallets is growing more slowly may mean that the bull market is still in its early phases and that the peak of capital inflows is still to come. The viewpoint is consistent with the general market expectation that Bitcoin may reach $150,000 or higher in the near future.
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