It’s no news Bitcoin has since been a millionaire-maker ever since its massive surge from its all-time low of trading below a dollar back in the day. And now, once again, from on-chain analytics firm Glassnode shows the largest cryptocurrency by market cap has made a new set of millionaires.
This comes after BTC dipped below $20,000 last year creating a chance for smaller investors to be able to afford the accumulation of the asset, therefore, making them millionaires following its price spike above $20,000 earlier this year.
Bitcoin Birthing Millionaires
According to data from Glassnode, there are a total of more than 67,000 BTC wallets worth over a million dollars or more on the blockchain. Notably, BTC trading above $20,000 has since been a maker of millionaires as the price is prominent for a notable high.
The $20,000 price tag was once a BTC all-time high in one of its halving cycles in the past, and according to Glassnode, when BTC/USD makes a move above or below this price range, millionaires are either made in large numbers or lost in abundance.
Last year, when Bitcoin plummeted to just above $16,000 following the FTX crash, a large number of several millionaire wallets lost their status immediately.
However, since the beginning of the year, when Bitcoin spiked by 40% to trade above the $20,000 region, the story has reversed as the asset has not only made many regain their millionaire status but has also birthed another set of millionaires.
On January 13 when BTC/USD was just trading under the $20,000 price tag, BTC wallets worth more than $1 million were just around 27,000. Meanwhile, by the next day when BTC traded $1000 higher, that amount increased to 65,000 with the majority of wallets holding 50 BTC.
Notably, at Bitcoin’s all-time high of $69,000 in November 2021, BTC wallets worth $1 million or more cumulated to nearly 113,000. Furthermore, not only wallets worth millions have surged over the past month, but wallets of “wholecoiners” holding 1 BTC or more have also increased.
Glassnode shows that this category of holders is now nearing 1 million with a total of 982,726 as of February 28.
Dormant BTC Surpasses BTC On Exchange Reserves
Prior to the report of the number of millionaires BTC has birthed, yesterday, News BTC reported a change in BTC circulating supply. According to the news outlet citing data from Glassnode, the amount of BTC that is dormant has exceeded the available Bitcoin for purchase on exchanges.
Co-founder of Bitcoin-focused research firm Reflexivity, William Clemente, noted: “There is now more Bitcoin that hasn’t moved in at least 10 years than there is on exchanges.” Meanwhile, BTC has recorded an increase in value over the past 24 hours.
At the time of writing, BTC trades just above $23,000 with a price of $23,774 looking to cross the $24,000 mark. The asset currently has the highest 24-hour trading volume of $31.7 billion, the largest among other crypto volumes in the market.