Bitcoin Defies Market Conditions, Doubles Number of Millionaires in 2023
Bitcoin has continued to impress in 2023, gaining over 80% year to date and leading to a surge in value.
This has resulted in a doubling of Bitcoin millionaires, with over 50,000 new millionaires having emerged just halfway through April. The number of Bitcoin millionaire addresses has increased by 187% from January 5 to April 14, reaching 80,659. BitInfoCharts.com shows that 74,912 addresses hold Bitcoin balances of over $1 million, and 5,747 addresses hold BTC worth over $10 million.
The surge of new Bitcoin millionaires results from Bitcoin’s ability to overcome the bearish conditions of 2022, which were characterized by high inflation and events like the FTX collapse. Despite the recent banking crisis and uncertainties surrounding Binance, Bitcoin has maintained its upward trajectory, peaking at $31,000.
As a result, it appears that the crypto market is still gaining momentum, and Bitcoin remains a preferred option for investors looking to diversify their portfolios and benefit from the potential of digital assets.
At the time of writing Bitcoin is trading at $30,125, gaining around 8% in the previous week, with a total market capitalization of $583 billion.
The crypto community predicted Bitcoin’s average price at the end of April to be $23,561, with 83% historical accuracy, while machine learning algorithms forecasted a higher price of $30,697, closer to its current price for the same date.