Bitcoin Millionaire Addresses Reaches Highest Level Since January 2018
As Bitcoin’s price holds strong at $13,000, the number of Bitcoin millionaire addresses are also hitting levels not seen since the last bull run.
Those addresses that have been holding more than $1 million worth of BTC have surpassed 20,000, the highest level since January 2018, as per Glassnode.
These numbers have been increasing since March when the sell-off pushed these addresses from about 17,500 to nearly 7,500.
In August, these numbers took a big leap when it added about 5,000 new addresses. Now, it has reached levels that we came close to in the middle of last year.
The number of addresses with more than $1 million of Bitcoin reached its all-time high at just above 28,000 at the top of the market in December 2017 when BTC price hit $20,000.
According to Bitinfocharts, while 20,554 addresses are richer than $1 million, only 2,754 addresses have $10 million worth of BTC.
Meanwhile, more than 25 million addresses have $1 worth of BTC, close to 9.7 million addresses have more than $100 of BTC and 3.64 million has $1,000 worth of Bitcoin.
The number of addresses richer than $10k worth of BTC is moving to 990k, and 182,414 addresses have $100k BTC.
This has been as Bitcoin works towards solidifying its role as digital gold, a store of value. Recently, a team of analysts at JP Morgan also touted the leading digital currency to be in “intensive” competition with gold, suggesting a “doubling or tripling” in its price if this trend continues.
“The older cohorts prefer gold, while the younger cohorts prefer Bitcoin as an ‘alternative’ currency,” read the research note.
The analysts also added that Bitcoin's long-term prospects could further improve because of its utility as a payment mechanism.
In that regard, just yesterday, a BTC wallet holder moved over 88,857 BTC, worth about $1.15 billion for a fee of mere 0.00027847 BTC, worth less than $4.