The price of Bitcoin has been recovering from the collapse of FTX and recently surpassed the $40,000 mark after surging more than 150% year-to-date. Bitcoin’s price rise has seen the value of Bitcoin addresses holding at least $1 million soar by more than 220% so far this year.
According to data from Bitinfocharts, first reported by Benzinga, there are now over 90,360 Bitcoin millionaire addresses, meaning the number of addresses with a value of over $1 million worth of the flagship cryptocurrency in them has surged 221% year-to-date.
Similarly, the number of Bitcoin addresses holding BTC worth $10 million or more also surged, from around 3,800 addresses at the beginning of the year to around 7,500 addresses at the time of writing.
The number of Bitcoin millionaires surged after the price of the flagship cryptocurrency greatly outperformed most other asset classes this year amid expectations a spot Bitcoin exchange-traded fund (ETF) could soon be launched in the United States.
As CryptoGlobe reported, major financial powerhouses that collectively manage an astounding $27 trillion in assets are making inroads into the world of Bitcoin and cryptocurrency after a race to list the first spot Bitcoin exchange-traded fund (ETF) in the United States kicked off with a filing form BlackRock, the world’s largest asset manager.~
The $27 trillion figure, it’s important to point out, represents a grand total of assets under management across the aforementioned institutions, and only a minuscule fragment of this gargantuan sum is anticipated to be channeled into cryptocurrency investments.
Bitcoin is at the time of writing trading at $42,600 after losing some of its value during the holiday period, as trading volumes lower during the end-of-year break.
Notably, the Bitcoin network’s mining power, known as the hash rate, has recently reached a new high of 544.6 EH/s.
Featured image via Pixabay.