Bitcoin has seen a notable rise in prices since the start of the year, largely thanks to 2024 ushering in the bull run for this market cycle. This surge in the price of Bitcoin has resulted in an impressive amount of Bitcoin Millionaire Wallets being created daily.
Nearly 2,000 Bitcoin Millionaire wallets created daily
According to data Since Kaiko research firm, just under 2,000 Bitcoin millionaire wallets are created daily. It is interesting to note that this figure remains well below the Running of the bulls 2021 as more than 4,000 wallets hit the $1 million mark daily, according to Kaiko. The research firm also claimed that more than 2,000 wallets hit $10 million per day during the last bull run.
Kaiko noted that the slowdown of this market cycle is probably due to the fact that new capital has not yet fully entered the market. They also stated that large whales from the previous market cycle are also likely to continue to profit as Bitcoin reaches new highs. Additionally, Kaiko claimed that whales were storing their holdings with custodians rather than personal wallets, which could be another reason why there has been a decrease in the number of Bitcoin millionaire wallets.
However, these Bitcoin millionaires’ portfolios are expected to continue to rise as this bull run progresses. Crypto analysts like Rekt Capital to have predicted that this bull market will peak in September or October of next year. Factors such as approval of Spot ETF Ethereum should trigger more rallies for Bitcoin and altcoins.
Additionally, more crypto tokens are expected to have their ETFs this cycle, especially with the approval of Ethereum ETFs, meaning more capital will flow into the crypto space. At the same time, the US elections are also expected to have a positive impact on this bull market with Donald Trump. already affirming his pro-crypto stance.
More crypto-millionaires in this bull run thanks to Meme Coins
More crypto millionaires are expected to be created during this bull run than in previous ones, thanks to the level of adoption This category of crypto tokens is gaining popularity in this market cycle. This has led to an increase in the number of meme coins created daily, with cryptocurrency investors profiting massively from trading these coins.
Earlier this year, Bitcoinist reported about a Solana coin trader who made almost $11 million by investing $1,800 in the Dog Hat (WIF) piece of money. Another group of Solana coin traders were reported having made $8 million in 24 hours with an initial investment of $6,400.
Most recently, on-chain data tracker Bubblemaps revealed a trader who made a profit of $2 million by trading the meme coin Mother Iggy (MOTHER), a token created by the Australian rapper Iggy Azalea.
Featured image created with Dall.E, chart from Tradingview.com
