Number Of BTC Millionaires Goes Parabolic After Latest Surge

The number of Bitcoin millionaires goes parabolic after the latest price surge which led BTC over $23,000 and we find out why in our latest BTC news.

Bitcoin’s price surged to $23,000 this morning and caused the number of BTC millionaires to skyrocket as well according to the data from glassnode. Over 66,540 addresses hold $1 million worth of BTC with the figure increasing by a massive 150% in the past day according to Glassnode. The reports show that the surge means early miners or individuals who provided computing power to the BTC network in the early years, have now become millionaire addresses. Glassnode CTO Rafael Schultze-Kraft said:

 “All you had to do to be a millionaire today, is mine a single #Bitcoin block between 2009 and 2012. You had 210,000 chances to do so,” to which he referred the total blocks that awarded 50 BTC and above to the miners at that time.

The number of #Bitcoin addresses holding at least $1M USD has gone parabolic.

It increased +150% to 66540 addresses.

Why?$BTC crossing $20k has turned all early miner addresses (50 BTC block rewards, unspent or lost) into millionaire addresses.

Chart: https://t.co/Fh63ST4nph pic.twitter.com/dCoRjn2w3p

— glassnode (@glassnode) December 17, 2020

BTC zoomed above $20,000 and crossed many hurdles like $21,000 and $22,000 in the past few hours, soon reaching the historic $23,000 mark on Thursday morning. The price surge came when the asset saw some increase in interest from legacy funds managers during fears of over inflation among the fiat currencies. The asset trades $22,675 at press which marks a 15% increase in the day. Scott Miner, the CIO of Guggenheim Partners who is a macro hedge company, gave a macro price target of $400,000 in an interview recently so if this metric is reached, it would peg Bitcoin’s market cap to $7.2 trillion.

As we reported earlier today, Bitcoin started a strong surge today after managing to clear the $19,800 and the $20,000 resistance levels the price is now well above the $22,000 level and the 100 hourly simple moving average. There was also a break above the bullish continuation patterns of $19,754 and $20,900 on the hourly charts of the pair which is able to correct lower but the downsides could find support near the $21,600. There was a clear break in the price yesterday above the $20,000 resistance levels and as a result, bitcoin went past it in the new way up. The price traded to a new all-time high and settled above the 100 hourly simple moving average with the bulls still being in action as they managed to pump the price above $22,000.