The number of Bitcoin millionaires has jumped to 85,400, a 111% increase from last year, according to a new report from New World Wealth and Henley & Partners.
At the same time, the number of crypto millionaires in general has climbed to 172,300, compared to only 88,200 last year, the report said, News.Az reports citing foreign media.
The rapid rise in the number of cryptocurrency millionaires comes as newly approved spot ETFs in the US have propelled Bitcoin to new highs in 2024. It hit an all-time high above $73,000 in March. It has since pared that gain, but is still up about 45% to around $64,000. Bitcoin’s price is up 138% in the past 12 months.
The new Bitcoin ETFs have amassed more than $50 billion in assets since hitting the market in January, following a years-long struggle to get the funds approved by the Securities and Exchange Commission.
“The cryptocurrency landscape of 2024 looks little like its predecessors,” Dominic Volek, head of private clients at Henley & Partners, said in a press release.
“Bitcoin’s rise to over $73,000 in March set a new all-time high, while the long-awaited approval of Bitcoin and Ethereum spot ETFs in the US unleashed a torrent of institutional capital,” he added.
The total market capitalization of cryptocurrencies now stands at $2.3 trillion, an 89% increase from its valuation of $1.2 trillion last year.
News.Az
