Bitcoin has seen a notable price increase since the start of the year, largely thanks to 2024 ushering in the bull run for this market cycle. This surge in Bitcoin’s price has led to an impressive amount of Bitcoin millionaire wallets being created daily.
Almost 2,000 Bitcoin Millionaire Wallets Created Daily
According to data from research firm Kaiko, just under 2,000 Bitcoin millionaire wallets are created daily. Interestingly, this figure is still way lower than the 2021 Bull run when over 4,000 wallets hit the million-dollar mark daily, according to Kaiko. The research firm also claimed over 2,000 wallets reached $10 million daily in the last bull run.
Kaiko noted that the slowdown in this market cycle is likely because new capital has yet to enter the market in full force. They also stated that large whales from the previous market cycle are also likely still taking profit as Bitcoin hits new highs. Additionally, Kaiko claimed that whales are 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 millionaire wallets are expected to keep rising as this bull run progresses. Crypto analysts like Rekt Capital have predicted that this bull market is going to peak sometime in September or October of next year. Factors like the approval of the Spot Ethereum ETFs are expected to trigger more rallies for Bitcoin and altcoins.
Moreover, more crypto tokens are expected to have their ETFs in this cycle, especially with the approval of the Ethereum ETFs, meaning that more capital will flow into the crypto space. Meanwhile, the US election is also expected to positively impact 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 made in this bull run than in previous ones, thanks to the level of adoption this category of crypto tokens is gaining in this market cycle. This has led to an uprise in the number of meme coins created daily, with crypto investors cashing out massively from trading these coins.
Earlier in the year, Bitcoinist reported about a Solana meme coin trader who made almost $11 million by investing $1,800 in the Dogwifhat (WIF) meme coin. Another set of Solana meme coin traders was reported to have made $8 million in 24 hours with an initial investment of $6,400.
More recently, on-chain data tracker Bubblemaps revealed a trader who made a $2 million profit from trading the Mother Iggy (MOTHER) meme coin, a token created by the Australian rapper Iggy Azalea.
Featured image created with Dall.E, chart from Tradingview.com
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