"Don't look down on BTC, many have become rich because of it."
There is no denying that the cryptocurrency market experienced its worst year in 2022 when several projects saw catastrophic collapses leading to a fall in the price of Bitcoin (BTC) at $15,000.
However, the price of BTC began to recover gradually in 2023 and millionaire addresses also now increased to 47,994 from 28,084 which represents a staggering growth of 170.89% over the past few months.
Through observation, around 70,747 million addresses have held BTC worth more than $1 million while 5,331 holders managed to collect $10 million BTC in their respective wallets.
It is worth noting that the price of BTC has seen a significant increase of 55% since the beginning of the year when it peaked as high as $31,005 before facing the challenge of rising again due to the constant aggressiveness of regulators against the crypto market.
If BTC continues its upward movement, new millionaires will also jump plus the number of wallets holding one BTC or more has reached one million which means the price has the potential to rise higher.
Although many believe that the price of BTC will be difficult to rise due to various unfavorable macroeconomic factors, the digital asset so far seems to be in great demand by investors.
As of this writing, BTC price has plunged by 0.15% to $25,986 in the last 24 hours with a market cap of $504 billion further recording a 3.48% decline over the last week.
