Bitcoin millionaires are on the rise as the price stabilizes above $43,000.
WORLDWIDE – The number of Bitcoin addresses holding at least $1 million in cryptocurrency has increased dramatically, reaching an impressive 97,326. This increase reflects a significant increase from counts conducted earlier this year. Despite the slight decline in daily transaction value, Bitcoin's price is hovering around $43,203, showing strong year-on-year growth.
The increasing number of wealthy Bitcoin holders can be attributed to several optimistic market signals. These indicators include the Bitcoin Rainbow chart, which traditionally provides a colorful and long-term investment perspective on Bitcoin's price movements. It currently suggests a positive trajectory for the cryptocurrency.
Additionally, the crypto community is eagerly awaiting the potential approval of a spot Bitcoin Exchange Traded Fund (ETF). Such approval is expected to open the door to more institutional money entering the Bitcoin market, potentially increasing its price even further.
Anticipation of Bitcoin's next halving event also adds to the bullish sentiment. Historically, significant price increases have been preceded by halving events, which halve the reward for mining new blocks and thus reduce the rate at which new bitcoins are created. The community expects this pattern to continue and contribute to new market highs and further wealth creation in the space.
