It is no secret that Bitcoin (BTC) had a stellar year in 2024, reaching a new all-time high (ATH) of over $73,000 in the first six months and surging past the $100,000 psychological level in December
BTC investors reaped significant benefits from the rally, as Finbold research found that, between December 31, 2023, and December 31, 2024, an average of 154 addresses holding over $1 million worth of Bitcoin were created daily.
The total increase in such addresses in the 366 days (2024 being a leap year) that elapsed amounts to approximately 56,325, per the data Finbold retrieved from BitInfoCharts using the Internet Archive’s Wayback Machine.
Specifically, their numbers totaled just under 97,000 on the last day of 2023 and just over 153,000 on the final day of 2024 – a 58.21% increase.
In particular, a total of 48,738 addresses holding between $1 million and $10 million were added, along with 7,587 addresses holding over $10 million.
Bitcoin addresses with more than $1 rose by only 12% in 2024
Furthermore, the total increase in BTC-holding addresses was relatively minor in proportion as the total increased by only 12.79%. Still, the rise was substantial in absolute terms, amounting to almost 10 million new addresses, averaging 27,000 per day over the year.
The largest uptick was evident among those holding between $100 and $999.99 worth of Bitcoin, as many as 3.3 million new ones were added for an average daily increase of over 9,000.
Breaking down the totals further by the value of addresses, 2024 saw the emergence of 2 million new ones holding between $1 and $99.99 – 5,652 per day – 2.6 million holding between $1,000 and $9,999.99 – 7,241 every day – 1.4 million with $10,000 to $99,999.99 – 3,979 each 24 hours – and 362,709 with $100,000 to $999,999.99 – 991 new ones daily.
Was 2023 better for BTC investors despite multiple new ATHs in 2024?
What is, perhaps, more surprising is that, despite last year featuring a strong digital assets bull market, the total number of Bitcoin millionaire addresses added came in lower than in 2023.
Indeed, as Finbold reported on December 25, 2023, that year saw the addition of nearly 70,000 such addresses – 22.85% more than last year.
Still, considering the fact that the Bitcoin rally started already in late 2023 and that it featured a total 153.21% price increase within the 52 weeks, while in 2024, it rose a total of 121.11%, the seemingly surprising discrepancy might simply be demonstrative of the initial relatively low prices and immediate investor enthusiasm.
Why the bull market led to few new Bitcoin holders
It is noteworthy, however, that the number of addresses holding over $1 million worth of BTC does not directly equate to the number of individual Bitcoin millionaires, as one person can control multiple addresses, and several people can co-own a single address.
The wealth of novel means of gaining exposure to the world’s premier cryptocurrency might have led to comparatively few new addresses. Along with the long-standing way of vicarious investment through MicroStrategy (NASDAQ: MSTR) stock, the Securities and Exchange Commission (SEC) approved multiple spot BTC exchange-traded funds (ETFs) already in January 2024.
Additionally, Donald Trump’s re-election in November – an event that alone generated some 11,000 new Bitcoin millionaires – also brought hopes of a more blockchain-friendly administration, meaning multiple other companies adopted MicroStrategy’s approach, at least to an extent.
Finally, the strength of the altcoin and meme coin markets during 2024 could have also limited the growth in the number of Bitcoin holders as more traders sought to take advantage of smaller cryptocurrencies with a higher potential for massive and rapid rallies.
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