Bitcoin millionaire addresses go parabolic when the price of BTC crosses $ 20K

Bitcoin's (BTC) parabolic rise has turned early miners into millionaires at a rate rarely seen before. Data from Glassnode shows that the number of Bitcoin addresses holding at least $ 1 million has skyrocketed to 66,540 this week - a 150% increase.

The proliferation of millionaire wallets is due to initial miners holding onto their Bitcoin over the years, culminating in the latest increase in assets above $ 20,000.

As Glassnode tweeted on Thursday:

BTC over $ 20k has turned all original mining addresses (50 BTC block reward, unused or lost) into millionaire addresses.

The tweet comes with a chart showing the number of millionaire addresses at or near a record high, with the last major peak coinciding with Bitcoin's late 2017 peak:

The number of BTC addresses holds at least $ 1 million. Source: Glassnode

Bitcoin's rally intensified on Thursday, breaking through $ 23,000 with very little resistance. On-chain data shows another possible parabolic move imminent as BTC enters a new phase of price discovery. At current values, Bitcoin has a total market cap of nearly $ 430 billion.

While Bitcoin miners initially benefited from greater block rewards, they were already operating in a market that was much more speculative and volatile than it is today. Miners today get only 6.25 BTC per block but there is a greater guarantee that their efforts will pay off as Bitcoin evolves from a mysterious, confusing concept into a major digital asset. system.

Cryptocurrency mining has grown from a small effort into an industry as more and more entities seek to leverage Bitcoin's network infrastructure. Institutional inflows have made digital asset mining more attractive than ever.

Currently, miners generate around 900 BTC per day - a number that is being quickly absorbed by institutions and businesses, many of which are recent adopters.

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