Bitcoin’s recent price increase above the $10,000 mark has helped the number of bitcoin millionaire addresses – those with at least $1 million worth of BTC in them – rise to over 18,000.
According to analytics firm Glassnode, the number of millionaire addresses rose to 18,000 thanks to a 38% surge supported by the cryptocurrency’s rise. Bitcoin traded between $9,000 and $10,000 for two months before breaking out of the range in a bullish move that saw it hit an $11,000 high.
CryptoCompare data shows bitcoin is now trading at $10,975, as the cryptocurrency’s price endured a small correction after hitting $11,250. The cryptocurrency is, according to Oppenheimer’s head of technical analysis Ari Wald, now reversing a downtrend that had been ongoing since December 2017 , while Max Keiser has predicted BTC will move to $28,000 before enduring a correction.
It’s worth pointing out that the number of millionaire addresses does not necessarily reflect the number of bitcoin millionaires out there. One user can have various addresses, which can mean some may hold various addresses with over $1 million worth of BTC in them, while others can hold hundreds of smaller addresses that collectively have over $1 million in them.
The number of addresses with millions of BTC in them surged as the amount of cryptocurrency miners have been moving away from their wallets soared as well. Data shared by Glassnode shows that miners’ outflows have increased significantly over the last 24 hours to 70,419 BTC.
While not all of these funds are moving to cryptocurrency exchanges, the amount of bitcoin in these has shown a drastic increase over the last few days, hitting a 5-month high. This could imply a sell-off is coming, as miners and investors may be about to realize profits.
Featured image via Pixabay.
