Bitcoin has demonstrated resilience, with a notable increase in the number of millionaire wallets, signaling an increased interest among high-net-worth individuals and institutions, and a consolidating price trend.
Surge in millionaire wallets
Data from BitInfoCharts reveals a striking 237% increase in the number of Bitcoin wallets containing over $1 million. From just 23,795 at the beginning of the year, this figure has soared to 81,925. This dramatic rise is not just a reflection of growing investor confidence but also indicates a broader acceptance of Bitcoin as a viable asset class.
However, it’s crucial to note that this count of millionaire wallets includes not only individual investors but also crypto exchanges and financial institutions, underscoring the diverse nature of Bitcoin’s appeal.
In comparison, the peak of such crypto wallets was observed in November 2021, coinciding with Bitcoin reaching its all-time high of $69,000. This suggests a correlation between market highs and the number of high-value wallets.
Additionally, the number of “wholecoiners” — wallets holding at least one Bitcoin — has also risen modestly by 4%, indicative of steady accumulation trends despite broader market challenges.
37% price increase
Increased investor optimism has been a driving force behind Bitcoin’s recent rise. Historically, November has been a strong month for Bitcoin, and this year’s performance aligns with these trends. Bitcoin’s price has risen by 37% in the last 30 days, consolidating around the $37,000 mark.
Additionally, the growing interest from institutional investors and the rising popularity of Bitcoin-focused exchange-traded funds (ETFs) have contributed significantly. The anticipation of another Bitcoin halving in about six months and the potential approval of a spot Bitcoin ETF by the US Securities and Exchange Commission (SEC) have further fueled investor optimism.
Bitcoin’s price movement
Bitcoin’s price dynamics offer another lens through which to assess the cryptocurrency’s health. Recent data indicates that Bitcoin is trading near $37,000, consolidating gains from the $38,000 zone. This consolidation phase is marked by resistance near $37,250, as per the hourly BTC/USD chart from Kraken. The currency experienced a rally towards $38,000, followed by a correction to $35,850, before resuming its upward trajectory. The immediate resistance is near the $37,200 level, with potential for further gains if these resistance levels are breached.
The ongoing consolidation and resistance levels suggest a cautious optimism among traders. A breakthrough above these levels could indicate a more robust upward momentum, potentially leading towards the $38,000 mark and beyond.