Bitcoin prices have soared to hit their all-time high value in the last couple of weeks. As the buying momentum in the Bitcoin market paces up, so does wallet activity. According to Bloomberg, 1,500 new wallets are hitting $1 million every day due to the Bitcoin bull run. However, the number still stands below the previous 2021 bull run.
Bloomberg highlights that approximately 1,500 new “millionaire wallets” are reportedly being created every day as a result of Bitcoin’s historic climb, according to crypto analytics company Kaiko Research. Millionaire wallets are those that hold cryptocurrency worth $1 million. According to Forbes, Crypto wallets securely store and safeguard Bitcoin and other crypto private keys. They enable users to transmit, receive, and spend a variety of cryptocurrencies, including Ethereum, Ripple, Bitcoin, and many more.
The price surge in BTC came after the approval of Bitcoin ETF trading. Back in January when the spot Bitcoin ETFs received the green signal from the SEC to trade on Wall Street, it opened the gates of the crypto world to a relatively nascent audience that was fairly interested in investing in it. Nevertheless according to Bloomberg, compared to the previous bull market run in 2021, when almost 4,000 wallets hit the million-dollar threshold per day, the rate at which new millionaire wallets are being generated is slower. March 1st marked the year’s peak with 1,691 wallets.
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Bitcoin prices have surged almost nearly 7% in the last week. At the press time, they stood at $72,145.62, being up nearly 4% as compared to the same time last day. The trading volume of the OG-crypto currency stood at $65.9 billion, being up 100%. BTC’s market cap has also ascended to hit a whopping $1.4 trillion. At present market participants are predicting a further ascending trend in BTC prices. A good example of this is Michael Saylor’s latest interview. Given its inherent advantages over traditional precious metals and its significant development potential, co-founder and former CEO of MicroStrategy Michael Saylor thinks BTC is going to outperform gold.
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