Since the start of 2022, the crypto market led by Bitcoin (BTC) has been struggling to live up to investors’ expectations. The downward pressure has resulted in losing about 1 trillion dollars in the crypto market cap.
Another that is notable is that the market downturn has vastly affected the number of Bitcoin-made millionaires. The number of BTC addresses that hold $1 million or more worth of coins has experienced a drastic drop.
Bitcoin-Made Millionaires Have Drastically Decreased Since January 2022
According to the data provided by BitInfoCharts, as of the 28th of May 2022, the number of addresses holding more than $1 million worth of Bitcoin was 77,948.
The data also shows that 5,859 of the 77,948 Bitcoin millionaire addresses had a balance worth $10 million or more as of May 28th. This implies that the remaining 72,089 addresses are holding between $1 million and $9 million worth of BTC.
After Wayback Machine was employed, it showed that the number of Bitcoin addresses with over $1 million worth of BTC has dropped 21.34% since January 5th when 99,092 Bitcoin millionaire addresses were recorded.
Analysts Believe Bitcoin (BTC) Will Continue Rising
Despite the fact that a combination of factors, including regulatory scrutiny, turbulent markets, geopolitical unrest, interest hikes, and lots more, continue to have a negative impact on the asset class, analysts are resolute on the point that Bitcoin will not cease from rising.
In a statement, Marion Laboure, a senior analyst at Deutsche Bank Research, said:
“In the case of Bitcoin, we have a limited supply over 90% of Bitcoin are already in circulation and when you have a fixed supply with increasing demand the prices tended to rise as we have seen last year. Another factor that we can look at is regulation. So regulation is coming so we might have a broader crypto adoption looking ahead.”
At the time of filing this report, Bitcoin (BTC) is trading at $28,799.25, with a 0.31% price downtrend in the last 24 hours.