Bitcoin’s price has once again reached a new all-time high, exceeding $73,000 on March 13. This impressive performance has resulted in approximately 1,500 individuals becoming “millionaires” every day, according to data from Kaiko Research.
The price of Bitcoin surged from an opening of $71,473 on March 13, experiencing a 3.5% increase and reaching a new all-time high of $73,709 on Coinbase, as shown by data from Cointelegraph Markets Pro and TradingView.
This remarkable performance comes as institutional investors continue to pour capital into the Bitcoin market, driven by the recent approval of spot Bitcoin exchange-traded funds (ETFs). HODL15Capital, an independent investor, highlighted the increasing inflows into spot Bitcoin ETFs, revealing that on March 12, daily inflows hit a record $1 billion. The investor urged others not to sell their Bitcoin to ETFs, emphasizing the importance of maintaining ownership.
According to data tracked by The Block, spot Bitcoin ETFs now account for nearly 90% of the daily trading volume market share for ETFs that offer exposure to Bitcoin. This indicates a growing preference among investors for direct exposure to Bitcoin through ETFs rather than Bitcoin futures contracts-based products.
The surge in Bitcoin’s price, supported by the introduction of spot Bitcoin ETFs in the United States, is resulting in the creation of approximately 1,500 millionaire wallets daily, according to a report by Kaiko Research. This trend highlights the increasing accumulation of wealth in the cryptocurrency sector. However, this number is significantly lower than during the 2021 bull run, when over 4,000 wallets were reaching the million-dollar mark daily, and more than 2,000 wallets were reaching $10 million.
Kaiko researchers attribute the slower pace of millionaire growth to a lack of new capital, profit-booking by whales as Bitcoin reaches new all-time highs, and whales storing their holdings with custodians rather than personal wallets. Nevertheless, the research also reveals a steady growth in the overall number of Bitcoin addresses holding significant wealth, indicating the growing adoption and acceptance of Bitcoin as a store of value and investment asset.
Analysts have varying predictions for the future price of Bitcoin. Standard Chartered believes that the price may exceed $100,000 by the end of 2024. Hedge fund SkyBridge anticipates a price of $170,000 by April 2025, while Fundstrat projects a range between $116,000 and $137,000 by the end of this year. Investment management firm VanEck maintains its medium-term target at $350,000. Independent analyst Ted Talks Macro suggests that funds are flowing into the Bitcoin market like never before, and he sees the pioneer cryptocurrency heading towards $100,000.
As Bitcoin continues to rally, market participants are looking forward to the upcoming supply halving scheduled for April 2024, which is expected to further propel the price higher. It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any investment or trading decisions.