Bitcoin millionaires doubles as crypto market hits $2.3 trillion

The number of Bitcoin millionaires has surged to 85,400, marking a 111% increase over the past year, according to a new report by New World Wealth and Henley & Partners.

Meanwhile, the number of crypto millionaires in general soared to 172,300, up from just 88,200 last year, the report said, News.Az reports citing foreign media.

The rapid increase in crypto millionaires comes as newly approved spot ETFs in the US have pushed Bitcoin to new highs in 2024. It his an all-time high above $73,000 in March. It has since pared that gain but is still up by about 45% to around $64,000. The price of Bitcoin us up 138% in the last 12 months.

New Bitcoin ETFs have garnered over $50 billion in assets since hitting the market in January after a yearslong struggle to get the funds approved by the Securities and Exchange Commission.

"The cryptocurrency landscape of 2024 bears little resemblance to its predecessors," Dominic Volek, Henley & Partners' head of private clients, said in a press release.

"Bitcoin's rise to over USD 73,000 in March set a new all-time high, while the long-awaited approval of spot Bitcoin and Ethereum ETFs in the USA unleashed a torrent of institutional capital," he added.

Crypto's total market value is now at $2.3 trillion, up 89% from its $1.2 trillion valuation last year.

News.Az