With the recent bullish rally in the world’s flagship cryptocurrency market, some global investors have grown richer within the past few weeks.
As of now, there are 18,000 BTC millionaires, or addresses containing greater than $1 million value of BTC according to data obtained from a crypto analytic firm, Glassnode
READ ALSO: Bitcoin beats $10,000 mark in 7 weeks
— glassnode (@glassnode) July 29, 2020
Recall that the wealth of many BTC investors has grown exponentially at the BTC market, as holders of more than 1000 BTCs or more (who are referred to as whales) have been increasing at a steady pace after BTC’s most recent halving that occurred a few months ago.
What this means: As transaction numbers in BTCs market keep hitting record highs, the number of dollars that buyers invested in $BTC just made a new all-time high. This suggests investors are raising their stakes in the flagship cryptocurrency market
Meanwhile, the flagship currency had remained above the $11,000 resistant level. Data from Coinmarketcap shows that BTC has a market capitalization of about $203.4 billion dollars with a daily trading volume standing at $25 billion.
Quick fact: BTC is a completely decentralized digital crypto-asset, unlike fiat currencies that you can hold in your physically there is no central authority or centralized payment system controlling BTC. Bitcoin operates in a peer-to-peer network that allows any individual in the world to send and receive Bitcoin without any middleman (like a bank, central bank, or payment processor).