Cryptocurrency's Wealth Boom: Bitcoin's Constant Climb Creates 1.5K Millionaires Daily

Industry data indicates that Bitcoin's consecutive all-time highs are creating thousands of new millionaires.

Source: www.sabah.com.tr

This week, Bitcoin has consistently surged to new all-time highs, surpassing $73,000 on March 13. Reports indicate that this impressive performance is creating approximately 1,500 new millionaires every day. On March 13, Bitcoin's price started at $71,473 and experienced a 3.5% increase, reaching a record high of $73,709.

The influx of institutional capital into the Bitcoin market has intensified due to the recent approval of spot Bitcoin exchange-traded funds (ETFs). Independent investor HODL15Capital highlighted the rising inflows into spot Bitcoin ETFs. On March 13, the investor shared data on the X social network, revealing that daily inflows into spot Bitcoin ETFs hit an unprecedented $1 billion in net inflows on March 12. The investor advised against selling BTC to ETFs.

According to data from The Block, spot Bitcoin ETFs now dominate nearly 90% of the daily trading volume market share among ETFs offering BTC exposure. This trend reflects investors' increasing preference for direct exposure to BTC through ETFs over products reliant on Bitcoin futures contracts.

Analysts Expectations For The Price Of Bitcoin In 2024 Vary

Investor sentiment remains optimistic as Bitcoin's upward trajectory persists.

Analysts foresee further gains in BTC's price, with some predicting it could exceed $100,000 by the end of 2024. SkyBridge, a hedge fund, anticipates a price of $170,000 by April 2025, while Fundstrat's projection places BTC's price between $116,000 and $137,000 by year-end. Additionally, investment management firm VanEck maintains a medium-term target of $350,000 for Bitcoin.

Independent analyst Ted Talks Macro emphasized the unprecedented influx of funds into the Bitcoin market, suggesting that the cryptocurrency is well on its way to reaching $100,000. With Bitcoin's ongoing surge, market participants anticipate that the upcoming supply halving scheduled for April 2024 will further drive the price upward.

Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.