The Meteoric Rise of Bitcoin (BTC) in 2024

The meteoric rise of Bitcoin (BTC) in 2024 didn’t just break price records; it also minted new millionaires at an astonishing rate.

Bitcoin (BTC) price records were not the only thing breaking new ground in 2024; an average of 154 wallets holding over $1 million in BTC were created daily, a rate that Finbold reports to be astonishing.

Bitcoin began the year carrying momentum from late 2023, which saw the cryptocurrency quickly rally past the $73,000 all-time high (ATH) set mid-year before continuing on to cross the $100,000 mark in December. This brought the total number of millionaire addresses to over 153,000, reflecting an impressive 58.21% increase from the previous year, according to data from BitInfoCharts.

As the year came to an end, approximately 56,325 new Bitcoin wallets held assets valued at over $1 million. This included 48,738 addresses valued between $1 million and $10 million, alongside 7,587 addresses exceeding $10 million.

The overall increase in Bitcoin-holding addresses was more moderate, reportedly growing by 12%, adding nearly 10 million new wallets across all value tiers. The largest growth occurred among mid-tier holders, with wallets holding $100 to $999.99, increasing by 3.3 million. Similarly, addresses holding $1,000 to $9,999.99 rose by 2.6 million. These figures highlight the growing participation of retail investors alongside high-net-worth individuals.

Interestingly, 2024’s millionaire wallet growth lagged behind 2023, which saw nearly 70,000 such wallets added, a 22% higher increase. This discrepancy highlighted 2023’s stronger relative price gains and investor enthusiasm as BTC rallied 153% that year, compared to 121% in 2024.

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.

No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology. In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s. One could now argue that some may have gotten the better end of the deal.

As Bitcoin crossed the $100,000 threshold for the first time, some might wonder how many BTC pizzas are left, but the cryptocurrency’s journey has been nothing short of remarkable. From being used in small-scale transactions to becoming a global asset, Bitcoin's impact on the financial world and beyond is undeniable.

Bitcoin began the year 2024 with a strong rally, adding nearly 11,000 new millionaire wallets in January as the cryptocurrency approached the $73,000 level. This momentum continued throughout the first half of the year, with an additional 15,000 millionaire wallets being created as BTC reached new all-time highs.

However, the rate of growth in millionaire wallets slowed down in the second half of 2024, especially following the cryptocurrency’s peak at $113,000 in September. Despite this slowdown, the approval of multiple spot Bitcoin exchange-traded funds (ETFs) in early 2024 offered institutional and retail investors new ways to gain exposure without holding BTC directly.

The re-election of Donald Trump in November also appeared to have had a positive impact on Bitcoin, adding over 11,000 new millionaire wallets. This might be attributed to renewed optimism among investors and traders regarding a blockchain-friendly policy environment.

On the other hand, the vibrant activity in altcoin and meme coin markets may have siphoned off some potential Bitcoin investors. Many traders pursued smaller, high-growth cryptocurrencies, limiting Bitcoin’s new address growth despite its record-breaking performance.

With Bitcoin achieving unprecedented highs and a new wave of adoption, 2025 promises to be a pivotal year for the cryptocurrency. Whether BTC maintains its dominant position or faces intensified competition from altcoins, its 2024 performance has solidified its role as a key asset in the global financial landscape.