The cryptocurrency market has been experiencing a bear market recently. Since the beginning of the year, it has lost almost one trillion dollars of global capitalization. In addition, it has caused the number of bitcoin millionaires to fall severely.
The Bitcoin Millionaire
Approximately 5856 of these wallets had a balance of at least $10 million as of May 28, 2022, according to BitinfoCharts.com. The remaining 72,080 addresses contained at least $1 million in BTC.
Using the Bitinfocharts tool for archiving websites, it is easy to determine that the number of bitcoin millionaires has fallen by 21.34% since the beginning of the year. As of January 5, there were 99,092 such wallets.
In the past seven months, there has been a massive decline in the number of millionaires. However, if we go back to October 2021, when bitcoin was at its peak, the decline is even greater. On October 28, 2021, one million dollars in BTC had 116,139 addresses. In seven months, this means that there are now 32.89% fewer millionaires.
Regulatory oversight, equity market turmoil, geopolitical unrest and interest rate hikes continue to affect asset performance negatively.
Many believe that the price of bitcoin will continue to rise despite this. In a recent statement, Deutsche Bank Research senior analyst Marion Laboure said:
In the case of bitcoin, we have a limited supply. Over 90% of BTC is already in circulation, and when you have a steady supply with rising demand, prices tend to go up, as we saw last year.
Currently, the bitcoin price is hovering around $ 29,177. This represents an increase of 1.34% in the last 24 hours but has already decreased 2.28% over the previous week.
THE DOGE MILLIONAIRE
The situation looks even worse in the case of dogecoin millionaires. As we reported yesterday, as of January 1, 1341 people could be considered DOGE millionaires. However, three days ago, it was only 646 addresses. This means that this figure has fallen by 43.03% in just under six months.
Yet, it’s worth noting that the coin meme’s initial resurgence resulted in a doubling of its millions of holders in two weeks from April 23 to May 4, 2021. This means that there were 2866 DOGE wallets, each containing $500,000 of DOGE. This means that since the DOGE rate was near its peak, the percentage of millionaires has decreased by 77.45%.