94,000 Bitcoin Addresses Holding at Least $1 Million in BTC

A sharp increase was reported in Bitcoin whale addresses after BTC crossed $20,000 in December 2020.

Bitcoin whale addresses reached the highest level on record. More than 94,000 BTC addresses are now holding at least $1 million worth of Bitcoin. BTC whale addresses have jumped significantly since the start of 2021.

According to the latest data published by Glassnode, the on-chain market analysis and data provider, Bitcoin’s jump above $20,000 in December resulted in a massive spike in BTC millionaires. The world’s largest cryptocurrency posted a record high of $52,500 today.

The total market cap of BTC jumped to more than $970 billion. BTC is now more valuable than the Chinese technology conglomerate, Tencent. Also, last week, Bitcoin crossed the market cap of Tesla and Facebook.

“There are now more than 94,000 Bitcoin addresses holding at least $1 million worth of $BTC. The steep increase in mid-December marks the point when BTC crossed $20,000, making all early miner addresses (50 BTC rewards) millionaire addresses,” Glassnode mentioned in a tweet.

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MicroStrategy, the world’s largest business intelligence firm, announced yesterday that it has decided to raise $900 million to accelerate the company’s accumulation of Bitcoin. MicroStrategy’s BTC holding crossed 71,000 Bitcoin earlier this month.

Adoption

The adoption of the world’s largest cryptocurrency has increased significantly in the last few months. Apart from institutional accumulation, Bitcoin has been able to gain the attention of government authorities as well. KIKKLAB, a free economic zone in Dubai backed by the government, announced yesterday that it will accept BTC and other cryptocurrencies as a mode of payment for trade licensing. A rapid increase in adoption has increased the demand for BTC. Furthermore, a sharp increase in Bitcoin whale addresses indicates that large BTC holders are not planning to sell their assets soon.

Bitcoin’s market cap is just 4% away from the trillion-dollar mark. As of wiring, the cryptocurrency is trading above $51,500 with a total market cap of $965 billion. The market dominance of BTC currently stands at around 61%, which is a minor drop after the recent jump in Ethereum, Cardano and Binance Coin.