Bitcoin continues to surge 73 million new BTC addresses created in first half of 2024
As the first half of 2024 draws to a close, the impact of the recent surge in the cryptocurrency market is becoming more apparent. Following a period of uncertainty marked by low prices and increased regulatory scrutiny, the market began to recover after rumors of a digital asset exchange-traded fund (ETF) approval in October 2023. This recovery was further bolstered by the approval of spot Bitcoin (BTC) ETFs in the United States in January 2024.
Research from Finbold has shown that by June 11, 2024, there was a significant increase in interest in Bitcoin, leading to a rise in the number of addresses holding BTC. Nearly 85 million addresses held at least $1 worth of Bitcoin at that time, representing at least 1,400 Satoshis. Historical data from January 4, 2024, showed that the total number of addresses holding Bitcoin was roughly 77.5 million.
During the first half of 2024, approximately 7.3 million new Bitcoin addresses were created. This means that in less than six months, there was an increase of 7.3 million new addresses, translating to around 1.2 million new addresses each month and 46,000 new addresses each day, marking a total increase of 9.51%. The number of BTC millionaires, addresses holding over $1 million worth of the cryptocurrency, also saw a significant rise, increasing from 96,736 to 126,733 in the same period.
Despite the growing interest in Bitcoin, the increase in the number of Bitcoin millionaires in 2024 is expected to be lower than in 2023. While the market has seen strong enthusiasm and trading volume, the data suggests that 2024 may add approximately 10,000 fewer BTC millionaires compared to the previous year. Similarly, the number of new Bitcoin addresses created in 2024 is projected to be about 60% less than in 2023.
One possible explanation for this trend could be the price stagnation of Bitcoin in 2024. In contrast to the more gradual increase in price during the first half of 2023, where Bitcoin rose steadily from around $15,000 to $30,000, the price surge in 2024 was more rapid and short-lived, reaching an all-time high of $73,084 before trading sideways between $67,000 and $71,000. A significant price movement in either direction could reignite the growth in the number of Bitcoin addresses.
It is important to note that the total number of addresses holding Bitcoin remained relatively stable between May and June, with a slight decrease in the number of BTC millionaires. This could be attributed to the fact that individual users can have multiple addresses, leading to fluctuations in the total number of addresses. Additionally, the approval of BTC ETFs in the U.S. in January may have contributed to the slower growth compared to 2023, as major financial institutions managing these funds may hold large amounts of BTC in a single address on behalf of multiple investors.