Crypto millionaires double in 2024, cross 172,000 amidst meme coin and AI hype
- ETF expert Nate Geraci shares statistics on the number of crypto millionaires in recent tweet on X.
- Crypto millionaires doubled in 2024, hitting 172,300 per data from Barron’s.
- Bitcoin millionaires have more than doubled this year per Crypto Wealth Report 2024.
Crypto Wealth Report 2024 shared insights into the number of crypto and Bitcoin millionaires and the increase since last year. Nate Geraci of the ETF Store commented on the statistics. Bitcoin trades at $59,062 at the time of writing.
The number of Bitcoin millionaires has doubled in 2024, up to 85,400.
Bitcoin millionaires have more than doubled, crypto millionaires double this year
New World Wealth and Henley & Partners published a report, Crypto Wealth Report 2024. The report shows that 172,300 individuals now hold over $1 million in cryptocurrencies. The number has doubled since 88,200 in 2023.
In the same timeframe, Bitcoin millionaires more than doubled and climbed 111% to 85,400.
In 2024, 325 new centi-millionaires were created, their wealth is estimated to be upwards of $100 million. 2024 added 28 new crypto billionaires to the mix, per data from the report.
Nate Geraci, co-founder of the ETF institute and a crypto expert shared the statistics in a recent tweet on X.
Interesting data on crypto wealth…
— Nate Geraci (@NateGeraci) August 31, 2024
Number of crypto millionaires nearly doubled to 172,300 in 12mos ending 6/30.
Now 325 crypto centi-millionaires.
28 crypto billionaires.
via @barronsonline pic.twitter.com/5pAcdOkLep
Bitcoin trades at $59,062 at the time of writing. The asset gained nearly 40% year-to-date.
CoinGecko report shows meme coins and AI tokens were the top performing assets in 2024, despite that Bitcoin ETFs have catalyzed gains in the asset and likely supported the increase in number of Bitcoin millionaires.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
