Bitcoin prices are over $63,000 as of April 18, 2024, and crypto analytics firm Kaiko Research said the recent rally is creating around 1,500 “millionaire wallets” daily.
Check Out: 13 Cheap Cryptocurrencies With the Highest Potential Upside for You
Read Next: 6 Genius Things All Wealthy People Do With Their Money
During the last bull run, Kaiko Research noted that over 4,000 digital wallets reached millionaire status daily, and more than 2,000 wallets reached $10 million. In 2021, there was a flood in capital and bulls were looking to benefit from the hype. This time, Kaiko Research said whales could be taking a more cautious approach.
The firm explained that what we’re seeing today could be due to several reasons: New capital hasn’t arrived in “full force,” large whales are taking profit as BTC hits new highs, or whales are storing their holdings “with custodians rather than personal wallets.”
Here’s the current outlook and how you can invest.
An Optimistic Outlook
BTC gained 116% over the past year, driven by a more optimistic economic outlook, the recent approval of spot Bitcoin ETFs and the halving of Bitcoin mining rewards, according to The Motley Fool. The publication noted that several Wall Street analysts believe these factors will drive the digital coin even higher in the future, and forecasts suggest an upside ranging between 525% and 5,800% from the current price.
Learn More: If You Bought $1K of Elon Musk’s Favorite Crypto 5 Years Ago, Here’s How Much You Would Have Now
Why Bitcoin Could Move Higher
According to The Fool, there are two catalysts that could push Bitcoin higher.
Spot Bitcoin ETFs were recently approved, which is an exchange-traded fund that tracks the current price of Bitcoin. These funds are highly liquid and change price throughout the trading day, similar to stocks. The Motley Fool reported that this could allow investors to consolidate accounts and eliminate high transaction fees.
The launch of spot Bitcoin ETFs has been a success. Funds issued “by BlackRock and Fidelity saw more inflows during the first month of trading than any other ETFs in history, according to Eric Balchunas at Bloomberg,” as Nasdaq reported. The Wall Street Journal also reported that the iShares Bitcoin ETF by BlackRock reached $10 billion in assets faster than…
Click Here to Read the Full Original Article at Cryptocurrencies Feed…
