Bitcoin Boom: The Number of Addresses Holding $1 Million Worth of Bitcoin Jumps Significantly

December 19, 2020 2:45 PM UTC

The number of wallet addresses that value more than a million dollars has jumped abruptly after Bitcoin smashed an all-time high of $23,500, according to Glassnode analysis. There are over 66,540 addresses that hold $1 million worth of Bitcoin, as of now.

On December 17, Glassnode tweeted:

“$BTC crossing $20k has turned all early miner addresses (50 BTC block rewards, unspent or lost) into millionaire addresses.”

Glassnode highlighted that the increase of millionaire wallets is creditable to early miners, individuals who presented computing power to the network in its earliest phases in return for block rewards, holding their assets over a long period of time, resulting in Bitcoin bull run.

Rafael Schultze-Kraft, the CTO of Glassnode, said in a tweet, “All you had to do to be a millionaire today, is mine a single #Bitcoin block between 2009 and 2012.” He added, “You had 210,000 chances to do so,” pointing to the total blocks that awarded 50 BTC and more to miners.

Bitcoin Transaction Fees Soar By 85%

Bitcoin transaction fees have also climbed up along with the price rally. On December 13, an average fee to transfer Bitcoin was recorded at $2.7. But on December 17, it cost about $5 to send Bitcoin across the network, almost an 85% rise in just a few days. 

Network activities are directly connected with the gas price. High transaction gas reflects network congestion. Miners prioritize the users who are willing to pay a premium in order to process Bitcoin transactions. During the 2017 mega bull run, the network’s highest transaction fee was $55, when Bitcoin hit its previous all-time high price of over $20,000.

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