Fall of Bitcoin Millionaires
According to Iran Economist, citing Crypto, once upon a time in November 2021, the value of the digital currency market was three trillion dollars, when Bitcoin was trading at its highest level of nearly 69,000 dollars, but then came 2022, the inflation caused by the pandemic. , the war in Ukraine and supply chain issues ensued, meaning central banks around the world were forced to raise rates to ease the cost-of-living crisis.
With the cheap liquidity that came from the underlying markets, Bitcoin and crypto in general came under pressure. We have seen the collapse of top 10 cryptocurrencies, top exchanges and numerous other scandals. This loss is more than two trillion dollars and Bitcoin has lost three quarters of its value.
Looking at the blockchain data, we find that Bitcoin millionaires have fallen. Entering 2022, there were 90,000 addresses containing more than $1 million in bitcoins, but today, that number is 24,000, a 73% drop.
Chain Data sums up what has become abundantly clear from looking at the Bitcoin price chart: the party is over and investors are no longer dreaming of retiring from their Bitcoin holdings, at least not in the near future!
Bitcoin returns before 2022 were amazing; A major part of the supply was profitable and only 25% of the supply entered the year at a loss. By the end of the year, that had doubled to over 50%, another staggering statistic considering that Bitcoin has been the world’s best-performing asset class for the past decade.
On the other hand, with bitcoin being cheap compared to last year, the number of addresses containing one bitcoin or more is at an all-time high even though the dollar value of those addresses is very low. Entering 2022, there were over 814,000 addresses that held more than one bitcoin. By the end of the year, this number reached more than 978 thousand people, which has increased by 20%.
Perhaps the biggest problem that has emerged since 2022 is related to scandals. Crypto’s reputation has been hit particularly hard by the shocking crash of the FTX exchange, and according to a poll published in November 2022, only eight percent of Americans now have a positive view of cryptocurrencies.
The total value of the global digital currency market is currently estimated at 848.91 billion dollars, which is 0.01% higher than the previous day. Currently, 39.06% of the total digital currency market is owned by Bitcoin, which has increased by 0.01% in one day.
The total volume of the digital currency market in the last 24 hours is 41.87 billion dollars, which has increased by 41.21%. The total volume in decentralized finance is currently $3.40 billion, which is 8.13% of the total 24-hour cryptocurrency market volume. The volume of all stablecoins is now $38.46 billion, which is 91.86% of the total 24-hour cryptocurrency market volume.
Digital currency price update (up to 07:55 EST)
This category contains the price changes of the 10 largest digital currencies in terms of market capitalization.
1- Bitcoin
Price: 17 thousand and 214.40 dollars
Price changes in the last 24 hours: 0.02% decrease
Price changes in the last week: 3.09% increase
2- Ethereum
Price: 1324.14 dollars
Price changes in the last 24 hours: 0.16% increase
Price changes in the last week: 1.16% increase
3- Tether
Price: $1.00
Price changes in the last 24 hours: 0.01% increase
Price changes in the last week: 0.01% increase
4- USD coin
Price: $1.00
Price changes in the last 24 hours: 0.01% increase
Price changes in the last week: 0.01 percent decrease
5- Binance Coin
Price: $273.45
Price changes in the last 24 hours: 0.19% increase
Price changes in the last week: 2.06% decrease
6- Ripple
Price: $0.3483
Price changes in the last 24 hours: 0.34% increase
Price changes in the last week decreased by 1.47%
7- Cardano
Price: $0.3132
Price changes in the last 24 hours: 0.38% increase
Price changes in the last week: 5.48% decrease
8 – Dogecoin
Price: $0.07559
Price changes in the last 24 hours: 0.48% increase
Price changes in the last week: 0.11% increase
9- Polka dot
Price: $4.89
Price changes in the last 24 hours: 0.45% increase
Price changes in the last week: 1.05% decrease
10- Solana
Price: $15.95
Price changes in the last 24 hours: 0.87% increase
Price changes in the last week: 1.44% decrease