Bitcoins old 2017 all-time high is still a key level when it comes to long-term investment, data shows. 1364 Total views 56 Total shares Listen to article 0:00 Markets News Own this piece of history

Collect this article as an NFT Bitcoin (BTC) millionaires are made when the BTC price crosses $20,000, data reveals.

According to on-chain analytics firm Glassnode, there are currently over 67,000 BTC wallets worth $1 million or more.$20,000 makes 50-BTC hodlers happy

Bitcoin is famous for its relationship with the $20,000 price tag.

Prominent since becoming the all-time high of Bitcoins previous halving cycle, $20,000 is more than just a technical and psychological line in the sand.

As Glassnode now shows, when BTC/USD crosses that price point, many hodlers either gain or lose U.S. dollar millionaire status.

In late 2022, for example, when Bitcoin fell below $20,000 in the wake of the FTX scandal, millionaire wallet numbers plummeted like a stone overnight.

Fast forward to January 2023, and the opposite can be observed as soon as BTC/USD reclaimed the $20,000 mark, those wallets reappeared en masse.

On Jan. 13, with BTC/USD at just under $20,000, there were around 27,000 wallets with a balance worth $1 million or more.

On Jan. 14, that wallet cohort had increased to 65,000, while the price traded just $1,000 higher. Many wallets, it appears, contain exactly 50 BTC.

For reference, at the time of Bitcoins most recent all-time high in November 2021, wallets worth $1 million or more totaled almost 113,000.Bitcoin wallets with a balance worth $1 million or more chart. Source: GlassnodeNearly 1 million wholecoiners

As Cointelegraph reported, hodlers fortunes have increased dramatically in the first months of 2023.

Related:Bitcoin exchanges now own 16% less BTC than the oldest hodlers

It is not only millionaires who have regained crucial financial buoyancy lost during the 2022 bear market both long-term and short-term holders are knuckling down and even refusing to cash out.

Meanwhile, the number of so-called wholecoiners wallets with a balance of at least 1 BTC continues to track toward the 1 million mark for the first time in Bitcoins history.

As of Feb. 28, there are 982,726 such wallets, Glassnode shows.Bitcoin wallets with a balance of 1 BTC or more chart. Source: Glassnode

The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph. #Bitcoin #Bitcoin Price #Markets

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