Bitcoin's Popularity Skyrockets: More Than One Million Individuals Now Own 1BTC in Their Wallets, Marking a 20% Increase from Last Year

The Bitcoin (BTC) The Bitcoin network has observed a notable influx of investors eager for a greater involvement, as the total unique addresses with a minimum of 1 BTC has surged by 20%, exceeding the one million threshold, according to insights provided by AltIndex, a cryptocurrency data analytics platform.

Additionally, there's a remarkable surge in the percentage of Bitcoin addresses generating profits, nearly 90% reporting gains in the last week of December 2023, reflecting an astonishing 40% increase compared to the previous year's figures.

At the start of 2023, BTC was hovering just above $16,000, but throughout the year, its value has seen a consistent upward trajectory.

Bitcoin kicked off 2024 on a high note, exceeding $45,000 This momentum has occurred for the first time since April 6, 2022. The cryptocurrency's impressive rebound has taken many by surprise, especially those who speculated a bleak outlook for the crypto marketplace, with its price skyrocketing nearly 160% year-on-year, making it the standout asset for the past year.

A key factor propelling Bitcoin's recent price hike is the growing sense of FOMO (fear of missing out) among certain traders across the U.S. and Europe. This wave of buying started on January 1, 2024, driven by increasing hopes regarding the approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission. (SEC).

The decision from the SEC about the spot Bitcoin ETF is highly anticipated, with reports indicating that 14 asset managers may receive notifications regarding the possible green light for their applications very soon, possibly by Tuesday or Wednesday, before the January 10 deadline. This anticipated approval could serve as a major catalyst for drawing additional institutional investment into the cryptocurrency market.

Bitcoin's price fluctuations are reflecting a broader trend in the market, where other cryptocurrencies, particularly Ethereum, have also seen positive movements, highlighted by a 2.6% rise in Ethereum's trading value. This optimistic trend is likely to continue as market players look ahead to the potential approval of the spot Bitcoin ETF, which would represent a renewed optimism in the cryptocurrency sector.

Asia Emerging as a Bright Crypto Spot

While the U.S. grapples with crypto regulations Asia is rising to the forefront as a prominent hub for cryptocurrency growth and adoption. Cities like Bangkok, Ho Chi Minh City, Jakarta, Manila, and Kuala Lumpur, along with several major Indian urban areas, are seeing vibrant developer communities and flourishing Web3 ecosystems.

Support from governments and firms in the region, allied with significant events such as Token2049, signal a promising environment for the upcoming bull market in the cryptocurrency sphere. Singapore As Bitcoin climbs higher, it appears that the cryptocurrency landscape is entering a fresh phase of expansion, fueled by institutional interest, regulatory breakthroughs, and an increasingly important role for Asia in the global crypto scene.

Both investors and crypto enthusiasts are keeping a keen eye on the SEC's ruling, as its implications could potentially reshape the entire cryptocurrency market trajectory in the months to come.

Securities and Exchange Commission