According to digital asset analytics firm Kaiko ResearchO Bitcoin has appreciated by +70% throughout this year and created around 1,500 ‘new millionaires’. Thus, cryptocurrency is in the middle of a path driven by capital flows into financial vehicles with exposure to cryptocurrencies. Over time, digital currency has been making some millionaires.
It is worth explaining that crypto wallets are software or physical devices that give users access to currencies. In other words, it does not mean that 1,500 unique millionaires emerge every day, as the same person can have more than one portfolio. “Spot Bitcoin ETFs in the United States continue to fuel the positive outlook“, he said Beto Fernandesanalyst at Foxbit.
#Bitcoin investors are scaling new heights! 🏔️🚀 #BitcoinClimbers pic.twitter.com/7jkqlmokY8
— Bitcoin (@Bitcoin) March 12, 2024
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O Bitcoin started the year 2023 with a bang. Thus, in a short space of time, the most famous digital asset in the world managed to briefly surpass its all-time high of US$68,000. Year to date, the cryptocurrency has recorded an increase of approximately 45%, and, according to experts, it still has the potential to double investment during this bullish cycle.
However, Bitcoin’s valuation falls significantly short compared to other smaller digital assets. For those unfamiliar, Bitcoin is just the tip of the iceberg among more than 10,000 existing digital assets. In this way, it acts as a “leader” in this market, exerting influence on the prices of other currencies both in times of highs and lows.
However, the difference in performance between Bitcoin and these smaller assets is colossal. For example, there is a cryptocurrency obscure and cheap option that currently trades at around 50 cents. While the Bitcoin registers an appreciation of 45% in the year, this currency has already multiplied the initial investment by more than 4 times. This significant discrepancy may worsen further in the future.
Source: Atrevida
Earl Johnson is a music writer at Gossipify, known for his in-depth analysis and unique perspective on the industry. A graduate of USC with a degree in Music, he brings years of experience and passion to his writing. He covers the latest releases and trends, always on the lookout for the next big thing in music.
