Crypto wealth creation on track with sustained market rally

  • March 14, 2024
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A minute Bitcoin price analysis reveals the continuously growing momentum in the market rally, leading to considerable crypto wealth creation for investors and traders.

The latest Bitcoin price rally has prompted a significant influx of crypto wealth, with new millionaire wallets increasing. A market research report recently revealed the trend, saying about 1,500 such wallets were emerging daily. As a result, crypto wealth creation has been quite prominent in the market after a gap since 2021.

The same report described a slight change from 2021, though. At the time, almost 4,000 new millionaire wallets were created daily. Moreover, in 2024, crypto whales were storing their deposits through custodians.

“In 2021, there was a huge influx in capital as all manner of bulls sought to benefit from the crypto hype. This time around, whales could be taking a more cautious approach,” stated the report. On the other hand, the crypto market hasn’t witnessed major signals for sell-offs yet.

A detailed Bitcoin price analysis highlights the token’s rigid support at $72,000. The next target could hover around $80,000, while a dip could ensue if it falls below $70,000. Bulls in the market are relatively more active. With more investors entering the market each day through spot ETFs and other avenues, a steep decline seems unlikely. 

BTC/USD 1D price chart

Bitcoin is currently trading at around $73,200 on March 14, 2024, with BTC/USD trading higher by a margin of 0.2% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.44 trillion in the last 24 hours.

BTC/USD is trading higher than its 20-day EMA (61,434.76), as BTC’s 24-hour volume was at around $45 billion. The global crypto market cap increased by around 0.11%, trading above $2.78 trillion. BTC’s year-to-date returns are at 75%.

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