President-Elect Donald Trump’s victory sparked a significant rally for Bitcoin (BTC), the world’s leading cryptocurrency.
Finbold research found that 11,487 new Bitcoin addresses holding $1 million or more were created in the last 30 days, largely thanks to the 7.5% BTC rally since Donald Trump’s electoral college lead became overwhelming.
At press time, 132,842 addresses hold over $1 million in Bitcoin: 121,126 hold between $1 million and $9.99 million, while 11,697 hold $10 million or more.
The analysis utilized historical data, comparing pre-election figures from October 7, 2024, obtained using the Wayback Machine web archive tool, with the latest post-election statistics as of November 6, 2024.
Will the Trump Bitcoin rally continue long-term?
Though the rocketing price of BTC – and the number of cryptocurrency millionaires – has been driven at least partly by the sudden removal of uncertainty on who will enter the Oval Office come January, low volatility is not guaranteed.
As Jordan Major, a co-author of the research, pointed out:
“Even with the election settled, volatility remains high for Bitcoin, which has swung sharply over the last 24 hours. Many traders may be looking to lock in gains from the recent surge.”
Still, it remains likely that Bitcoin will regain its upward momentum in the coming months.
The fact that one of the first things BTC did once Trump’s victory became all but certain was to reach a new all-time high (ATH) at $75,358 bodes well, and another similarly rapid surge could occur already on January 20, 2025, when he takes office.
