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Bitcoin

Bitcoin Fever: 99% Of Addresses In Profit As BTC Touches $64,000 – What’s The Next Move?

Christian Encila
by Christian Encila
1 year ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The recent surge in the price of Bitcoin, propelling it to a three-year high, has notably impacted the profitability landscape for investors. According to data from IntoTheBlock, an overwhelming 99.17% of Bitcoin holders find themselves in a profitable position as of the latest market update.

Related Reading: Major Banks Embrace Crypto: Bank Of America, Wells Fargo Now Offer Spot ETFs

This substantial figure indicates a robust market sentiment, with a vast majority of investors benefiting from the upward momentum in Bitcoin’s value. From a technical analysis perspective, this surge could be attributed to various factors such as increased institutional interest, positive market sentiment, and a favorable macroeconomic environment, contributing to a sustained bullish trend.

No Bitcoin Addresses In Loss: Analysis

The on-chain data analytics platform’s report revealing that 51.45 million Bitcoin addresses hold the leading cryptocurrency provides a noteworthy snapshot of the current market landscape.

Analyzing this data in the context of Bitcoin’s prevailing value of $62,150 at the time of the report, it becomes apparent that none of the crypto holders, encompassing this substantial address count, are currently in a loss position.

From a technical standpoint, this observation could indicate strong support for Bitcoin at the current price level, as a lack of addresses “out of money” implies resilience against a significant downturn.

This data point aligns with the broader narrative of Bitcoin’s recent surge to a three-year high, underlining the widespread profitability among investors.

The absence of addresses at a loss may contribute to increased market confidence, potentially attracting more investors and supporting the ongoing bullish trend.

Total crypto market cap is currently valued at $2.24 trillion. Chart: TradingView.com

Bitcoin Metrics Surge, Hitting Records

Meanwhile, Bitcoin’s price, whale transactions, transaction volume, and daily circulation all saw notable rises, according to a study of Santiment data. Since 2022, these measures have increased to previously unheard-of levels.

There had been over $38 billion in transactions, over 4,000 whale trades, and over 322,000 daily circulation, this week.

Whale transactions had topped 600, daily circulation had over 16,000, and transaction volume was close to $3 billion, at the time of writing.

Source: Santiment

In addition, a review of BTC volume revealed that it peaked on February 28 at a closing of more than $80 billion. As of right now, the volume exceeds $93 billion, which is a first for the period since 2022.

Related Reading: Former FTX, Alameda Employees Pour In $17 Million For Crypto Exchange Startup

Since plunging to its most recent lows in late 2022, bitcoin has increased by almost 250%, and some experts believe a new, massive price “catalyst” is on the horizon. The rise of Ethereum, XRP, and the other ten most valuable cryptocurrencies has propelled the market beyond $2 trillion.

Featured image from Pexels, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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