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.
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.
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.
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.
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
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments