At least 83% of existing Bitcoin addresses are currently in a state of profit, according to Glassnode.
That’s a 43% increase since bitcoin’s precipitous crash on March 12, now known as the ‘Black Thursday.’ At the time, only 45% of all the BTC addresses were profitable – a low for 2020.
Per the new data, the highest proportion of addresses in profit this year reached 89% on June 1, when the price of bitcoin rose above $10,400, it’s highest level in nearly four months.
Bitcoin investors are, however, not as profitable as they were a year ago. As the BTC price peaked at around $13,900 for 2019, addresses in gain spiked to 95% on June 26.
The latest Glassnode figures may bode well for the long-awaited bullish breakout, as they indicate bitcoin is not overbought, just yet. A reading above 95% usually indicates the opposite.
Chainalysis has also published new analysis showing that the majority of bitcoin investors hold their coins for the long-term, suggesting that appetite to sell is not as strong, even though profit-taking can still happen.
The crypto analytics firm said over 60% of all the 18.6 million BTC mined is held for long-term investment while only 19% or 3.5 million bitcoin is actively traded on exchanges throughout the world.
Bitcoin has repeatedly tried to breach $10,000 since the block reward halving on May 11, succeeding on few occasions, but the breakouts never lasted, as strong resistance set-in. Traders consider $10,000 a key level for a bullish upswing.
At Press time, the benchmark cryptocurrency is trading at $9,677, up 0.93% over the last 24 hours, according to data from markets.bitcoin.com.
What do you think about the percentage of profitable Bitcoin addresses? Let us know in the comments section below.
The post 83% of Bitcoin Addresses Currently Profitable, Says Glassnode appeared first on Bitcoin News.
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