Bitcoin Profitability Reaches 97% For The First Time In Over 2 Years
March 03 2024 - 11:30AM
NEWSBTC
Bitcoin has had an eventful few weeks in terms of price action. The
world’s largest crypto is currently at a 19% increase in the past
seven days and a 43% increase in the past 30 days, its highest
percentage gain in over a year. As a result, a huge number of BTC
addresses have been pushed into the profitability zone. For the
first time in over two years, 97% of all Bitcoin addresses are now
in profit. Related Reading: Shiba Inu Just Ballooned To 124% –
What’s Pushing The Price Up? Number Of Bitcoin Addresses In Profit
Skyrockets As Prices Surge According to crypto on-chain analytics
platform IntoTheBlock, 50.62 million Bitcoin addresses are
currently in profit at the current price level. This huge figure
represents over 97% of the total wallet addresses. Notably, the
last time holders saw this much profitability was in November 2021
when the price of Bitcoin was around $69,000, nearing its all-time
high. Notably, market playout has seen Bitcoin continue its massive
gains over the past few months. Just last month, 91% of addresses
were in profit. Despite some sporadic sell-offs and profit-taking
from some investors attempting to break even, the percentage of
addresses in profit continues to grow as the huge profitability
means selling pressure no longer has a significant effect.
How Long Can Bitcoin Sustain This Upward Momentum? Bitcoin prices
have skyrocketed over the past several months, recently topping
$60,000 again. The top crypto is currently trading at $62,233 at
the time of this writing, and 1.28 million addresses, which account
for 2.46% of the total addresses, are at a break-even point.
Bitcoin is now trading at $62,233. Chart: TradingView.com The price
surge can be attributed to increased mainstream adoption in the
traditional investing world spearheaded by Spot Bitcoin ETFs. This
in turn has ushered in a new wave of holding mentality. In
February, 69,244 BTC worth over $3.6 billion were withdrawn from
crypto exchanges. Notably, those who have profited the most are
those who have been holding Bitcoin long-term. According to
IntoTheBlock, 13.6 million Bitcoins are in the possession of
investors who have held onto their assets for over a year. However,
new investors can still look forward to a continued price surge, as
Bitcoin faces virtually little to no resistance in its path. Only
0.37% of addresses (193,000) are still waiting to make a profit at
the current price. Related Reading: Solana Meme Coin
Dogwifhat (WIF) Hits New ATH, Market Cap Breaks $1.6 Billion Most
experts remain optimistic about Bitcoin’s price potential for the
rest of 2024 and beyond. With the bull run in full swing, many
traders and crypto analysts think Bitcoin will continue setting new
all-time highs in 2024. Price targets for the end of the year range
from $100,000 up to $300,000 per Bitcoin. Featured image from
Pexels, chart from TradingView
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