Bitcoin Addresses in Profit Surpass 90% as Price Approaches $50,000
The price of Bitcoin is nearing the $50,000 mark, reaching levels not seen since December 2021. This surge in price has resulted in over 90% of Bitcoin addresses being profitable, according to data from IntoTheBlock. This high percentage suggests that the majority of holders and investors have an incentive to continue holding their Bitcoin, especially with the upcoming halving for Bitcoin miners.
A Week of Bullish Price Action
Last week, Bitcoin experienced significant bullish price action. The largest cryptocurrency grew by 14.4% to reach $48,500 on February 11, its highest point in 26 months. This price spike caught many investors by surprise, as the previous four weeks had been unimpressive following the introduction of spot Bitcoin ETFs in the US.
Majority of Addresses In Profit
IntoTheBlock’s “Global In/Out of the Money” metric shows that 46.87 million addresses (90.53% of total addresses) are currently profitable. Additionally, a majority (83.17%) of addresses that bought between $40,919.92 and $55,413.77 are in profit. These statistics indicate a bullish signal and suggest that most Bitcoin holders are experiencing gains.
Potential for Continued Growth
With over 90% of Bitcoin addresses in profit and the price approaching $50,000, it appears that this bull run still has momentum. Spot Bitcoin ETFs now have over $10 billion worth of BTC under management, which could contribute to further price surges if activity surrounding these funds continues. Furthermore, the upcoming halving is historically associated with upward trends and parabolic growth for Bitcoin. It is possible that the price could reach $60,000 before the April halving and $100,000 by the end of the year.
Hot Take: Bitcoin’s Profitability and Potential
As Bitcoin continues to climb towards the $50,000 mark, the majority of Bitcoin addresses are now in profit. This indicates a strong incentive for holders and investors to continue holding their Bitcoin. With the recent bullish price action and the potential impact of spot Bitcoin ETFs and the upcoming halving, there is optimism for continued growth in Bitcoin’s price. The current market cycle has seen BTC closing over $44,000 on the weekly timeframe for the first time. As Bitcoin ETFs gain more traction and interest, it is likely that we will see further increases in Bitcoin’s value.
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