Bitcoin Price Reaches $34.7K, Marking Key Profit for Users on Cryptocurrency Exchange

Bitcoin Price Reaches $34.7K, Marking Key Profit for Users on Cryptocurrency Exchange

Bitcoin (BTC) Continues to Reap Profits for Exchange Users

You could be interested to know that data shows Bitcoin (BTC) purchased on exchanges since 2017 is now, on average, in profit. Glassnode, an on-chain analytics firm, compiled figures showing that at $37,000, a user’s purchase is now, on average, profitable.

Bitcoin (BTC) Exchange Users Turn Losses into Profits

Bitcoin (BTC) has returned a whole lot of number of investors to profit since it surpassed the $30,000 mark the previous  30 days. Nonetheless, current prices are likewise impacting Bitcoin buyers who made their initial investments much earlier. Glassnode monitored the aggregate prices at which coins left exchange wallets each year since 2017, determining that $34,700 is the turning point for making a profit on the investment.

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This implies that anyone who withdrew Bitcoin (BTC) from a major exchange since January 1, 2017 is now seeing a profit compared to the year of withdrawal. This includes even those who purchased at the peak of BTC/USD’s record-breaking peak of $69,000.

Checkmate, Glassnode’s lead on-chain analyst, confirmed on Nov. 21 that the average withdrawal price for Bitcoin (BTC) investors across all yearly classes is now in profit.

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New Realized Price Records Break Ground

The discovered price of exchange withdrawals has set a new benchmark for the present Bitcoin price range. This level likewise forms the lower limit of Credible Cryptocurrencies  pre-halving Bitcoin price target range. On the other hand, cryptocurrency insights firm CryptoSlate reported a new record-breaking peak for the total Bitcoin (BTC) discovered price and a remarkable 3% surge in new investor activity since May 2023.

Hot Take: Bitcoin (BTC) Buyers on Exchanges Since 2017 Now in Profit on Average

It’s worth keeping in mind that Bitcoin (BTC) buyers on exchanges since 2017 are now, on average, seeing profits. Glassnode’s data indicates that the turning point for making a profit on Bitcoin (BTC) investments took place at around $34,700. This is a whole lot of milestone signifying that regardless of previous bear markets, Bitcoin (BTC) has now rewarded long-term holders who have seen their past losses turn  into gains. In addition, the new discovered price records are a testament to the increasing probability of coins being spent and mark an influx of new investors, contributing to the continued profitability for Bitcoin (BTC) exchange users. Continue to monitor these trends to stay notified of the ongoing changes in the cryptocurrency market.

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Coinan Porter stands as a notable crypto analyst, accomplished researcher, and adept editor, carving a significant niche in the realm of cryptocurrency. As a skilled crypto analyst and researcher, Coinan’s insights delve deep into the intricacies of digital assets, resonating with a wide audience. His analytical prowess is complemented by his editorial finesse, allowing him to transform complex crypto information into digestible formats.

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