Bitcoin Addresses in Profit Soar as Prices Surge
Bitcoin has experienced significant price gains in recent weeks, with a 19% increase in the past seven days and a 43% increase in the past 30 days. This surge in price has resulted in a large number of Bitcoin addresses becoming profitable. In fact, for the first time in over two years, 97% of all Bitcoin addresses are now in profit.
Record Number of Bitcoin Addresses Profitable
According to IntoTheBlock, a crypto on-chain analytics platform, there are currently 50.62 million Bitcoin addresses that are profitable at the current price level. This represents over 97% of all wallet addresses. The last time such high profitability was seen was in November 2021 when Bitcoin reached its all-time high of around $69,000.
This increase in profitability can be attributed to the continued upward trend in Bitcoin prices over the past few months. In just one month, the percentage of profitable addresses has risen from 91% to over 97%. Despite occasional sell-offs and profit-taking by some investors, the overall profitability of Bitcoin has allowed it to sustain its upward momentum.
How Long Can Bitcoin Maintain Its Price Momentum?
Bitcoin has experienced significant price growth recently, reaching over $60,000 once again. Currently trading at $62,233, approximately 1.28 million addresses (2.46% of total addresses) have reached their break-even point.
This upward momentum can be attributed to increased mainstream adoption of Bitcoin in traditional investing, particularly with the introduction of Spot Bitcoin ETFs. This has led to a new wave of holding mentality among investors. In February alone, over $3.6 billion worth of Bitcoin was withdrawn from crypto exchanges.
Long-term holders of Bitcoin have benefited the most from this price surge. IntoTheBlock reports that 13.6 million Bitcoins are held by investors who have held onto their assets for over a year.
Furthermore, new investors can still expect further price increases as Bitcoin faces minimal resistance. Only 0.37% of addresses (193,000) are still waiting to make a profit at the current price.
Optimism for Bitcoinโs Future
Many experts remain optimistic about Bitcoinโs price potential for the remainder of 2024 and beyond. With the ongoing bull run, traders and crypto analysts predict that Bitcoin will continue to reach new all-time highs in 2024. Price targets for the end of the year range from $100,000 to $300,000 per Bitcoin.
Hot Take: Profitability Surges as Bitcoin Prices Rise ๐
The recent surge in Bitcoin prices has resulted in a significant number of Bitcoin addresses becoming profitable. With 97% of all addresses now in profit, it is clear that the current price trend is benefiting investors.
This increase in profitability can be attributed to various factors, including increased mainstream adoption and the rise of holding mentality among investors. Additionally, long-term holders of Bitcoin have reaped substantial rewards from the recent price surge.
Looking ahead, experts believe that Bitcoinโs upward momentum will continue, with predictions of new all-time highs and price targets ranging from $100,000 to $300,000 per Bitcoin by the end of 2024.
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