2024 Starts with a Boom for Cryptocurrencies
One undoubted thing is the crypto market showing signs of a sustained recovery, with Bitcoin leading the charge. It recently surged by 3.5% to $46,254.46, marking its highest price level in weeks. This recent uptick has extended Bitcoin’s growth streak for the past week to 7.18%, showcasing a potential transformation in the market sentiment.
However, this surge has led many traders to re-shuffle their portfolios, with a growing interest in lesser-known coins. After analyzing the price trends of the top five tokens by market capitalization, there are three standout assets with profitable addresses exceeding 85%.
The Year of Bitcoin (BTC), Tron (TRX), and Immutable (IMX)
According to the data, Bitcoin currently boasts a profitability rate of 90.66%, with approximately 47.06 million addresses currently in profit. Tron, often overlooked in the crypto sphere, has significantly grown its profitability to 97.51%, with over 113.48 million addresses currently profitable. Meanwhile, Immutable also has a lot of profitable addresses—over 55.5 million of them, or 85.58%—right now. Even though it’s not as profitable as Bitcoin and Tron, Immutable’s ability to stay stable in the market is a big plus.
This Changing Trend Suggests Crypto Market Liquidity is Improving
Address profitability serves as a crucial metric for assessing the health of cryptocurrency assets. While Bitcoin, Tron, and Immutable currently lead as the most profitable chains, the market remains dynamic, and these figures may evolve. Nonetheless, this shift towards profitability is a bigger sign that investors are flocking in and the market may see a fresh rally. The latest data from Glassnode also highlights a rejuvenating trend in the stablecoin market, with Tether’s USDT achieving an all-time high market cap of $89 billion. The combined market capitalization of major stablecoins has surged by nearly $5 billion, reaching $124 billion.
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