Bitcoin is an eventful few weeks In terms of price action. The world’s largest cryptocurrency is currently up 19% in the past seven days and 43% in the past 30 days, its highest gain in a year. As a result, a huge number of BTC addresses were pushed into profitable territory. For the first time in over two years, 97% of all Bitcoin addresses were profitable.
Number of Bitcoin Addresses Seeing Profits Soar as Price Surges
According to the cryptocurrency on-chain analysis platform: Into the Block, 50.62 million Bitcoin addresses are profitable at current price levels. This staggering figure accounts for over 97% of all wallet addresses. Notably, the last time holders saw this level of profitability was in November 2021, when the price of Bitcoin was near an all-time high at around $69,000.
In particular, market penetration has led to Bitcoin’s massive rise over the past few months. just last month, 91% of addresses benefited. Despite occasional selling and profit-taking by some investors trying to break even, the huge profitability means that selling pressure no longer has a significant impact, so the address’s share of profits continues to grow.
How long can Bitcoin maintain this upward momentum?
The price of Bitcoin has soared over the past few months. It recently surpassed $60,000. again. As of this writing, the top cryptocurrency is currently trading at $62,233, with 1.28 million addresses, representing 2.46% of all addresses, at breakeven.
Bitcoin is now trading at $62,233. Chart: TradingView.com
Reasons for the price surge include: Increased mainstream adoption In the traditional investment world Bitcoin ETF Spot. This ultimately gave rise to a new wave of thinking. In February, 69,244 BTC were worth over $3.6 billion. Deactivated from cryptocurrency exchange.
In particular, those who have made the most profits are those who have held Bitcoin for a long period of time. According to IntoTheBlock, 13.6 million Bitcoins are owned by investors who have held the assets for over a year.
However, since Bitcoin faces little to no resistance along the way, new investors can still expect continued price surges. There are only 0.37% (193,000) addresses waiting to profit at the current price.
Most experts are optimistic about Bitcoin’s price potential for the remainder of 2024 and beyond. With the bull market in full swing, many traders and cryptocurrency analysts believe Bitcoin will continue to hit all-time highs in 2024. The year-end price target is $100,000 per Bitcoin up to $300,000.
Featured image from Pexels, chart from TradingView
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