HomeBitcoinBitcoin Nears $50,000 Milestone Again; 91% Of Addresses In Profit

Bitcoin Nears $50,000 Milestone Again; 91% Of Addresses In Profit

-

Bitcoin is edging closer to the $50,000 mark after a week of extreme bullish price action, a level not seen since December 2021. Amidst this price surge, the number of Bitcoin addresses in profit has now crossed over 90%.

According to data from IntoTheBlock, 91% of Bitcoin addresses are currently profitable. This means the vast majority of holders and investors have an incentive to continue holding, particularly as the next halving for Bitcoin miners approaches.

91% Of Bitcoin Addresses Now In Profit As Price Nears $50,000

Bitcoin has had an eventful week in terms of price action. The world’s largest crypto recently grew by 14.4% to reach $48,500 on February 11, its highest point in 26 months. This price spike, although highly welcome, seemed to have taken most investors by surprise considering it was coming off four weeks of unimpressive action after the debut of spot Bitcoin ETFs in the US.

Notably, IntoTheBlock’s “Global In/Out of the Money” profitability metric shows that the total number of addresses in profit is now at 46.87 million addresses, representing 90.53% of the total addresses. At the same time, 3.44 million addresses representing 6.64% are still posting losses, while 1.46 million addresses representing 2.83% of the total addresses are at the money or break-even point.

Similarly, IntoTheBlock’s “In/Out of the Money Around Price” metric which follows addresses that bought between $40,919.92 and $55,413.77, shows that a majority (83.17%) of addresses are in profit. This is a hugely bullish signal and shows that the majority of Bitcoin holders are well in the money. As the price continues climbing as the crypto approaches the $50,000 mark, more and more addresses are likely to move into profit.

Bitcoin Set To Keep Shining

With over 90% of Bitcoin addresses now in profit and the price nearing $50,000, it’s clear this bull run still has room to run. The bullish action last week saw BTC closing over $44,000 on the weekly timeframe for the first time in the current market cycle. 

BTCUSD currently trading at $48,354 on the daily chart: TradingView.com

BitMEX Research recently reported that spot Bitcoin ETFs now have over $10 billion worth of BTC under management. There is a high probability that the price of the top coin continue to surge if the activity surrounding these exchange-traded funds (ETFs) continues at this pace.

Another catalyst for a sustained price increase is the upcoming halving. Historically, Bitcoin bull runs leading up to each halving have always trended up and gone parabolic after the halving event. A similar trend could see the crypto asset reaching $60,000 before the next halving in April and $100,000 before the end of the year.

Featured image from Adobe Stock, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

3 COMMENTS

  1. I happily found this incredible website a few days ago with wonderful content for readers. The site owner has a knack for engaging fans. I’m thrilled and hope they persist in creating excellent content.

  2. I eagerly started following this phenomenal website with awesome user content a few days ago. The site owner clearly cares about readers. I’m thrilled and hope they persist in sharing superb content.

  3. I luckily stumbled upon this wonderful website a few days back, they offer helpful content for members. The site owner is doing a terrific job serving the community. I’m thrilled and hope they persist in their excellent service.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

Bitcoin Futures’ Open Interest Reaches Lifetime High, Surpassing 2021 Bull Run

Bitcoin’s value has been on an impressive rise over the past month, and by the start of the week, the leading digital currency surpassed the...

Trial To Begin In Absence Of Terra Founder

The legal saga surrounding Terraform Labs co-founder Do Kwon is taking another pivotal turn as the US Securities and Exchange Commission (SEC) prepares to commence...

Most Popular

spot_img