Over 80% Of Bitcoin Holders Now In Profit – Report
02 Dezember 2023 - 12:30PM
NEWSBTC
In the last week, Bitcoin has garnered much attention, gaining 2.58
% in seven days, according to data from CoinMarketCap. During this
time, the premier cryptocurrency has moved from trading
around $37,800 to almost breaching the $39,000 price
mark. Following this positive price movement, Bitcoin has
recorded some impressive metrics, which could bolster investors’
interest in the coming weeks. Related Reading: Coinbase (COIN) Up
By 250% – Here’s Why It’s Outperforming BTC And ETH Bitcoin
Experiences Highest Profitability Level In Two Years Via a Friday
post on X, blockchain analytics firm IntoTheBlock reported that
81.35% of all Bitcoin holders are currently in profit. This marks
the highest profitability level experienced by BTC investors since
December 2021, when the token was valued at over $50,000.
Interestingly, Bitcoin’s profitability is likely to go higher, with
several factors indicating the market leader may soon cross into
the $40,000 price zone. Firstly, there is currently a high
level of optimism regarding the approval of a Bitcoin Spot
exchange-traded fund (ETF) by the US Securities and Exchange
Commission (SEC). On Friday, Bloomberg analyst James Seyffart
injected much hype into the crypto community as he predicted that
this potential approval order would come between January 8 –
January 10, 2024. Therefore, in anticipation of the massive
institutional demand a spot ETF could introduce to the BTC market,
investors are likely to start increasing their Bitcoin holdings,
which could result in a price boost in the following weeks.
Furthermore, the US Federal Reserve Chairman Jerome Powell
has made statements suggesting that there would likely be no more
rate hikes in the coming months. This development, if true,
paves the way for Bitcoin, alongside other digital assets, to
experience more price gains as increases in fed rate hikes are
known to discourage investments in high-risk assets such as
cryptocurrencies. However, despite these favorable
indicators, it is worth stating that the crypto market remains
subject to multiple forces, and all investors are advised to
conduct proper research before engaging with the market. Related
Reading: Mystery Bitcoin Whale Who Bought 10,000 BTC Has Been
Exposed Bitcoin Network Fees Slashed By 50% In other positives for
the BTC community, the Bitcoin network experienced a 50% decline in
total fees in the last week. IntoTheBlock reports that this
development was due to a drastic decline in ordinals-related
transactions. The Ordinals protocol, launched in January 2023,
allows the creation of non-fungible tokens (NFTs) known as BRC-20
tokens on the Bitcoin network. Similar to the Ethereum network with
its native NFTs, a high level of interest in Ordinals results in
high network fees and vice versa. At the time of writing,
Bitcoin trades at $38,758, with a 0.17% decline in the last hour.
Meanwhile, the asset’s daily trading volume is up by 4.97% and is
valued at $20.37 billion. BTC trading at $38,810 on the daily
chart | Source: BTCUSD chart on Tradingview.com Featured image from
iStock, chart from Tradingview
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