Bitcoin Craze: Overwhelming Majority Of Addresses In Profit As BTC Surpasses $64,000 - What's The Next Step?

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The recent surge in the price of Bitcoin, propelling it to a three-year high, has notably impacted the profitability landscape for investors. According to data from IntoTheBlock, an overwhelming 99.17% of Bitcoin holders find themselves in a profitable position as of the latest market update.

This substantial figure indicates a robust market sentiment, with a vast majority of investors benefiting from the upward momentum in Bitcoin’s value. From a technical analysis perspective, this surge could be attributed to various factors such as increased institutional interest, positive market sentiment, and a favorable macroeconomic environment, contributing to a sustained bullish trend.

No Bitcoin Addresses In Loss: Analysis

The on-chain data analytics platform’s report revealing that 51.45 million Bitcoin addresses hold the leading cryptocurrency provides a noteworthy snapshot of the current market landscape.

Analyzing this data in the context of Bitcoin’s prevailing value of $62,150 at the time of the report, it becomes apparent that none of the crypto holders, encompassing this substantial address count, are currently in a loss position.

From a technical standpoint, this observation could indicate strong support for Bitcoin at the current price level, as a lack of addresses “out of money” implies resilience against a significant downturn.

This data point aligns with the broader narrative of Bitcoin’s recent surge to a three-year high, underlining the widespread profitability among investors.

The absence of addresses at a loss may contribute to increased market confidence, potentially attracting more investors and supporting the ongoing bullish trend.

Total crypto market cap is currently valued at $2.24 trillion. Chart: TradingView.com

Bitcoin Metrics Surge, Hitting Records

Meanwhile, Bitcoin’s price, whale transactions, transaction volume, and daily circulation all saw notable rises, according to a study of Santiment data. Since 2022, these measures have increased to previously unheard-of levels.

There had been over $38 billion in transactions, over 4,000 whale trades, and over 322,000 daily circulation, this week.

Whale transactions had topped 600, daily circulation had over 16,000, and transaction volume was close to $3 billion, at the time of writing.

A 5E3Fe4 Source: Santiment

In addition, a review of BTC volume revealed that it peaked on February 28 at a closing of more than $80 billion. As of right now, the volume exceeds $93 billion, which is a first for the period since 2022.

Since plunging to its most recent lows in late 2022, bitcoin has increased by almost 250%, and some experts believe a new, massive price “catalyst” is on the horizon. The rise of Ethereum, XRP, and the other ten most valuable cryptocurrencies has propelled the market beyond $2 trillion.

Featured image from Pexels, chart from TradingView

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