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The recent surge in Bitcoin's price, which has taken it to three-year highs, has particularly strained the profitability outlook for investors. According to data from IntoTheBlock, 99.17% of Bitcoin holders find themselves in a profitable position as of the latest market update.
This substantial figure indicates a strong market sentiment, with the majority of investors benefiting from Bitcoin's rising value. From a technical analysis perspective, this surge can be attributed to various factors such as increased institutional interest, positive market sentiment, and favorable macroeconomic environment, which contributed to the continued bullish trend.
No Bitcoin Addresses in Loss: Analysis
The report from the on-chain data analytics platform shows that 51.45 million Bitcoin addresses hold the leading cryptocurrency, providing a remarkable snapshot of the current market landscape.
Analyzing this data in the context of Bitcoin's prevailing price of $62,150 at the time of the report, it becomes clear that none of the crypto holders covering this substantial number of addresses are currently at a loss.
From a technical perspective, this commentary might point out robust help for Bitcoin at present worth ranges, as the dearth of “out of the cash” addresses signifies resilience towards a major downturn.
This information level aligns with the broader narrative of Bitcoin's current surge to a three-year excessive, underscoring widespread profitability amongst traders.
The absence of losses addressed might contribute to elevated market confidence, probably attracting extra traders and supporting the continued bullish pattern.
Complete crypto market cap is presently valued at $2.24 trillion. Chart: TradingView.com
Bitcoin metrics surge, breaking data
In the meantime, Bitcoin worth, whale transactions, transaction quantity, and each day circulation all noticed important will increase, in keeping with a examine by Sentiment Knowledge. From 2022 onwards, these measures have elevated to beforehand unprecedented ranges.
This week noticed over $38 billion price of transactions, over 4,000 whale trades and a each day circulation of over 322,000.
On the time of writing, whale transactions had topped 600, each day circulation was over 16,000, and transaction quantity was near $3 billion.
Supply: Santiment
Moreover, a evaluate of BTC quantity confirmed that it peaked on February 28, closing at over $80 billion. In the intervening time, the amount exceeds $93 billion, a primary for the interval after 2022.
Since falling to its lowest stage in late 2022, Bitcoin has surged practically 250%, and a few consultants imagine a brand new, big worth “catalyst” is on the horizon. The rise of Ethereum, XRP and the opposite ten most dear cryptocurrencies has pushed the market previous $2 trillion.
Featured picture from Pexels, chart from TradingView