In recent weeks, the price of Bitcoin has seen significant fluctuations, with the cryptocurrency experiencing a 19% surge in the past seven days and a 43% increase in the last 30 days, marking its highest percentage gain in over a year. This surge has propelled a vast number of BTC addresses into profitability, reaching a milestone where 97% of all Bitcoin addresses are currently in profit, a level unseen for over two years.
Rapid Rise in Profitable Bitcoin Addresses Amid Price Surge
According to data from IntoTheBlock, a crypto on-chain analytics platform, over 50.62 million Bitcoin addresses are currently in profit at the current price level, representing more than 97% of total wallet addresses. The last time such widespread profitability was observed was in November 2021 when Bitcoin’s price approached $69,000, nearing its all-time high.
Despite occasional sell-offs and profit-taking attempts, the upward trend in Bitcoin’s price has continued, leading to an increasing number of addresses in profit. Just last month, 91% of addresses were in profit, indicating the sustained growth in profitability is mitigating selling pressure.
Can Bitcoin Maintain its Momentum?
With Bitcoin prices recently surpassing $60,000 and currently trading at $62,233, there are 1.28 million addresses, equivalent to 2.46% of total addresses, at a break-even point. The surge in prices can be linked to the rising mainstream adoption, particularly driven by Spot Bitcoin ETFs, fostering a new era of hodling mentality. Notably, a significant amount of BTC worth billions was withdrawn from crypto exchanges in February.
Long-term holders have greatly benefited from this surge, with IntoTheBlock revealing that 13.6 million Bitcoins are held by investors who have maintained their assets for over a year. Moreover, new investors can expect continued price increases as there is minimal resistance hindering Bitcoin’s trajectory, with only 0.37% of addresses (193,000) yet to realize profits at the current price level.
Many experts maintain a positive outlook on Bitcoin’s potential price performance for 2024 and beyond, with predictions suggesting the cryptocurrency could reach new all-time highs. Price targets by the end of the year vary between $100,000 and $300,000 per Bitcoin.
Featured image from Pexels, chart from TradingView
Disclaimer: The article is for informational purposes only and does not reflect the views of NewsBTC on investment decisions. Investing in cryptocurrencies carries risks, and individuals are encouraged to conduct their own research before making any financial decisions.
FAQs
1. What percentage of Bitcoin addresses are currently in profit?
As of the latest data, 97% of all Bitcoin addresses are in profit, marking a milestone unseen in over two years.
2. Why has Bitcoin seen such a significant price surge recently?
The surge in Bitcoin’s price can be attributed to increased mainstream adoption, particularly driven by the introduction of Spot Bitcoin ETFs, leading to a new wave of hodling mentality.
3. What are the price targets for Bitcoin by the end of 2024?
Experts predict that Bitcoin could reach new all-time highs by the end of 2024, with price targets ranging from $100,000 to $300,000 per Bitcoin.