Bitcoin Price Nears $50,000 Milestone Again With 91% Of Addresses…
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Bitcoin Price Nears $50,000 Milestone Again With 91% Of Addresses Now In Profit.
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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.
