24/7 crypto news, cryptocurrency meaning, guides, learning, #cryptohelpschildren

Nearly 90% of Bitcoin addresses with balance are in profit

2 min read

  • There are more than 30 million Bitcoin addresses with a balance.
  • Eighty-nine percent of these addresses are currently in profit.

A recent data from Intotheblock has informed that a significant percentage of Bitcoin addresses with a balance is currently in the state of profit. The development arguably follows the recent increase in the cryptocurrency’s price to more than $11,000. Likewise, the number of BTC addresses with a balance has increased since this year. It remains unknown if current investors would sell-off their holdings at this level of profitability. 

Bitcoin addresses on the rise

As shared by Intotheblock, a blockchain analytics company, the number of Bitcoin addresses with a balance on the cryptocurrency’s blockchain network has surpassed 30 million. There are currently 31.94 million of such addresses in the network. Interestingly, a relatively huge percentage of these addresses were noted this year. As per the on-chain data, about 11.9 percent of these addresses came in this year alone.

Out of the total 31.94 million Bitcoin addresses, about 89.28 percent of them are currently in the state of profit, according to Intotheblock. A similar record was observed in June, where also 89 percent of the existing addresses with a balance went into profits. Before the June report, there were only 45 percent Bitcoin addresses in profits as of March 12, during the market crash. The peak in June reportedly came as the cryptocurrency surged to more than $10,400.

Bitcoin price surpasses $11K

It’s agreeable to note that the percentage of addresses currently in profits stemmed from the recent increase in Bitcoin price. The cryptocurrency surged back to the $11,000 price a few days and has remained on that level since then. Currently, the largest digital currency by market capitalization is trading at $11,390 on Coinmarketcap, a crypto price tracking platform. 

Although the information today spells somewhat positivity for the crypto’s current price circle, it might also see many people wanting to sell-off their Bitcoins. This is commonly seen among the cryptocurrency whales, selling their cryptocurrencies whenever they are in the profit position. They would then wait for another potential drop in the cryptocurrency to buy-back.

Source link

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

Leave a Reply

Your email address will not be published.