2024-02-28 16:04:08
The price of Bitcoin (BTC Price) approached its all-time high. Its price is currently above the $61,000 level and shows continued growth. Thanks to this, almost all holders of digital currency are profitable again.
Blockchain market intelligence platform IntoTheBlock on Wednesday he announcedthat 95% of Bitcoin addresses are already in profit. This is the largest share since BTC traded at roughly the same price in November 2021.
95% of Bitcoin addresses are now in profit!
The last time we saw this level of profitable addresses was during the peak of the 2021 bull market, with prices over $60k pic.twitter.com/MBq95tTKAA— IntoTheBlock (@intotheblock) February 27, 2024
“This cycle is different from previous ones, prices are rallying earlier than expected” IntoTheBlock expressed its opinion about the situation. “This may indicate that investors are anticipating and reacting to the ‘halving effect’ much earlier“, the company added.
What is driving up the price of Bitcoin?
Bitcoin rose to $57,000 on Monday, setting another two-year high. However, since then, the cryptocurrency has risen to even greater heights, breaking through the $61,000 level today. At the time of writing, BTC is trading at $61,056.
Bitcoin exchange rate for the last 7 days.
Many analysts believe that Bitcoin ETFs will be the primary catalyst that takes the asset back to its all-time high of $69,000 – possibly before Bitcoin’s April halving.
IntoTheBlock recommends measuring market hotness using the MVRV ratio. This indicator measures the “market value” of all BTC against the “realized value” at the time of the last trade.
“While the MVRV was close to 4 at the historical peak, this number has decreased in every cycle since then” – wrote the company in its post sent to X on Tuesday. “The current value is 2.22”.
Last week, Fundstrat’s Tom Lee predicted that both ETFs and halving By the end of 2024, it could raise the price of Bitcoin to $150,000.
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#BTC #holders #profitable