Bitcoin

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<ul> 
 <li>Bitcoin’s value has risen by over 100% since the year began.</li> 
 <li style="font-weight: 400;">Most investors were holding at a profit at press time.</li> 
</ul> 
King coin <a href="https://eng.ambcrypto.com/search/BITCOIN" target="_blank" rel="noopener" data-wpel-link="internal">Bitcoin [BTC]</a> has maintained its position as one of the best-performing assets globally in 2023, outpacing traditional assets like gold and stocks, Glassnode found in a new <a href="https://insights.glassnode.com/the-week-onchain-week-49-2023/" target="_blank" rel="noopener nofollow external noreferrer" data-wpel-link="external">report</a>.&nbsp; 
 According to the on-chain data provider, a year-to-date assessment of BTC’s performance revealed a 140% growth in the coin’s value. Compared to gold, BTC’s price has more than doubled its value since the year began. 
<div id="attachment_81174" style="width: 100%" class="wp-caption aligncenter">
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 Source: Glassnode
</div> 
<h4>Most BTC holders are now in profit</h4> 
With the coin exchanging hands at an 18-month high, Glassnode found that, 
<blockquote>
 “The super-majority of Bitcoin holders are now back in profit, with a small proportion of them realizing those gains.”&nbsp;
</blockquote> 
At its press time value, BTC traded above the True Market Mean Price of $31,000. Therefore, many coin holders have seen their investments recover from the losses incurred during the 2022 bear market.&nbsp; 
Assessing how profitable BTC investments have been, the coin’s price jump has significantly increased the proportion of coin holdings held in profit by its long-term holders. 
The&nbsp;research firm further added, 
<blockquote>
 “From the perspective of Long-Term Holders, the YTD rally has seen the proportion of their holdings held in profit increase from 56% to 84%. This has broken above the all time average value of 81.6%.”&nbsp;
</blockquote> 
With a Spent Output Profit Ratio (SOPR) of 1.46%, investors in this category can expect a guaranteed average profit of 46% for every coin spent. 
As for the coin’s short-term holders: 
<blockquote>
 “The Short-Term Holder cohort are almost entirely in profit, with over 95% of their holdings sporting a cost basis below the current spot price.”
</blockquote> 
<h4>Everyone wants a piece</h4> 
Glassnode found further that there has been a surge in BTC’s YTD exchange volume momentum. It noted that this, 
<blockquote>
 “Underscores an expanding interest from investors to trade, accumulate, speculate and otherwise utilize exchanges for their services.”
</blockquote> 
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 Source: Glassnode
</div> 
Read&nbsp;<a href="https://ambcrypto.com/predictions/bitcoin-price-prediction" target="_blank" rel="noopener" data-wpel-link="internal">Bitcoin’s [BTC] Price Prediction</a>&nbsp;2023-24 
Many anticipate favorable decisions over the Exchange-Traded Fund (ETF) applications pending before the U.S. regulators, institutional investors have steadily increased their BTC holdings.&nbsp; 
Glassnode noted, 
<blockquote>
 “Exchange deposits are currently dominated by investors moving increasingly large sums of money. This is potentially a sign of growing institutional interest as key ETF decision dates approach in January 2024.”&nbsp;
</blockquote> 
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 Source: Glassnode
</div> 
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Bitcoin’s price rises 141% in 2023: What it means for BTC’s prediction

AMBCrypto

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