The recent surge in the price of <a href="https://coinmarketcap.com/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a>, propelling it to a three-year high, has notably impacted the profitability landscape for investors. According to data from IntoTheBlock, an overwhelming 99.17% of Bitcoin holders find themselves in a profitable position as of the latest market update.
This substantial figure indicates a robust market sentiment, with a vast majority of investors benefiting from the upward momentum in Bitcoin’s value. From a technical analysis perspective, this surge could be attributed to various factors such as increased institutional interest, positive market sentiment, and a favorable macroeconomic environment, contributing to a sustained bullish trend.
<h2 id="strong-no-bitcoin-addresses-in-loss-analysis-strong">No Bitcoin Addresses In Loss: Analysis</h2>
The on-chain data analytics platform’s report revealing that 51.45 million Bitcoin addresses hold the leading cryptocurrency provides a noteworthy snapshot of the current market landscape.
Analyzing this data in the context of <a href="https://www.coingecko.com/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin’s prevailing value of $62,150</a> at the time of the report, it becomes apparent that none of the crypto holders, encompassing this substantial address count, are currently in a loss position.
From a technical standpoint, this observation could indicate strong support for Bitcoin at the current price level, as a lack of addresses “out of money” implies resilience against a significant downturn.
This data point aligns with the broader narrative of Bitcoin’s recent surge to a three-year high, underlining the widespread profitability among investors.
The absence of addresses at a loss may contribute to increased market confidence, potentially attracting more investors and supporting the ongoing bullish trend.
<img loading="lazy" decoding="async" class="aligncenter size-full" src="https://www.tradingview.com/x/O0ltn2jx/" width="1835" height="883">
<h2 id="strong-bitcoin-metrics-surge-hitting-records-strong">Bitcoin Metrics Surge, Hitting Records</h2>
Meanwhile, Bitcoin’s price, whale transactions,<a href="https://app.santiment.net/charts?settings=%7B%22slug%22%3A%22bitcoin%22%2C%22ticker%22%3A%22BTC%22%2C%22from%22%3A%222023-11-28T08%3A00%3A01.158Z%22%2C%22to%22%3A%222024-02-29T07%3A59%3A59.158Z%22%7D&amp;widgets=%5B%7B%22widget%22%3A%22ChartWidget%22%2C%22wm%22%3A%5B%22price_usd%22%2C%22transaction_volume_usd%22%2C%22circulation_1d%22%2C%22whale_transaction_count_1m_usd_to_inf%22%5D%2C%22whm%22%3A%5B%5D%2C%22wax%22%3A%5B1%2C2%2C3%5D%2C%22wpax%22%3A%5B%5D%2C%22wc%22%3A%5B%22%23848484%22%2C%22%23FF5B5B%22%2C%22%23FFCB47%22%2C%22%235275FF%22%5D%2C%22ws%22%3A%7B%220%22%3A%7B%22interval%22%3A%2212h%22%2C%22node%22%3A%22candle%22%7D%2C%221%22%3A%7B%22node%22%3A%22area%22%7D%2C%222%22%3A%7B%22node%22%3A%22area%22%7D%2C%223%22%3A%7B%22interval%22%3A%221d%22%2C%22node%22%3A%22area%22%7D%7D%7D%5D" target="_blank" rel="noopener noreferrer nofollow"> transaction volume</a>, and daily circulation all saw notable rises, according to a study of Santiment data. Since 2022, these measures have increased to previously unheard-of levels.
There had been over $38 billion in transactions, over 4,000 whale trades, and over 322,000 daily circulation, this week.
Whale transactions had topped 600, daily circulation had over 16,000, and transaction volume was close to $3 billion, at the time of writing.
In addition, a review of BTC volume revealed that it peaked on February 28 at a closing of more than $80 billion. As of right now, the volume exceeds $93 billion, which is a first for the period since 2022.
Since plunging to its most recent lows in late 2022, bitcoin has increased by almost 250%, and some experts believe a new, massive price “catalyst” is on the horizon. The rise of Ethereum, XRP, and the other ten most valuable cryptocurrencies has propelled the market beyond $2 trillion.
Featured image from Pexels, chart from TradingView

Bitcoin Fever: 99% Of Addresses In Profit As BTC Touches $64,000 – What’s The Next Move?

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