99% of Bitcoin Holders Become Profitable as BTC Nears All-Time High

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As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I must admit that the current Bitcoin (BTC) rally has me intrigued. The “Uptober” theory has proven to be spot on this year, and now we’re witnessing a potential “Moon-vember” rally.

In October, Bitcoin (BTC) has convincingly supported the “Uptober” concept by recording significant increases this month. This premier cryptocurrency is edging towards its record high (ATH), which was $73,835. The Bitcoin price touched this value on March 1, 2024, during the excitement surrounding the debut of Bitcoin spot ETFs. Currently, Bitcoin enthusiasts are eagerly awaiting a new ATH as optimistic feelings persist within the market.

Moon-vember rally

By the close of this current month, there’s a high probability that Bitcoin could reach a significant milestone. If not, even so, experts and investors remain optimistic about November, often called “Moon-vember” by well-known analyst Ali Martinez. The term “moon” is popular within the community, representing potential price surges or breakouts.

Historically, November has been a favorable month for Bitcoin’s price, much like October is known for strong performance (Uptober). This trend, which we can call “Moon-vember,” is anticipated to continue, potentially leading to significant increases not just for Bitcoin but also other cryptocurrencies. At present, Bitcoin investors who are optimistic about its price rise, often referred to as Bitcoin bulls, are already experiencing the benefits of recent price hikes. Interestingly, most Bitcoin holders are currently making a profit from their investment, marking a significant development in the market.

Bitcoin bulls in profits

On X (previously Twitter), IntoTheBlock shared that approximately 99% of Bitcoin holders are currently enjoying profits as the Bitcoin price approaches its maximum historical value. Additionally, the analytics platform noted that similar levels of profitability were observed in June; however, Bitcoin did not initiate a breakout during that period.

Approximately 99% of Bitcoin owners currently find themselves in a profitable position as Bitcoin reaches new record highs. It’s the same level we observed back in June; however, at that time, Bitcoin was unable to surpass these heights. The question now is: will this occasion mark a breakthrough?

— IntoTheBlock (@intotheblock) October 29, 2024

Currently, the crypto community is optimistic that this occasion might turn out differently. Presently, Bitcoin is being traded at approximately $71,110.54, following a 3.76% increase over the past 24 hours. The trading volume of the coin has significantly increased by 116.86%, currently standing at around $47.75 billion. The surge in trading activity suggests an influx of new investors, reflecting a positive outlook within the market.

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2024-10-29 15:02