As a seasoned crypto investor with a decade-long journey through the digital asset market, I must admit that the current bull run has been nothing short of exhilarating. Watching Bitcoin breach its all-time high and propel us all into profitable territory is like witnessing a phoenix rising from the ashes.
The substantial surge of Bitcoin to a record peak has sparked immense profits across the market, with investors – ranging from individual retailers to large institutions – reaping the benefits of their investments. This trend reinforces Bitcoin’s dominance as the foremost digital currency within the cryptocurrency sector.
Bullish Run Pushes Bitcoin Holders Into Profitable Territory
With Bitcoin garnering increased attention, data from sophisticated investment platform Alphractal indicates that approximately 99.9% of all Bitcoin wallets are currently yielding profits, signifying a significant achievement for owners of this digital currency asset.
This achievement signals a surge in its current upward trajectory, with every Bitcoin (BTC) wallet reporting profits since all are experiencing gains. As the virtual currency approaches elevated positions, this trend underscores strong buying activity and investor trust, potentially fueling its continued growth.
Upon a comprehensive exploration of the Profit vs. Loss ratio of Bitcoin’s addresses, the platform found that periods when the total number of BTC addresses were profitable never extended beyond two consecutive days.
Additionally, Alphractal pointed out that during the periods of 2017 and 2020-2021, a significant number of Bitcoin addresses (ranging from 80% to 100%) were profitable. However, this trend didn’t sustain at the highest level towards the end of 2021.
It is important to note that the increase in profitability of all addresses may cause a bearish shift for Bitcoin. This is due to the fact that during other similar periods, the market tends to experience brief corrections, suggesting that the renewed price strength of BTC might face a pullback shortly. “So, with Bitcoin breaking the all-time high, a few days of correction are expected,” the platform stated.
Even if the percentage decrease occurs when Bitcoin prices continue to rise, this suggests that investors are increasing their high-value investments, a pattern similar to market peaks in previous cycles.
BTC Average Profitability Metric Draws Closer To Previous Levels
Over the recent weeks, the continuous rise in Bitcoin’s value has also caused its average profitability to spike, approaching levels seen during the previous cycle. This suggests that both investors and traders are experiencing significant profits.
In a recent update on the X platform, which was previously known as Twitter, macro researcher and data analyst Axel Adler Jr. highlighted some encouraging progress. Historically, an increase in this index tends to boost Bitcoin’s potential price growth, capturing interest from both seasoned and novice investors alike.
Based on the latest updates, the significant index surge exceeds 221%, having peaked at 272% before and reaching as high as 460% and 395% in past cycles. At present, the average profit made by users has soared by an impressive 121% above their original investments.
As I pen this down, Bitcoin (BTC) is currently exchanging hands at approximately $76,090. Over the past day, it’s shown a modest increase of around 1.50%. On a broader scale, when considering weekly and monthly trends, this cryptocurrency has experienced a substantial growth of over 8% and 22%, respectively. These numbers suggest that we might be in for even more upward momentum.
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2024-11-09 17:11