97% of All Bitcoin Addresses are in Profit, claims On-Chain Analytics firm Glassnode
In performance, Bitcoin is not only outperforming other cryptocurrencies but most of the traditional assets as the primary cryptocurrency has claimed $15,300 over many cryptocurrencies exchanges. After the latest bull run, 97% of the BTC addresses are profitable.
According to the data published by on-chain analytics firm Glassnode, 97% of all Bitcoin addresses have a clear profit. It shows the top digital asset is standing at one of the top positions in its entire history. Today, it has traded above $15k which is the highest level witnessed since January 2018.
100th Day of Bitcoin above $10,000
Based on CoinMarketCap’s data, Bitcoin has completed its 100th day above $10,000 in terms of price close. The market analysts believe the next monthly close will be above $14,000.
Glassnode notes that 97% of all BTC addresses are in profit which is a very bullish signal for investors that could attract more and more investors in the cryptocurrency space due to high returns. Per the graph provided by Glassnode, 90% of addresses were in profit between August and September but the current figure is the highest of the year. It also notes that 97% does not represent individuals as one individual may have more than one BTC address.
BitInfoCharts’s data unveils that 50% addresses out of all profitable addresses are having up to 0.0001 BTC. While 24% are holding up to 0.01 Bitcoin.
Increase in Derivative Volume
The volume of crypto derivatives exchanges has increased significantly on the night of the US election. For instance, Bitcoin’s volume jumped suddenly on the election night over Chicago Mercantile Exchange (CME). “Overnight, before 9:00am NYT over 6,700 Bitcoin futures contracts traded (33,500 equivalent Bitcoin), 75% more than what has been observed YTD [year-to-date] and more than double the volume observed since launch,” said the spokesperson of the company.
A new study shows that crypto influencers have not an active role in affecting the BTC price. It shows investors from the traditional markets also want to invest in cryptocurrency markets as the sudden upsurge to $15,300 is an example of it.
