Cryptocurrency News

Almost 80% Of BTC Address Are At Profit Now

bitcoin up grow bull

Bitcoin’s finest hour takes almost the whole of 2019. From the early of the year, the largest cryptocurrency has grown several times, having risen from $ 3,500 to $ 10,172. At the same time, a local record was on June 26 when BTC rose to $13,793. Despite the drop when getting a new high, statistics demonstrate the lion’s share of BTC users has a handsome profit now.

Thousands Of Bitcoin Users Have Benefited

According to blockchain analytical service Into The Block, almost 80% of all BTC addresses with a positive balance are now at profit. These data were shared by well-known crypto analyst and economist Alex Kruger on his Twitter. According to statistics, 21.36 million BTC addresses brought absolute benefits to owners, that is, they allowed them to earn funds. According to Into The Block, the owners of most wallets received $850-3900 during this year.

Here is the image that Alex attached. We indicated the share of addresses that are now in a positive area with red ovals. This is 79% in the case of Bitcoin, while Ethereum has 21%.

The reason for such profitability is in the fact that the largest cryptocurrency is only a very small period of its existence, is trading into a five-digit range. 99 % of BTC was worth less than $10,000 – the mark which cryptocurrency is placed today.

For example the purchase of 1 BTC even exactly a year ago (then the coin was trading worth $6738) made more than $3,000 of profit now.

Why Do People Keep Holding BTC?

Logically, most Bitcoin investors should liquidate their positions to take profits. However, as the CoinMetrics data demonstrate, the industry currently has the largest number of so-called Bitcoin holders over the history of BTC existence.

According to CoinMetrics, the number of stored BTC is growing constantly. Moreover, this has been going on since the crypto boom in December 2017 and the so-called altcoin season in early 2018. The number of BTC that have not been moving for at least a year has grown to 10 million coins and this is the highest indicator for the entire existence of the crypto.

A huge number of long-term crypto investors made a profit as the result of a growing number of news and forecasts, according to which Bitcoin still has great potential for growth. The last time we came across a positive prediction several days ago when experts allowed an increase of up to $ 100,000 for BTC after reducing the reward for the BTC block next year.

What Is Going On The Altcoin Market?

While bitcoin hodlers are watching the numbers grow in their portfolio, the position of alternative cryptocurrencies is not so rosy. According to the Into The Block, 74 % of the addresses on the Ethereum network are now at a loss. The average amount of savings in ETH is $ 260-315.

Cardano and Zсash holders also suffered significant losses. At the same time, 95 % of Zсash addresses are generally empty. Although the owners likely use the protection system that Zсash offers.

We can conclude that most owners of altcoins were purchased at the very top in December 2017 and still hold coins in their portfolios. Although, for example, the billionaire from South Africa lost a lot of money on the crypto after buying Bitcoin for 18,000 and decided to stop making investments into this niche.




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