As a seasoned financial analyst with extensive experience in the cryptocurrency market, I’ve witnessed Bitcoin’s dramatic price swings and the emotions that come with it. The latest uptrend and surge to $67,000 have brought elation to many investors, myself included, as 93% of addresses holding BTC are once again in profit.
The current upward trend and new high of Bitcoin at $67,000 has brought profits for numerous investors. A significant number of Bitcoin wallets are now displaying a positive balance.
According to a recent tweet from IntoTheBlock, approximately 93% of Bitcoin addresses currently hold coins that are in profit. This data, derived from the on-chart intelligence platform’s historical records, indicates that this trend has occurred multiple times in the past few months. Consequently, it bolsters the argument that the bitcoin market remains bullish.
93% of Bitcoin Addresses in the Money
Beginning on July 12, Bitcoin has experienced significant growth, increasing approximately 20% from its price of $56,000 to its present value near $67,000. Prior to reaching this level, the digital currency reached a peak of $68,400 – its highest point in over a month – due to positive market conditions.
Prior to bitcoin (BTC) hitting the 125-day low support at $60,200, the cryptocurrency saw a decline to around $53,000 over several weeks. This downward trend was influenced by various factors: large entities such as the German government offloading their holdings and widespread concern, anxiety, and doubt (FUD) stemming from the potential consequences of creditor payouts in the collapsed crypto exchange Mt Gox’s distribution process.
With the German government’s Bitcoin wallets depleted and unable to sell more assets, the market mood shifted, leading to a nearly 9% price increase for Bitcoin over the last week. The cryptocurrency’s popularity has surged once again as demand continues to grow.
Bitcoin Demand Is Rising
The number of Bitcoin addresses holding 1,000 or more coins has reached a two-year peak, according to IntoTheBlock’s latest tweet, suggesting that this group of investors continues to amass the cryptocurrency.
The surge in interest for Bitcoin is reflected in the US Bitcoin ETF market as well. Over the past eleven days, starting from July 5th, these funds have experienced a continuous influx of investments totaling approximately $1.24 billion during the last week.
Evidence of the crypto market’s revival includes an increase in retail trading activity, leading to weekend rallies and maintaining positive trends into new weeks. According to analysts at Bitfinex, this trend has predominantly occurred on weekends for the previous three months.
Some analysts are optimistic about the markets this week, citing various economic factors, primarily in the United States. However, other analysts caution that the market remains susceptible to corrections given its current news-driven state.
Read More
- AAVE PREDICTION. AAVE cryptocurrency
- TBTC PREDICTION. TBTC cryptocurrency
- USD TRY PREDICTION
- GFI PREDICTION. GFI cryptocurrency
- YFI PREDICTION. YFI cryptocurrency
- GURU PREDICTION. GURU cryptocurrency
- Brawl Stars: The Hidden Agenda Behind Social Media Bragging
- Dustborn Review – Words Hurt
- ENQAI PREDICTION. ENQAI cryptocurrency
- GothamChess: Levy Tournament ROUND 9
2024-07-22 23:02