As an experienced analyst, I find it intriguing to observe the current state of profitability within the crypto market. According to recent data from Santiment, the broader rally has resulted in a significant portion of most cryptocurrencies’ circulating supplies being in profit. Bitcoin (BTC) and Ethereum (ETH) stand out as the top performers, with 98.3% and 95.1% of their respective circulating supplies in profit.
Due to the latest surge in the cryptocurrency market, a significant portion of the existing supply for most cryptos is now generating a profit.
As a researcher analyzing market intelligence data from Santiment, I’ve discovered that Bitcoin (BTC) and Ethereum (ETH) have emerged as the most profitable long-term investments among assets such as Chainlink (LINK), Dogecoin (DOGE), Ripple (XRP), and Cardano (ADA).
Crypto Assets in Profit
As a crypto investor, I calculate the proportion of my cryptocurrency’s supply that is currently profitable by adding up its current market value and the value it had when it was first created on the blockchain.
To gain a more comprehensive perspective, Santiment pointed out that a bitcoin mined and initially appeared on the blockchain with a value of $60,000 would generate a profit now since the current market price was $71,290. On the other hand, a coin extracted at $73,000 would not yield profits due to the current bitcoin value being lower than that figure.
As a researcher using Santiment’s methodology, I discovered that approximately 98.3% of all existing bitcoins are currently generating a profit. This implies that a relatively small fraction, around 1.7%, are presently experiencing a loss in the crypto market.
According to CoinMarketCap’s latest data, Ethereum (ETH), which makes up 95.1% of its circulating supply, is currently profitable. At present, ETH is being traded for around $3,811. Similarly, LINK and Dogecoin (DOGE) both exhibit substantial profits, with 86.8% and 82.2% of their circulating supplies in profit, respectively. The values of these cryptocurrencies are currently $17.53 for LINK and $0.15 for DOGE.
Ripple’s native token and Cardano have a significant portion of their total supplies currently in profit. Specifically, around 78.8% of Cardano’s circulating tokens are trading above their purchase price, while roughly 53.5% of Ripple’s supply is also in the green. According to CoinMarketCap, these cryptocurrencies were priced at $0.52 and $0.48 respectively at the time of checking.
MATIC Sees Low Profitability
Although Bitcoin (BTC) and Ethereum (ETH) have experienced significant growth and a large proportion of their circulating supplies are currently generating profits, the case is different for cryptocurrencies like Polygon‘s MATIC. According to Santiment’s analysis, only 35% of MATIC’s digital asset is in profit, despite its advanced development and increasing user base.
The on-chain analysis platform explained that MATIC‘s low returns on investment may be connected to its entry into the market during the 2019 cryptocurrency bear trend. Santiment pointed out that this early introduction came with some disadvantages for the asset, currently priced at $0.71 and having dropped by 10% over the past year.
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2024-06-07 20:08