• Home 1
  • Privacy Policy
LSD News
  • Home
  • Business
  • Crypto News
  • Finance
  • Health
  • Politics
  • Sports
  • Stock
  • Tech
  • Travel
No Result
View All Result
  • Home
  • Business
  • Crypto News
  • Finance
  • Health
  • Politics
  • Sports
  • Stock
  • Tech
  • Travel
No Result
View All Result
LSD News
No Result
View All Result
Home Crypto News

Bitcoin Profitability Reaches 97% For The First Time In 2 Years

by
March 3, 2024
in Crypto News
0
Bitcoin Profitability Reaches 97% For The First Time In 2 Years
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


Bitcoin has had an eventful few weeks in terms of price action. The world’s largest crypto is currently at a 19% increase in the past seven days and a 43% increase in the past 30 days, its highest percentage gain in over a year. As a result, a huge number of BTC addresses have been pushed into the profitability zone. For the first time in over two years, 97% of all Bitcoin addresses are now in profit.

Number Of Bitcoin Addresses In Profit Skyrockets As Prices Surge

According to crypto on-chain analytics platform IntoTheBlock, 50.62 million Bitcoin addresses are currently in profit at the current price level. This huge figure represents over 97% of the total wallet addresses. Notably, the last time holders saw this much profitability was in November 2021 when the price of Bitcoin was around $69,000, nearing its all-time high.

Notably, market playout has seen Bitcoin continue its massive gains over the past few months. Just last month, 91% of addresses were in profit. Despite some sporadic sell-offs and profit-taking from some investors attempting to break even, the percentage of addresses in profit continues to grow as the huge profitability means selling pressure no longer has a significant effect.

 

How Long Can Bitcoin Sustain This Upward Momentum?

Bitcoin prices have skyrocketed over the past several months, recently topping $60,000 again. The top crypto is currently trading at $62,233 at the time of this writing, and 1.28 million addresses, which account for 2.46% of the total addresses, are at a break-even point. 

tnMKpumt

Bitcoin is now trading at $62,233. Chart: TradingView.com

The price surge can be attributed to increased mainstream adoption in the traditional investing world spearheaded by Spot Bitcoin ETFs. This in turn has ushered in a new wave of holding mentality. In February, 69,244 BTC worth over $3.6 billion were withdrawn from crypto exchanges.

Notably, those who have profited the most are those who have been holding Bitcoin long-term. According to IntoTheBlock, 13.6 million Bitcoins are in the possession of investors who have held onto their assets for over a year.

However, new investors can still look forward to a continued price surge, as Bitcoin faces virtually little to no resistance in its path. Only 0.37% of addresses (193,000) are still waiting to make a profit at the current price. 

Most experts remain optimistic about Bitcoin’s price potential for the rest of 2024 and beyond. With the bull run in full swing, many traders and crypto analysts think Bitcoin will continue setting new all-time highs in 2024. Price targets for the end of the year range from $100,000 up to $300,000 per Bitcoin. 

Featured image from Pexels, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Tags: BitcoinprofitabilityreachestimeYears
Previous Post

Viking Therapeutics emerges as a strong weight loss drug player — or takeover target

Next Post

Google Gemini product lead retreats from social media after troubled AI product launch led to harassment

Next Post
Google Gemini product lead retreats from social media after troubled AI product launch led to harassment

Google Gemini product lead retreats from social media after troubled AI product launch led to harassment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected test

  • 139 Followers
  • 205k Subscribers
  • 23.9k Followers
  • 99 Subscribers
ADVERTISEMENT
  • Trending
  • Comments
  • Latest
Hawaii officials work to address mental health challenges facing wildfire survivors

Hawaii officials work to address mental health challenges facing wildfire survivors

August 17, 2023
Wegovy heart health data is promising — but insurers face long road, high cost to cover obesity drugs

Wegovy heart health data is promising — but insurers face long road, high cost to cover obesity drugs

August 10, 2023
Contact lens maker faces lawsuit after woman said the product resulted in her losing an eye

Contact lens maker faces lawsuit after woman said the product resulted in her losing an eye

July 16, 2023
Working-age Americans are struggling to pay for health care, even those with insurance, report finds

Working-age Americans are struggling to pay for health care, even those with insurance, report finds

October 28, 2023
Tech layoffs in Southeast Asia mount as unprofitable startups seek to extend their runways

Tech layoffs in Southeast Asia mount as unprofitable startups seek to extend their runways

5
Contact lens maker faces lawsuit after woman said the product resulted in her losing an eye

Contact lens maker faces lawsuit after woman said the product resulted in her losing an eye

5
Why Cristiano Ronaldo’s move to Saudi Arabia means so much for the Gulf monarchy’s sporting ambitions | CNN

Why Cristiano Ronaldo’s move to Saudi Arabia means so much for the Gulf monarchy’s sporting ambitions | CNN

3
Georgia realtor receives invitation to play the Masters by mistake | CNN

Georgia realtor receives invitation to play the Masters by mistake | CNN

1
Travel Food Services IPO set to open on Monday; Check GMP, price band, other key details

Travel Food Services IPO set to open on Monday; Check GMP, price band, other key details

July 6, 2025
Is the PSU party just beginning? Where to look for next leg of growth

Is the PSU party just beginning? Where to look for next leg of growth

July 6, 2025
Apple’s China iPhone sales grows for the first time in two years

Apple’s China iPhone sales grows for the first time in two years

July 6, 2025
Ethereum MVRV Holds At 1.20–1.25, Suggests Market Peak Is Not In Sight – Details

Ethereum MVRV Holds At 1.20–1.25, Suggests Market Peak Is Not In Sight – Details

July 6, 2025

Recent News

Travel Food Services IPO set to open on Monday; Check GMP, price band, other key details

Travel Food Services IPO set to open on Monday; Check GMP, price band, other key details

July 6, 2025
Is the PSU party just beginning? Where to look for next leg of growth

Is the PSU party just beginning? Where to look for next leg of growth

July 6, 2025
Apple’s China iPhone sales grows for the first time in two years

Apple’s China iPhone sales grows for the first time in two years

July 6, 2025
Ethereum MVRV Holds At 1.20–1.25, Suggests Market Peak Is Not In Sight – Details

Ethereum MVRV Holds At 1.20–1.25, Suggests Market Peak Is Not In Sight – Details

July 6, 2025

We bring the latest news from all over the world and get all time updated you

Follow Us

Browse by Category

  • Business
  • Crypto News
  • Finance
  • Health
  • Politics
  • Sports
  • Stock
  • Tech
  • Travel
  • Uncategorized

Recent News

Travel Food Services IPO set to open on Monday; Check GMP, price band, other key details

Travel Food Services IPO set to open on Monday; Check GMP, price band, other key details

July 6, 2025
Is the PSU party just beginning? Where to look for next leg of growth

Is the PSU party just beginning? Where to look for next leg of growth

July 6, 2025
No Result
View All Result
  • Home 1
  • Privacy Policy

© 2024 LSD News title="Jegtheme">Jegtheme.