The number of profitable Bitcoin BTC/USD addresses has reached a new all-time high, touching nearly 40 million, even though the cryptocurrency’s valuation is currently trading at half its peak price.
What Happened: Data from on-chain analytics firm Glassnode showed that 80% of Bitcoin addresses are now profitable, with Bitcoin hovering at $34,000. This is the highest number ever seen, beating the previous high of 38.1 million recorded in November 2021.
Back then, Bitcoin was trading at record highs and every address with a non-zero balance was profitable. While the current price is 50% below those peak levels, the total number of non-zero addresses stands at 48.3 million.
See Also: Experts Share Crypto Predictions Ahead of Future of Digital Assets Conference
Though the number of profitable addresses has not equaled their previous peak performance in absolute terms, they are still at an 18-month high of 81.1%. On the other hand, addresses at a loss are slightly above 9 million.
Why It Matters: This bullish sentiment is likely bolstered by Bitcoin’s recent performance, maintaining a value above $34,000.
Furthermore, the fact that only a small percentage of Bitcoin addresses are currently at a loss indicates a positive investor sentiment towards the cryptocurrency, despite the recent market volatility.
Image by Leonid studio on Shutterstock
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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