A
A

Bitcoin (BTC): Majority of wallets in the green.

Thu 11 Jan 2024 ▪ 3 min of reading ▪ by Luc Jose A.
Getting informed ▪ Trading

It seems that good news is continuously coming from the cryptosphere. As the entire industry celebrates the SEC’s approval of Bitcoin Spot ETFs, the latest updates report a significant growth in the number of profitable bitcoin wallets. The recent increase in the valuation of the leading cryptocurrency has indeed benefited the majority of bitcoin (BTC) wallets. This breakthrough has thrust 90% of these wallets into the profit zone. Good news for those who hold them.

Un portefeuille bitcoin

90% of bitcoin (BTC) wallets are profitable

The recent surge of the leading cryptocurrency, bitcoin (BTC), seems to have made many happy among its holders. This is what investigations into the price dynamics of the queen of cryptos reveal.

It shows that by breaking through the $45,000 resistance, the movement in the price of the asset has pushed over 90% of all BTC addresses into profitability. A development that has excited many, as the leading cryptocurrency approaches the $50,000 mark.

This increase in the profitability of bitcoin (BTC) is not an isolated event. It is a recurring trend in the bull cycles of the leading cryptocurrency. Even if the recent BTC bull run represents a fall of more than 31% from its all-time high.

As a reminder, BTC holders have reached such profit levels several times during each bull cycle, even during the early phases of each period of valuation increase of the most popular asset in the crypto market.

The dramatic rise of bitcoin propels the majority of wallets into the profit zone

Towards a possible liquidation of bitcoin holdings?

With the sustained profitability of bitcoin (BTC) wallets, a scenario is now conceivable. Namely, the possibility of an increased sale of BTC holdings by their owners. It would not be surprising that some holders might want to capitalize on these gains.

This perspective is primarily based on the enthusiasm generated by the dynamism of bitcoin (BTC), whose valuation is just a few strides away from the $50,000 mark. This is in part due to the anticipated emergence of the first Bitcoin Spot ETF in cash.

The other factor of this anticipation is the potential formation of a golden cross. It is a technical event that occurs on the BTC price charts when the 21-day exponential moving average crosses above the 50-day simple moving average.

Analysts believe that the realization of this golden cross could signify a crucial point in the price trajectory of the leading cryptocurrency. Which, in the short term, could influence the price of bitcoin (BTC).

Maximize your Cointribune experience with our 'Read to Earn' program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.


A
A
Luc Jose A. avatar
Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.