Mar 4, 2024

Bitcoin's (BTC) recent bullish momentum has most bitcoin-holding blockchain addresses sitting on unrealized gains on their investments.

Video transcript

The chart of the day is presented by, the leading crypto platform trusted by over 80 million users worldwide. Let's take a look at the chart of the day. Bitcoin's most recent rally has left more than 97% of addresses and profit. According to Blockchain data, most Bitcoin addresses bought coins at prices lower than the going market rates. That's according to into the block. 97% is the highest proportion since November 2021. When the largest Cryptocurrency by market value hit a record high around 60 $9000. An address is said to be in the money when Bitcoin's going market rate is above the address's average Bitcoin acquisition cost. In other words, most holders acquired their Bitcoin below the cryptocurrency's current price of about $65,000 in a newsletter. The firm said quote, given the substantial percentage of addresses in profit, the selling pressure from users attempting to break even no longer has a significant effect. And quote, they added that newcomers are essentially buying from existing users who are already realizing profit. Bitcoin has risen 54% this year mainly due to strong inflows into the US based spot Bitcoin ETF S approved in January. That's a wrap for today's chart of the day. I'm Jen Sani. We'll see you next time to unpack more of the data behind top news stories.

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