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Glassnode States that 83% of Bitcoin Addresses are Currently Profitable

Coca Cola Machines in Australia and New Zealand Now Accept Bitcoin

As it stands now, the data firm Glassnode has concluded that a minimum of 83% of all Bitcoin addresses is within a state of profit. This marks an increase of 43% from the “Black Thursday” market crash that occurred back on the 12th of March. At the time, the entire crypto industry halved itself in value, and only 45% of all the BTC addresses in existence served to be profitable. As one would imagine, that was the all-time-low for 2020, so far.

Gaining 95% Profitability in 2019

According to the new data, however, the highest portion of addresses in profit this year has reached the 89% mark on the 1st of June, 2020, when the BTC price managed to rise back up to the $10,400 mark after four months.

However, it should be noted that the Bitcoin investors of today aren’t as profitable as it was just a year ago. The BTC price managed to peak at around $13,900 back in 2019, with a profitability spike of 95% on the 26th of June, that year.

Good Signs For Another Bull Breakout Attempt

The latest figures from Glassnode is a good omen for a bullish breakout, something many people in the crypto industry has been eagerly waiting for. Another critical factor is Bitcoin isn’t overbought, just yet, which is always good.

Chainalysis, another data provider, published its own analysis. This one showed that a large segment of Bitcoin’s investors are using it for a long-term investment, instead of a daily trading tool.  This suggests that an appetite to sell isn’t so strong, even if a profit can still be turned through doing so.

A Complex Asset All Its Own

Chainalsis speculated that more than 60% of the entire supply of mined BTC, about 18.6  million, has been held for long-term investment. On the other side, about 3.5 million BTC, only 19%, is actively traded on exchanges across the globe. With how much talk of trading is done, it’s a sobering thought to imagine that so little of it is actually moved about.

Time and time again, Bitcoin has tried to breach past the $10,000 mark since the block reward halving that occurred on the 11th of May. While it has succeeded in doing so, those victories were only temporary, and these breakouts never lasted long as it met a strong resistance. In turn, traders see the $10,000 mark as a critical level when it comes to a bullish upswing.

At the time of writing, the world’s first cryptocurrency is currently trading at about $9,495 a piece. At the start of June, the coin managed to dramatically push past the $10,000 mark, going as far as $10,210 before finally dropping down due to resistance.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.