Glassnode: 97% of all Bitcoin addresses store “Profitable” BTC

According to the analytical company Glassnode, approximately 97% of all Bitcoin addresses contain “profitable” BTC, as the price of the first cryptocurrency continues to rise in recent months.

According to data published by Glassnode, most of the BTC in circulation was purchased at a lower price than it is now. The price of bitcoin has been rising for the past three months-yesterday was the hundredth day in a row when the BTC rate remained above $10,000. On November 5, bitcoin exceeded $15,000 for the first time since the beginning of 2018 and is now trading at $15,519.

The increase in the price of BTC has led to the fact that the vast majority of existing addresses (97%) contain bitcoins, the value of which has increased since they were transferred to the wallet. This indicator reached the maximum for 2020. At the end of July, about 93% of all Bitcoin addresses contained “profitable” BTC, while on July 20, there were no more than 72% of such addresses.

When 95% or more of all BTC holders make a profit, this usually serves as a reliable indicator of the peak of the market. At the tipping point of the cryptocurrency rally in December 2017, this figure almost reached 100%. Conversely, when the indicator falls below 50%, it is considered that the market has reached the bottom. This is exactly what happened during the “black Thursday” on March 12 and the fall of the markets in December 2018.

On the night of November 6, the bitcoin exchange rate came close to $16,000, updating the historical record in a pair with the Russian ruble. This week, the number of Bitcoin wallets storing more than 1 BTC also reached a new historical high.