{"id":574517,"date":"2024-02-11T17:00:10","date_gmt":"2024-02-11T17:00:10","guid":{"rendered":"https:\/\/wncen.com\/?p=574517"},"modified":"2024-02-11T12:30:56","modified_gmt":"2024-02-11T12:30:56","slug":"bitcoin-price-nears-50000-milestone-again-with-91-of-addresses-now-in-profit","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-nears-50000-milestone-again-with-91-of-addresses-now-in-profit\/","title":{"rendered":"Bitcoin Price Nears $50,000 Milestone Again With 91% Of Addresses Now In Profit"},"content":{"rendered":"

Bitcoin is <\/span>edging closer to the $50,000<\/span><\/a> mark after a week of <\/span>extreme bullish price action<\/span><\/a>, a level not seen since December 2021. Amidst this price surge, the number of Bitcoin addresses in profit has now crossed over 90%.<\/span><\/p>\n

According to data from IntoTheBlock, 91% of Bitcoin addresses are currently profitable. This means the vast majority of holders and investors have an incentive to continue holding, particularly as the next halving for Bitcoin miners approaches.<\/span><\/p>\n

Related Reading: BONK Stays Alive In Top 100 List With 25% Single-Day Rally \u2013 Details<\/a><\/div>\n

91% Of Bitcoin Addresses Now In Profit As Price Nears $50,000<\/b><\/h2>\n

Bitcoin has had an eventful week in terms of price action. The world’s largest crypto recently grew by 14.4% to reach $48,500 on February 11, its highest point in 26 months. This price spike, although highly welcome, seemed to have taken most investors by surprise considering it was coming off four weeks of unimpressive action after the debut of spot Bitcoin ETFs in the US.<\/span><\/p>\n

Notably, <\/span>IntoTheBlock’s <\/span><\/a>“Global In\/Out of the Money” profitability metric shows that the total number of addresses in profit is now at 46.87 million addresses, representing 90.53% of the total addresses. At the same time, 3.44 million addresses representing 6.64% are still posting losses, while 1.46 million addresses representing 2.83% of the total addresses are at the money or break-even point.<\/span><\/p>\n

\"\"<\/p>\n

Similarly, IntoTheBlock’s “In\/Out of the Money Around Price” metric which follows addresses that bought between $40,919.92 and $55,413.77, shows that a majority (83.17%) of addresses are in profit. This is a hugely bullish signal and shows that the majority of Bitcoin holders are well in the money. As the price continues climbing as the crypto approaches the $50,000 mark, more and more addresses are likely to move into profit.<\/span><\/p>\n

\"\"<\/p>\n

Bitcoin Set To Keep Shining<\/b><\/h2>\n

With over 90% of Bitcoin addresses now in profit and the price nearing $50,000, it’s clear this bull run still has room to run. The bullish action last week saw BTC closing over $44,000 on the weekly timeframe for the first time in the current market cycle.\u00a0<\/span><\/p>\n

BTCUSD currently trading at $48,354 on the daily chart: TradingView.com<\/a><\/pre>\n
BitMEX Research <\/span>recently reported<\/span><\/a> that spot Bitcoin ETFs now have over $10 billion worth of BTC under management. There is a high probability that the price of the top coin continue to surge if the activity surrounding these exchange-traded funds (ETFs) continues at this pace.<\/span><\/p>\n
\n
Bitcoin ETF Flow – 9th Feb<\/p>\n
All data out. Strong day at $541.5m of net inflow<\/p>\n
Invesco had an outflow, the first non-GBTC product to have an outflow day pic.twitter.com\/UCFDVAaKD3<\/a><\/p>\n
\u2014 BitMEX Research (@BitMEXResearch) February 10, 2024<\/a><\/p><\/blockquote>\n
Another catalyst for a sustained price increase is the upcoming halving. <\/span>Historically<\/span><\/a>, Bitcoin bull runs leading up to each halving have always trended up and gone parabolic after the halving event. A similar trend could see the crypto asset reaching $60,000 before the next halving in April and $100,000 before the end of the year.<\/span><\/p>\n
Related Reading: Bitcoin Back Above $48,000 \u2013 Is This Level The Springboard To $52,000?<\/a><\/div>\n
Featured image from Adobe Stock, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin is edging closer to the $50,000 mark after a week of extreme bullish price action, a level not seen since December 2021. Amidst this price surge, the number of Bitcoin addresses in profit has now crossed over 90%. According to data from IntoTheBlock, 91% of Bitcoin addresses are currently profitable. This means the vast majority of holders and investors have an incentive to continue holding, particularly as the next halving for Bitcoin miners approaches. Related Reading: BONK Stays Alive In Top 100 List With 25% Single-Day Rally \u2013 Details 91% Of Bitcoin Addresses Now In Profit As Price Nears $50,000 Bitcoin has had an eventful week in terms of price action. The world’s largest crypto recently grew by 14.4% to reach $48,500 on February 11, its highest point in 26 months. This price spike, although highly welcome, seemed to have taken most investors by surprise considering it was coming off four weeks of unimpressive action after the debut of spot Bitcoin ETFs in the US. Notably, IntoTheBlock’s “Global In\/Out of the Money” profitability metric shows that the total number of addresses in profit is now at 46.87 million addresses, representing 90.53% of the total addresses. At the same time, 3.44 million addresses representing 6.64% are still posting losses, while 1.46 million addresses representing 2.83% of the total addresses are at the money or break-even point. Similarly, IntoTheBlock’s “In\/Out of the Money Around Price” metric which follows addresses that bought between $40,919.92 and $55,413.77, shows that a majority (83.17%) of addresses are in profit. This is a hugely bullish signal and shows that the majority of Bitcoin holders are well in the money. As the price continues climbing as the crypto approaches the $50,000 mark, more and more addresses are likely to move into profit. Bitcoin Set To Keep Shining With over 90% of Bitcoin addresses now in profit and the price nearing $50,000, it’s clear this bull run still has room to run. The bullish action last week saw BTC closing over $44,000 on the weekly timeframe for the first time in the current market cycle.\u00a0 BTCUSD currently trading at $48,354 on the daily chart: TradingView.com BitMEX Research recently reported that spot Bitcoin ETFs now have over $10 billion worth of BTC under management. There is a high probability that the price of the top coin continue to surge if the activity surrounding these exchange-traded funds (ETFs) continues at this pace. Bitcoin ETF Flow – 9th Feb All data out. Strong day at $541.5m of net inflow Invesco had an outflow, the first non-GBTC product to have an outflow day pic.twitter.com\/UCFDVAaKD3 \u2014 BitMEX Research (@BitMEXResearch) February 10, 2024 Another catalyst for a sustained price increase is the upcoming halving. Historically, Bitcoin bull runs leading up to each halving have always trended up and gone parabolic after the halving event. A similar trend could see the crypto asset reaching $60,000 before the next halving in April and $100,000 before the end of the year. Related Reading: Bitcoin Back Above $48,000 \u2013 Is This Level The Springboard To $52,000? Featured image from Adobe Stock, chart from TradingView<\/p>\n","protected":false},"author":594,"featured_media":574532,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,1122,1144,6664],"class_list":["post-574517","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-btc-price","tag-btcusd","tag-crypto"],"acf":[],"yoast_head":"\nBitcoin Nears $50,000 Milestone Again; 91% Of Addresses In Profit<\/title>\n<meta name=\"description\" content=\"Bitcoin is edging closer to the $50,000 mark after a week of extreme bullish price action, a level not seen since December 2021. 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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