HODL: 79% of Bitcoin Addresses Are in Profit, Will They Sell?

Bitcoin has undoubtedly had a stellar 2019 so far. Year to date, the cryptocurrency has gained some 200%, rallying from around $3,500 to $10,000.
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While this market’s whales have undoubtedly benefited from this performance, data suggests that a good majority of BTC users are actually profitable.
Thousands of Bitcoin Users Are Profitable
According to Into The Block, a machine learning-enhanced blockchain analytics firm, 79% of all Bitcoin addresses with a positive balance are in profit.

$300: Ethereum Bulls Aim Big After Recent 12% Surge To $250
Wednesday February 12, 2020

Ethereum price surged more than 12% and broke many hurdles near $230 and $240 against the US Dollar. ETH is likely to continue higher towards the $300 handle in the near term. Ethereum declined...

The post $300: Ethereum Bulls Aim Big After Recent 12% Surge To $250 appeared first on 12bitplay - Bitcoin Play.

For any address with a positive balance, @intotheblock identifies avg price at which tokens were acquired, indicating if the address is at profit or loss.
Addresses at profit:$BTC 79%$LINK 56%
Addresses at loss:$ETH 74%$ADA 75%$ICX 94%$FET 93%$ZEC 95%
h/t @mbeaudroit pic.twitter.com/4kOlhFui4i
— Alex Krüger (@krugermacro) August 24, 2019

Total Cryptocurrency Market Cap Hits a Staggering $300 Billion: What’s Next?
Thursday February 13, 2020

The cryptocurrency market cap managed to reach $300 billion today, a level not seen since August 2019. Although a slight dip below this level has since occurred, it still represents a remarkable 61% gain...

The post Total Cryptocurrency Market Cap Hits a Staggering $300 Billion: What’s Next? appeared first on 12bitplay - Bitcoin Play.

Their data, which was cited by pro-crypto economist Alex Krüger, suggested that some 21.36 million BTC addresses are “in the money”. Into The Block’s data suggests that most of the addresses in the money, accumulated Bitcoin at $850 to $3,900.
The reason why so many Bitcoin holders are in profit is due to the fact that the cryptocurrency has only traded in a five-digit region for a small percentage of its lifetime.
In fact, for around 99% of the cryptocurrency’s life, it has traded under $10,000, where BTC is trading at today.
Why BTC Owners Are HODLing On
While it would make sense for this vast majority of Bitcoin investors to liquidate their positions to lock in gains, CoinMetrics data is suggesting that there are now more HODLers of the cryptocurrency than ever before.
On all time frames that CoinMetrics analyzed — 180 days (half year), one year, two years, and five years — the untouched supply of Bitcoin has been on the rise, growing since the bull run of 2017 and early-2018.
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In fact, the number of BTC that hasn’t been touched for at least one year has grown to ten million — an all-time high. This means that over half of the Bitcoin currently mined and just under half of all of BTC’s fully-diluted supply have not been transferred in over 12 months.
The copious number of long-term-minded cryptocurrency investors is likely a byproduct of the growing number of theses and models that predict Bitcoin still has massive upside potential.
Altcoin Bagholders Suffering
While most Bitcoiners are in the money, Into The Block’s data shows that altcoin holders haven’t been doing too well. In fact, 74% of Ethereum addresses are at a loss, with many holding ETH bags from $260 to $315.
Cardano, ICX, Fetch, and ZCash are among the altcoins that have also seen a majority of their owners suffer massive losses. In fact, the firm’s data suggests that 95% of ZCash addresses — there may be some shielded transactions — are out of the money.
This implies that many altcoin holders held their cryptocurrencies from 2017’s mania until now, without selling.
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Ethereum Explodes 15% Higher to $250 in 1 Day: Are More Gains Imminent?
Wednesday February 12, 2020

Over the past few weeks, Ethereum (ETH) has exploded to the upside. The second-largest cryptocurrency by market capitalization, since bottoming around $117 in December 2017, has surged higher by over 100%, buoyed by buying...

The post Ethereum Explodes 15% Higher to $250 in 1 Day: Are More Gains Imminent? appeared first on 12bitplay - Bitcoin Play.

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