97% Of Bitcoin Address Are Now In Profit As The Currency Rallies Past $15,000
97% of Bitcoin addresses are now in profit after the cryptocurrency’s recent rally past $15,000, data from Glassnode shows.
At the time of writing Bitcoin is trading hands at $15,198 and is up 8.26%. 97% Bitcoin addresses currently are in profit meaning the address holders purchased their Bitcoin for less than it is worth now. Bitcoin has not reached its current price level since 2018 and if the currency reaches its all-time price around $20,000 then all addresses will be in profit.
Bitcoin’s price has been on the rise as governments around the globe consider introducing stimulus packages to combat the effects of COVID-19 which has caused investors to flock to safe haven assets like Bitcoin as a hedge against inflation. Additionally, an increasing number of institutional investors like Microstrategy have started turning to Bitcoin which is also boosting its price.
By Emily Mason