Recent analytics data show that the majority of Bitcoin and Ethereum addresses are in profit; however, the number of profitable ETH addresses surpass those of BTC.
88 percent of BTC and 92 percent of ETH addresses are profitable
According to data shared by the Intotheblock team, 88 percent of Bitcoin addresses are in profit now, which is 33.79 million.
Other on-chain fundamentals look strong, Glassnode data adds, demonstrating a healthy blockchain network, despite the recent sudden pullback of 15 percent. Bitcoin mining difficulty and the BTC hash rate are currently at all-time high values.
According to Glassnode, the amount of BTC wallets with 1,000 coins keeps increasing versus wallets with a larger or smaller amount of coins.
While BTC dipped in value today, on-chain fundamentals remain strong, pointing to a healthy network. Bitcoin mining difficulty and hash rate are at ATHs.
As for profitable ETH addresses, Intotheblock shared more detailed information. The tweet states that the number of ETH wallets in the profit zone constitutes 47.09 million (a total of 91.8 percent of wallets), which is more than the amount of profitable BTC addresses with a balance on them.
Ethereum has shown a plunge from a peak of $1,347.93, achieved on Jan. 10, to the $1,000 area. The second biggest cryptocurrency was close to surpassing its all-time high of $1,432.88—hit on Jan. 13, 2018.
Other top-line altcoin addresses are also profitable, including Litecoin (70 percent), Cardano (81 percent), Bitcoin Cash (90 percent) and LINK (82 percent).
Bitcoin trading volume rising steadily despite price drop
Santiment analytics provider has reported good news. The data says that, despite the 15 percent decline, Bitcoin is bouncing back on a trading volume that is rising quickly across exchanges.
At press time, Bitcoin has recovered to the $35,500 area.
The CryptoQuant CEO, Ki Young Ju, believes that the correction took place due to high selling pressure from Bitcoin miners.
Besides, according to data from Bybt, a liquidation of a whopping $2.4 billion worth of Bitcoin, ETH and other cryptocurrencies also contributed to Bitcoin's sharp move south.