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Bitcoin (BTC) is notably living up to expectations as a crypto market leader in many aspects. Besides being the most valuable digital currency in the industry at a $737,493,111,078 capitalization according to CoinMarketCap, Bitcoin's profitability is also at a level that cannot be matched by many of the top altcoins in the ecosystem today.
Godfrey BenjaminPer data from IntoTheBlock (ITB), as many as 83% of Bitcoin addresses are "in the money" at the moment, leaving just about 14.98% in loss and 1.35% of addresses at their break-even points. In actual numbers, the ITB data pegs the addresses in the money at 42.04 million, while those out of the money at 7.53 million and the break-even category at 679,660.
The leadership prowess becomes more visible when compared to the Ethereum statistics. Despite being a cheaper alternative with more potential for a price uptick, only 74.69% of addresses, or 77.97 million addresses, are profitable at the moment. A total of 24.76 million addresses, or 23.72%, are in losses, while those at their break-even points are 1.66 million, or 1.59% of the total.
Against other altcoins like Cardano (ADA) and Dogecoin (DOGE), the differentials are notably even larger.
Best of Bitcoin (BTC) is yet to come, here's why
The 128% growth Bitcoin has printed in the year-to-date (YTD) period and the obvious uptick in its key growth metrics are comforting, especially to long-term investors. However, the potential approval of a spot Bitcoin exchange traded fund (ETF) product by the U.S. SEC shows the best is yet to come.
Arman ShirinyanMany analysts believe that the eventual approval of a Bitcoin ETF can tilt the balance in a favorable way. With a projected likelihood of $250 billion in cash injection by the various applications based on a conservative estimate of their assets under management (AUM), top analyst Samson Mow foresees a $1,000,000 price target for the coin in the near future.
If this happens, Bitcoin whales like MicroStrategy will be one of the biggest winners.
Yuri Molchan
Tomiwabold Olajide
Dan Burgin
U.Today Editorial Team
Vladislav Sopov