The share of profitable Bitcoin addresses has now reached its highest level since the peak of the previous bull run in December 2017, according to a recent CoinMetrics report.
On Nov. 3, when Bitcoin once again breached the $14,000 level, more than 98 percent of all addresses in balance were in profit.
This percentage continued to increase when Bitcoin surged to nearly $16,000 on Nov. 6.
31.2 mln addresses in the money
IntoTheBlock, an crypto analytics firm that takes a deep dive into the profitability of different cryptocurrency, shows that 31.2 mln addresses are currently “in the money” while only 434,580 addresses are out of the money (roughly 1.33 percent of all wallets).
Black Thursday," March 13, when Bitcoin plummeted over 50 percent within 24 hours, a whopping 59 percent of all addresses were out of the money. In less than a week, however, the majority of all addresses turned green again.
Profitability is a double-edged sword. While CoinMetrics notes that profitable addresses are less unlikely to capitulate, they are also increasingly tempted to secure their gains.
Bullish on-chain metrics
Earlier today, the number of active Bitcoin addresses hit a two-year high of 65 mln, which most likely means that the retail crowd is finally waking up to the recent rally, according to Glassnode data.
This coincided with Bitcoin’s realized cap also reaching its all-time high of $126 bln. The metric is believed to be economically significant since it values each coin when it was last touched.
Tomiwabold Olajide
