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Largest Percentage of Bitcoin Addresses in the Money Since December 2017

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Tue, 11/10/2020 - 17:44
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Alex Dovbnya
The number of Bitcoin addresses in profit has reached its highest level since December 2017
Largest Percentage of Bitcoin Addresses in the Money Since December 2017
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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.

CM
Image by @coinmetrics

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).

intotheblock
Image by app.intotheblock.com

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.    

Related
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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.

Glassnode
Image by @glassnodealerts

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.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.