Bitcoin owners are definitely smiling to the bank amid high buying pressure seen lately in the world’s flagship crypto market. The number of Bitcoin holders in profit is on a record high, as data retrieved from Glassnode, a crypto analytic firm, showed.
- Bitcoin $BTC Percent Addresses in Profit (1d MA) just reached a 2-year high of 98.079%.
- A previous 2-year high of 98.055% was observed earlier today.
READ: Bitcoin beats $10,000 mark in 7 weeks
? #Bitcoin $BTC Percent Addresses in Profit (1d MA) just reached a 2-year high of 98.079%
Previous 2-year high of 98.055% was observed earlier today
View metric:https://t.co/md3u6SLXi0 pic.twitter.com/nGzSeB9Tav
— glassnode alerts (@glassnodealerts) November 6, 2020
This also shows that the number of Bitcoin $BTC Addresses in Loss (1d MA) just reached a 2-year low of 619,894.125.
The previous 2-year low of 623,121.208 was also observed earlier today.
? #Bitcoin $BTC Addresses in Loss (1d MA) just reached a 2-year low of 619,894.125
Previous 2-year low of 623,121.208 was observed earlier today
View metric:https://t.co/IVvHRHjIhF pic.twitter.com/VvSl7YSSj8
— glassnode alerts (@glassnodealerts) November 6, 2020
READ: 5 major reasons it’s good to buy Bitcoin
What we know
At 6.23 a.m Nigerian time, Bitcoin traded at $15,517.62 with a 24-hour trading volume of $30,751,814,626. BTC price is down -0.3% in the last 24 hours. It has a circulating supply of 19 million coins and a max supply of 21 million coins.
Chainalysis researchers explained in detail that as the rush for BTCs keeps increasing, the price will most definitely be affected. The report said:
“With more people looking to trade BTCs, which is only becoming scarcer following the recent halving, bitcoin moving from the investment bucket into the trading bucket could become a crucial source of liquidity.”
Explore the Nairametrics Research Website
What this means
Nairametrics earlier broke the news on how the world’s flagship crypto continued to gain traction at the speed of light. Renowned financial data media company, Bloomberg Intelligence, gave critical insights on why bitcoin, in just about five years’ time, could hit a valuation of $100,000.
“Bitcoin’s foundation is firming for further price advances if its history is a guide. Since initially reaching $10,000 in 2017, the benchmark crypto corrected about 70% and remains in an extended period of consolidation around that level.”
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