Over 80% Of Bitcoin Holders Now In Profit – Report


In the last week, Bitcoin has garnered much attention, gaining 2.58 % in seven days, according to data from CoinMarketCap. During this time, the premier cryptocurrency has moved from trading around  $37,800 to almost breaching the $39,000 price mark. Over 80% of Bitcoin addresses are currently holding at a profit. This is the highest value since December 2021, when prices were above $50k per Bitcoin
????https://t.co/qWhryCeM0D pic.twitter.com/Dod0PuuWbF

— IntoTheBlock (@intotheblock) December 1, 2023

Interestingly, Bitcoin’s profitability is likely to go higher, with several factors indicating the market leader may soon cross into the $40,000 price zone. 

How To Get Free Crypto  

Firstly, there is currently a high level of optimism regarding the approval of a Bitcoin Spot exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC). On Friday, Bloomberg analyst James Seyffart injected much hype into the crypto community as he predicted that this potential approval order would come between January 8 – January 10, 2024.

Therefore, in anticipation of the massive institutional demand a spot ETF could introduce to the BTC market, investors are likely to start increasing their Bitcoin holdings, which could result in a price boost in the following weeks. 

Furthermore,  the US Federal Reserve Chairman Jerome Powell has made statements suggesting that there would likely be no more rate hikes in the coming months. This development, if true, paves the way for Bitcoin, alongside other digital assets, to experience more price gains as increases in fed rate hikes are known to discourage investments in high-risk assets such as cryptocurrencies. 

However, despite these favorable indicators, it is worth stating that the crypto market remains subject to multiple forces, and all investors are advised to conduct proper research before engaging with the market.

Coinbase Banner  

Bitcoin Network Fees Slashed By 50%

In other positives for the BTC community, the Bitcoin network experienced a 50% decline in total fees in the last week. IntoTheBlock reports that this development was due to a drastic decline in ordinals-related transactions.

The Ordinals protocol, launched in January 2023, allows the creation of non-fungible tokens (NFTs) known as BRC-20 tokens on the Bitcoin network. Similar to the Ethereum network with its native NFTs, a high level of interest in Ordinals results in high network fees and vice versa. 

At the time of writing, Bitcoin trades at $38,758, with a 0.17% decline in the last hour. Meanwhile, the asset’s daily trading volume is up by 4.97% and is valued at $20.37 billion. 

BTC trading at $38,810 on the daily chart | Source: BTCUSD chart on Tradingview.com

Featured image from iStock, chart from Tradingview

FreeBitcoin Banner  

Go to Source
Author: Semilore Faleti


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.