After the price of Bitcoin broke above $64,000, the majority of cryptocurrency holders are in profit.
With the price of BTC around $65,300 at the time of writing, around 88% of holders of the asset are in profit according to information provided by IntoTheBlock.
This marks a recovery from earlier in the summer when they were only around 65% when prices fell below $55,000.
The higher percentage suggests that more holders are making profits, which often correlates with positive market sentiment.=
Historically, rising profit percentages have accompanied upward price movements, serving as a barometer of market confidence and potentially influencing trading behavior.
The recovery to 88% reflects renewed investor optimism after periods of volatility.
The competition among leading blockchains, including Bitcoin, Ethereum, and Cardano, intensifies, with Charles Hoskinson of Cardano making bold claims after the recent Chang hard fork.
The price of Bitcoin reached a one-month high after central banks cut interest rates in September, with analysts expecting the upward trend to continue.
The Bitcoin options market has hit a significant milestone following the U.S. Securities and Exchange Commission’s approval of options trading on BlackRock’s iShares Bitcoin Trust.
A recent analyst study introduces an advanced approach to estimating the active realized price of Bitcoin, offering a more accurate estimate of the cost base of active market participants.