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 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.
U.S. Bitcoin exchange traded funds (ETFs) posted a fifth straight day of positive net inflows on Wednesday, totaling $105.9 million.