Bitcoin profitable on 86% of days, yet just 61% of holders are in profit

Discover why Bitcoin is considered profitable on 86% of days, even though only 61% of holders are currently in profit. Explore the potential of this popular cryptocurrency and find out how it can be a lucrative investment opportunity.

When it comes to investing in Bitcoin, the data from Coinglass paints a positive picture. Out of the total 4,081 days since August 2010, only 677 days have resulted in a loss for those who bought Bitcoin. This means that 86% of the time, holding Bitcoin has been profitable relative to today’s price, as per Coinglass data.

Coinglass provides a clear visualization of this data through a chart. The days where Bitcoin purchases would have led to a loss are highlighted in red, while the green color represents the days where purchases are now in profit.

bitcoin profitable days
Source: Coinglass

Surprisingly, only 14% of the total days since 2010 have resulted in losses for Bitcoin purchasers. However, despite the overall profitability, the recent decline in Bitcoin’s price has affected the number of addresses in profit. Currently, only 61% of addresses are in profit, with Bitcoin being down over 60% from its all-time high.

It is interesting to note that even during the 677 unprofitable days, 39% of entities added to their positions, indicating their confidence in Bitcoin’s long-term potential.

profit btc
Source: Glassnode

Interestingly, the highest number of addresses in profit this year was on July 13, coinciding with the day of the XRP ruling. On that day, 79% of addresses were in profit, a significant increase from the starting point of 52% at the beginning of the year.

Coinglass also provides insights into the overall health of the Bitcoin network through its ‘Bitcoin Bubble Index.’ This index considers various metrics such as Google trends, Bitcoin difficulty, and transactions to assess the likelihood of a bubble in the cryptocurrency.

coinglass bubble
Source: Coinglass

According to the current data, with over 60% of holders in profit, the chart indicates a negative possibility of a bubble. This suggests that the Bitcoin network is healthy and has upside potential.

Delving into the sub-metrics of the Bitcoin Bubble Index, it can be observed that the search volume on Google for Bitcoin is declining. However, other metrics such as Bitcoin difficulty, number of transactions, and transaction value are reaching all-time highs and are trending upward, indicating the network’s strength.

coinglass bitcoin bubble charts
Source: Coinglass

In conclusion, the majority of Bitcoin holders have been profitable, with only a minority currently at a loss. Even though Google interest in Bitcoin may be trending down, the overall health of the Bitcoin network, coupled with the anticipation of the upcoming halving, suggests a positive outlook for the future.

To learn more about Bitcoin’s profitability and the percentage of holders in profit, you can read the full article here.

This article was originally published on CryptoSlate.

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