Bitcoin’s price jumped more than $1500 in 24 hours. Bitcoin saw an amazing rise of over 25% within the first 24 hours. Investors who hold the cryptocurrency have seen a lot of benefits from the price increase. The recent rebound has increased the number of investors who were in profit after BTC dropped below $19,000.
50 % of Profit
Data from IntoTheBlock shows that half of bitcoin investors currently make profit at current prices. The 7.7% jump in the digital asset’s price over the last day had seen to it that more investors saw gains on their coins once more.
Presently, there is a perfect half of the investors in the money. What’s even more intriguing is the proportion of investors that are in neutral territory. A good percentage of investors purchased Bitcoin in the $20,000 region, with 11%. It currently accounts for 39% of all investors.
This demonstrates a long-term pattern of profit making by holder composition. 63% held coins for over a year. 32% held coins between one and 12 months.
It is clear that cryptocurrency traders who bought coins during the previous year at low prices are likely to suffer losses. Those who buy over a longer period of time will be more likely to make a profit. It is important to hold your crypto currency for a long time.
BTC recovering close to $21,000| Source: BTCUSD on TradingView.com
But Are Investors Bullish On Bitcoin?
The market has seen panic since the price of the stock dropped from $69,000 down to its current level. To avoid further losses, many investors have begun to sell their coins.
Alarming news is that amount of BTC supply that is currently active in the market. Through the bull markets, active supply remained very low until the downtrend. The market now has almost one million BTC in active supply, a 22-month record.
This was October 2020. Surprisingly, however, it was just before the bull markets began. It is possible for such an active supply to play into current recovery, pushing the price higher. It would mean the price reached its lowest point when it was $17,600. Add to this accumulation trendSlowly building it up will result in higher prices.
Featured Image from NDTV.com. Chart taken from TradingView.com
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