The foremost cryptocurrency by market capitalization which is currently defeating technical precepts has continued to surge, breaking new heights last seen in 2018. This has put 97% of bitcoin addresses in profit, according to data shown by Glassnode.
Bitcoin Surges; Hodlers and Traders in Profit
Bitcoin has continued to surge despite technical indications that there could be a retest of past vital levels.
At the time of writing, bitcoin currently trades above $15K and doesn’t seem to be slowing down any time soon.
In line with this, Glassnode, a blockchain analytics firm that provides on-chain market intelligence and exchange data revealed that 97% of bitcoin addresses are now in profit. This means that majority of these wallet owners bought bitcoin at a lower value compared to where it is at the moment.
And if bitcoin continues at this pace, breaking its all-time highest point of about $20K, all wallets will soon be in profits.
What’s Fueling Bitcoin’s Surge?
Though there are numerous reasons why bitcoin has continued to rise, one such is the ECB’s announcement of a monetary stimulus boost expected in December, as reported by ZyCrypto.
Another reason behind this is the increasing number of bitcoin whales which recently reached levels last seen around September 2016. Along this line, a lot of institutions have in recent months bought and declared their bitcoin investments, with some of them noting a remarkable ROI in just a few months of acquisition.