The price of Bitcoin has hit a new all-time high of $65,000, as the crypto rally continues, with data revealing that 97% of Bitcoin holders are currently in profit.
Reports reveal that Bitcoin has gained by more than 50% in 2024, since the start of the year, amid anticipation and approval in mid-January of the first U.S spot Bitcoin ETFs, which has ushered in a fresh wave of investors.
According to a new report from analytics firm, IntoTheBlock, data shows that Bitcoin’s recent surge towards a $67,000 price point, has left 97 percent of addresses holding the coin in money, which according to Coindesk means they have acquired Bitcoin at a lower price compared to the current market rate.
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Furthermore, IntoTheBlock notes that the recent spike in profitable addresses, which is the highest since 2021 when the coin hit its highest peak point to date of $69,000 market price, has positive effects on Bitcoin’s bull race, adding “Given the substantial percentage of addresses in profit, the selling pressure from users attempting to break even no longer has a significant effect.”
According to IntoTheBlock, it notes that it is currently observing the actions of long-term Bitcoin holders, particularly those who have held onto their coins for over a year, in order to evaluate the longevity of this trend.
The price of Bitcoin has continued to surge following the approval of ETFs in January by the Securities and Exchange Commission (SEC), which has made it easier for investors to gain exposure to the price movement of Bitcoin as part of a diversified portfolio.
Due to significant inflows into the U.S-based spot ETFs that were authorized in January, Coindesk adds that Bitcoin has increased by 54% this year, expanding its 154% return from 2022. The demand-supply factors are now shifting in favor of the bulls due to Wall Street’s acceptance of spot ETFs, providing an environment for a rise that might push the coin to new highs.
Another noteworthy event that has affected the price of Bitcoin is the upcoming halving, the coin’s price is rising due to preparation for the event, which is expected to uncover the next chapter of Bitcoin’s bull run and send it to all-time highs.
Notably, beyond Bitcoin, Ethereum the second-largest cryptocurrency, rose 3% to above $3,500. Smaller tokens or altcoins also were higher, with Cardano climbing 7% and Polygon popping 3% Memecoins were flying, with Dogecoin up 17% and Shiba Inu jumping 21% signs, that bullish sentiment was reaching fever pitch as traders piled into tokens-based initially on internet jokes.
