Bitcoin
BTC$61 042.69

0.62%

Ethereum
ETH$4 117.18

3.66%

Binance Coin
BNB$483.09

1.03%

Cardano
ADA$2.16

0.08%

Tether
USDT$1.000381

0.04%

Solana
SOL$196.57

-0.49%

98% of All Bitcoin Is Now Worth More Than When You Bought It


19 Aug 2020

#Bitcoin

At around $12,000, buying Bitcoin has been a profitable activity on 97.6% of all days since April 2013, data confirms. Bitcoin (BTC) has delivered gains to its holders on almost 98% of all days since 2013, new data confirms. 

According to a dedicated social media-based monitoring resource which tracks profitability, buying Bitcoin has made its holder richer on 97.6% of days.

BTC profitability “characteristic of bull runs”


Put another way, as on-chain analytics service Glassnode noted in its The Week On-Chain weekly report on Monday, 97.6% of Bitcoin unspent transaction outputs (UTXOs) are in profit.

This means that only 2.4% of UTXOs were created — as part of a transaction between wallets — when the BTC price was higher than current levels at around $12,000.

“Extended periods at this level and above are characteristic of bull runs as BTC moves toward new all-time highs (at which point the metric reaches 100%),” Glassnode commented.

Despite a slight pullback overnight on Tuesday, Bitcoin continues to delight hodlers, with monthly gains still at almost 30%.

A retracement for gold and stocks appeared to fuel selling pressure, but under the hood, Bitcoin’s fundamentals remain stronger than ever. As Cointelegraph reported, hash rate has hit its highest ever average rate, while difficulty is set to follow suit at the next readjustment in four days’ time. 

Bullish evidence mounts


Continuing, Glassnode added that each time UTXO profitability passes 95%, it sparks a brief but intense bull run for BTC lasting up to three months.

Other metrics, meanwhile, suggest that Bitcoin is rather at the start of a longer bull run than at the end of a sudden uptick. Specifically, Glassnode’s Compass, which employs a basket of factors to chart Bitcoin’s strength, continues to flash firmly bullish.

“The compass' continued position in the upper right quadrant provides an optimistic signal of continued bullish sentiment and on-chain activity,” the report added. “This trend supports the widely circulating speculation that BTC is indeed in the early phases of entering a bull market.”

Previously, Cointelegraph noted that Bitcoin’s relative strength index, or RSI, was mimicking its performance after the 2016 block subsidy halving, which saw all-time highs of $20,000 a year later.

Source


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 64% 72 $61 042.69 0.62% 0.36% $1 150 794 336 311 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 71.6% 55 $4 117.18 3.66% 7.58% $486 030 676 596 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 73.2% 57 $483.09 1.03% 3.50% $80 579 954 221 BNB 7 days price change
4 Cardano (ADA) ADA Cardano predictions 91.2% 14 $2.16 0.08% -1.18% $71 002 197 011 ADA 7 days price change
5 Tether (USDT) USDT Tether predictions 95.2% 1 $1.000381 0.04% 0.03% $69 600 606 049 USDT 7 days price change
6 Solana (SOL) SOL Solana predictions 70.4% 52 $196.57 -0.49% 24.39% $59 131 401 979 SOL 7 days price change
7 XRP (XRP) XRP XRP predictions 76% 49 $1.088980 0% -4.47% $51 123 615 596 XRP 7 days price change
8 Polkadot (DOT) DOT Polkadot predictions 60.4% 77 $43.78 0.35% 4.61% $43 239 027 943 DOT 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 72% 56 $0.248946 1.22% 4.69% $32 814 608 422 DOGE 7 days price change
10 USD Coin (USDC) USDC USD Coin predictions 92.4% 1 $1.000560 0.03% 0.06% $32 561 971 437 USDC 7 days price change
11 Terra (LUNA) LUNA Terra predictions 70.4% 62 $42.85 -2.61% 17.12% $17 200 813 172 LUNA 7 days price change
12 UniSwap (UNI) UNI UniSwap predictions 77.2% 42 $26.67 4.27% -0.87% $16 312 283 765 UNI 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 68% 61 $65.25 0.30% 13.12% $14 373 086 792 AVAX 7 days price change
14 Chainlink (LINK) LINK Chainlink predictions 77.6% 48 $30.88 7.84% 13.15% $14 233 972 483 LINK 7 days price change
15 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 64.8% 71 $61 137.09 0.71% 0.47% $13 559 759 340 WBTC 7 days price change

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