Bitcoin
BTC$23 363.14

-0.03%

Ethereum
ETH$1 868.52

1.92%

Tether
USDT$0.999977

-0.01%

USD Coin
USDC$0.999951

0.01%

Binance Coin
BNB$303.33

-1.00%

XRP
XRP$0.378717

0.24%

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 90.4% 11 $23 363.14 -0.03% -2.65% $446 823 684 066 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 70.8% 57 $1 868.52 1.92% -0.51% $227 993 947 896 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.8% 1 $0.999977 -0.01% -0.04% $67 547 880 122 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 91.2% 1 $0.999951 0.01% 0.01% $52 853 692 355 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 67.6% 63 $303.33 -1.00% -6.38% $48 938 685 508 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 88.4% 10 $0.378717 0.24% -0.28% $18 700 123 577 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 95.6% 1 $0.999950 0.02% 0.01% $18 538 747 093 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 82% 27 $0.528389 -1.39% -0.64% $17 930 371 507 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 79.6% 35 $40.86 0.98% -4.45% $14 252 057 103 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 83.6% 28 $0.077619 -3.50% 9.27% $10 297 802 123 DOGE 7 days price change
11 Lido stETH (STETH) STETH Lido stETH predictions 90.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
12 HEX (HEX) HEX HEX predictions 67.6% 66 $0.055681 -5.02% -9.31% $9 655 716 850 HEX 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 69.6% 55 $8.39 -0.08% -8.83% $9 297 483 290 DOT 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 74.4% 43 $0.000014 -4.14% 15.33% $7 806 235 316 SHIB 7 days price change
15 Polygon (MATIC) MATIC Polygon predictions 82% 24 $0.893855 1.02% -2.98% $7 188 492 292 MATIC 7 days price change

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