The number of Bitcoin addresses in profit has pushed toward 100% as the price veers close to its previous All-Time High (ATH) above $68,000.
The rally in the price of Bitcoin since the start of this year has erased all forms of losses accrued by buyers since the coin last recorded its ATH in November 2021.
Per data from the crypto analytics platform IntoTheBlock (ITB), the number of addresses holding Bitcoin at a profit has surged to 51.94 million, amounting to 99.63% of total holders.
No More Losers
Buying any asset at the top of its bullish cycle is a major bane for traders. Many people bought Bitcoin at the tip of the last bull run. With Bitcoin’s price plunging as low as $25,575.23 on 16 June 2023, most of these investors recorded losses.
As of February 26, a week ago, the ITB data showed that 2.35 million addresses, or 4.54% of the total were in losses. At the time, the profitable addresses came in at 48.93 million addresses accounting for 94.54%. On February 27, the profitability jumped to 95% as the price touched $57,416.
With Bitcoin’s price surging by 6.16% in 24 hours to reach the current level of $66,071, the addresses in loss are now pegged at 0%.Â
However, there are still some traders at the money or break-even point with these coming in at 192,250 addresses or 0.37% of the total compared to 0.92% last week.
Coinbase Bags Major Win
Amid the ongoing rally, Coinbase has made its mark, with its BTC/USD trading volume dominance printing a yearly high of 53%, according to insights from Ki Young Ju, the co-founder of crypto analytics platform CryptoQuant.
Coinbase trading volume dominance in the $BTC/USD markets reached a yearly high of 53%.https://t.co/beKpUVllNj pic.twitter.com/wPoy1f8jGq
— Ki Young Ju (@ki_young_ju) March 4, 2024
Many exchanges are currently benefitting from the ongoing bull market cycle, with CoinMarketCap pegging the cumulative volume on Coinbase at 72,570 BTC or $4,791,725,299 over the past 24 hours.
For the US market, Coinbase has maintained its dominance, as Kraken, its closest rival, boasts a spot trading volume of $1,739,497,457.34.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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