“Bitcoin is dead” but majority of addresses remain profitable

Over half the investors and Bitcoin holders are profiting, despite the current state of the bear market in the cryptocurrency industry. According to data from on-chain analytics firm Glassnode, just over 56% of Bitcoin addresses are still holding more value (in United States dollars) than they were when investors first bought Bitcoin and added digital assets to the addresses.

Bitcoin recently fell to the lowest it has seen in the past 18 months, dropping to just $17,760 USD, down 288% from its all-time high of $69,044.77 USD, seen seven months ago. Looking at data regarding the downturn in the market, however, the market still seems to be in better shape than previous bear markets. According to the figures from Glassnode, less than half of the Bitcoin wallet addresses are experiencing losses since buying Bitcoin and the value of Bitcoin would have to sink lower than the current. bottom for the currency bear market to see historic patterns. Currently, profitable addresses are sitting at 56.2%, during the 2020 bear market (March 2020), profitable addresses were only at 41% and in 2018, the profitable addresses were below 50%.

Source: Glassnode 

Bitcoin sentiment

Despite this, right now the market sentiment is shaky, with “Bitcoin is dead” search results sitting at an all-time. Critics of the cryptocurrency are suggesting that the token is looking likely to fall further. Known Bitcoin critic Peter Schiff took to Twitter to say that Bitcoin is probably going to fall to around $3000 USD.

In response to his tweet, Bitcoin advocates and those in the crypto community have pointed out that Schiff “has a poor track record” when it comes to his Bitcoin predictions.

Related Articles

US Senator attempts to ban CBDC with new legislation

United States Senator Ted Cruz has introduced a new bill that aims to prevent the launch of a central bank digital currency (CBDC) in the...

The top three privacy-focused cryptocurrencies

Privacy cryptocurrencies are designed to offer the greatest anonymity and security possible with untraceable transactions.

Anchorage announces layoffs amidst regulatory uncertainty

Another cryptocurrency firm has announced that it will be reducing its workforce to better focus resources.

What are crypto firms going to do with banking options?

With leading banks that service crypto closing down, what other options do crypto firms have for finances? In this, we explore.

See All