{"id":256940,"date":"2024-03-01T05:17:28","date_gmt":"2024-02-29T23:47:28","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=256940"},"modified":"2024-03-01T05:17:28","modified_gmt":"2024-02-29T23:47:28","slug":"99-bitcoin-addresses-in-profit-as-price-soars-to-63k-what-now-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/99-bitcoin-addresses-in-profit-as-price-soars-to-63k-what-now-crypto-news\/","title":{"rendered":"99% Bitcoin addresses in profit as price soars to $63K: What now? &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<br style=\"clear: both;float: none\" \/><\/p>\n<ul>\n<li><i><span style=\"font-weight: 400\">99% of addresses holding BTC did so at a profit at press time.<\/span><\/i><\/li>\n<li style=\"font-weight: 400\"><i><span style=\"font-weight: 400\">BTC\u2019s MVRV ratio sat at its highest level since 2021.\u00a0<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\" data-wpel-link=\"internal\">Bitcoin\u2019s [BTC]<\/a> recent surge to a three-year high has triggered a wave of profitability for its investors, with a remarkable 99.17% of holders sitting on profits at press time, data from IntoTheBlock showed.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to the on-chain data analytics platform, this represented 51.45 million of all addresses that held the leading crypto asset. At its press time value of $63,215, no BTC holder is deemed to be \u201cout of money.\u201d<\/span><\/p>\n<div id=\"attachment_373112\" style=\"width: 2166px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.b-cdn.net\/wp-content\/uploads\/2024\/02\/Screenshot-2024-02-29-at-07.51.44.png.webp\" data-wpel-link=\"external\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-373112\" class=\"size-full wp-image-373112\" src=\"https:\/\/ambcrypto.b-cdn.net\/wp-content\/uploads\/2024\/02\/Screenshot-2024-02-29-at-07.51.44.png.webp\" alt=\"Bitcoin In\/out of money\" width=\"2156\" height=\"892\" \/><\/a><\/p>\n<p id=\"caption-attachment-373112\" class=\"wp-caption-text\">Source: IntoTheBlock<\/p>\n<\/div>\n<p><span style=\"font-weight: 400\">While some profit-taking activity may be underway, this was bullish for BTC, as there remained a general decline in selling pressure from holders attempting to break even on their positions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Commenting on the possibility of a rally above its current price mark, crypto analyst Ali_Charts, in a recent post on X (formerly Twitter), noted that BTC has a major \u201csupport wall\u201d between $54,300 and $56,200.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">There is literally no resistance ahead of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" data-wpel-link=\"external\">#Bitcoin<\/a>. All we see is a major support wall between $54,300 and $56,200 where 903,540 addresses bought nearly 500,000 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" data-wpel-link=\"external\">$BTC<\/a>. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/ZMeVkWyS4A\" data-wpel-link=\"external\">pic.twitter.com\/ZMeVkWyS4A<\/a><\/p>\n<p>\u2014 Ali (@ali_charts) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ali_charts\/status\/1762884532720542060?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\">February 28, 2024<\/a><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400\">This means many addresses (903,540) had accumulated the coin when it traded within that price range. <\/span><\/p>\n<p><span style=\"font-weight: 400\">Hence, there is a \u201csupport wall\u201d which could potentially prevent the price from dropping significantly if it approaches that level.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Ali added that these addresses collectively held nearly 500,000 BTC, reinforcing the idea that BTC had significant support within the $54,300 and $56,200 and no resistance ahead of it.\u00a0<\/span><\/p>\n<h4><strong>Bitcoin prints green<\/strong><\/h4>\n<p><span style=\"font-weight: 400\">AMBCrypto found that BTC\u2019s rally above $63,000 on the 28th of February caused its daily ratio of transaction volume in profit to loss to surge to its highest level in four years.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to data from <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/app.santiment.net\/charts\/m8sOR_Y4__sCl\" data-wpel-link=\"external\"><span style=\"font-weight: 400\">Santiment<\/span><\/a><span style=\"font-weight: 400\">, this ratio was 4.91, suggesting that for every transaction involving BTC that ended in a loss on that day, 4.91 transactions returned a profit. <\/span><\/p>\n<p><span style=\"font-weight: 400\">The last time this ratio was this high was on the 17th of December 2020.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Similarly, the coin\u2019s Market Value to Realized Value (MVRV) ratio, was spotted at a three-year high of 171.95% at press time.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center\">Read\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" data-wpel-link=\"internal\">Bitcoin\u2019s [BTC] Price Prediction<\/a>\u00a02024-25<\/p>\n<hr \/>\n<p>The MVRV Ratio is <span style=\"font-weight: 400\">used to assess whether an asset is overvalued or undervalued relative to its historical price movements. <\/span><\/p>\n<div id=\"attachment_373113\" style=\"width: 3850px\" class=\"wp-caption alignnone\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.b-cdn.net\/wp-content\/uploads\/2024\/02\/Bitcoin-BTC-07.53.34-29-Feb-2024.png.webp\" data-wpel-link=\"external\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-373113\" class=\"size-full wp-image-373113\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"BTC MVRV Ratio and Ratio of Transaction in Profit to Loss\" width=\"3840\" height=\"1300\" data-lazy-srcset=\"https:\/\/ambcrypto.b-cdn.net\/wp-content\/uploads\/2024\/02\/Bitcoin-BTC-07.53.34-29-Feb-2024.png.webp 2560w,https:\/\/ambcrypto.b-cdn.net\/wp-content\/uploads\/2024\/02\/Bitcoin-BTC-07.53.34-29-Feb-2024-300x102.png.webp 300w,https:\/\/ambcrypto.b-cdn.net\/wp-content\/uploads\/2024\/02\/Bitcoin-BTC-07.53.34-29-Feb-2024-1024x347.png.webp 1024w,https:\/\/ambcrypto.b-cdn.net\/wp-content\/uploads\/2024\/02\/Bitcoin-BTC-07.53.34-29-Feb-2024-768x260.png.webp 768w,https:\/\/ambcrypto.b-cdn.net\/wp-content\/uploads\/2024\/02\/Bitcoin-BTC-07.53.34-29-Feb-2024-1536x520.png.webp 1536w,https:\/\/ambcrypto.b-cdn.net\/wp-content\/uploads\/2024\/02\/Bitcoin-BTC-07.53.34-29-Feb-2024-2048x693.png.webp 2048w\" data-lazy-sizes=\"(max-width: 3840px) 100vw, 3840px\" data-lazy-src=\"https:\/\/ambcrypto.b-cdn.net\/wp-content\/uploads\/2024\/02\/Bitcoin-BTC-07.53.34-29-Feb-2024.png.webp\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-373113\" class=\"size-full wp-image-373113\" src=\"https:\/\/ambcrypto.b-cdn.net\/wp-content\/uploads\/2024\/02\/Bitcoin-BTC-07.53.34-29-Feb-2024.png.webp\" alt=\"BTC MVRV Ratio and Ratio of Transaction in Profit to Loss\" width=\"3840\" height=\"1300\" \/><\/a><\/p>\n<p id=\"caption-attachment-373113\" class=\"wp-caption-text\">Source: Santiment<\/p>\n<\/div>\n<p><span style=\"font-weight: 400\">This suggested that most coin holders were guaranteed an average of 172% profit on their investments if they sold their BTCs at the press time market value.\u00a0<\/span><\/p>\n<div class=\"post-nav\">\n<div class=\"next-blog\">\nNext: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/bitcoin-crosses-63k-but-btcs-next-move-remains-uncertain\/\" data-wpel-link=\"internal\">Bitcoin crosses $63K, but BTC\u2019s next move remains uncertain<\/a> <\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>99% of addresses holding BTC did so at a profit at press time. BTC\u2019s MVRV ratio sat at its highest level since 2021.\u00a0 Bitcoin\u2019s [BTC] recent surge to a three-year high has triggered a wave of profitability for its investors, with a remarkable 99.17% of holders sitting on profits at press time, data from IntoTheBlock [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":256941,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-256940","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/256940","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=256940"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/256940\/revisions"}],"predecessor-version":[{"id":256943,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/256940\/revisions\/256943"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/256941"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=256940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=256940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=256940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}