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Bitcoin Is Still Profitable, Even After Its Recent Price Drop - Analysis.
2020-09-24 | Robin Williams
Leading cryptocurrency market data provider Glassnode has revealed data indicating that Bitcoin’ [BTC] realized cap has hiked by over 50% since tagging its all-time high of $20k at the end of 2017.
The realized cap metric measures the worth of each Bitcoin [BTC] when it had been last moved on-chain, which permits analysts to estimate the mixture cos -the basis of market participants.
However, coins on centralized exchanges are absent from the metric, revealing that the info is perhaps more accurate in terms of the cost-basis of long-term investors instead of intra-day speculators.
Bitcoin’s realized capitalization presently hovers somewhere near at $115 Bln - $43 Bln over from its all-time high in 2017. Bitcoin’s present $190 Bln market capitalization suggests that the BTC holders are presently enjoying an aggregate profit of 65%.
Coinmetrics’ chart revealed that the realized cap continued to grow higher within the early months of 2018, pushing to check $90 Bln 3x times between January & May despite prices having crashed back below $10k.
While pre-halving speculation saw Bitcoin’s realized capitalization growth by 6% in Q2 of this year, the violent ‘Black Thursday' crash quickly reversed 2020’s gains. Since May, the BTC’s realized capitalization has steadily trended upwards.
In line with cryptocurrency data researchers IntoTheBlock, over 72% of cryptocurrency addresses are presently profitable, with the leading sum of investments having been made within the $1,040 USD to $5,285 USD, and $8,450 USD to $9,560 USD, price ranges.
