The Bitcoin [BTC] price is showing tremendous performance, consistent with the newly released data, 97% of Bitcoin addresses are in profit as the BTC price has touched the $15k benchmark.
In line with recent data published by Glassnode, 97% of Bitcoin addresses presently are in profit. This suggests that the address holders bought their Bitcoin for fewer than the present Bitcoin market price. Bitcoin has not touched its present price from the past two years and if the BTC price touches its all-time high around $20k within the next 60 days then all Bitcoin addresses are going to be in excellent profit.
Bitcoin’s price has been increasing as governments around the world are using stimulus packages to fight the impacts of coronavirus. This has pushed investors to escape towards shelter assets like Bitcoin, during a search to hedge against inflation. Also, a growing number of institutional investors like MicroStrategy have begun to use Bitcoin as a treasury asset, further adding purchasing pressure on the asset.
At the reporting time, the Bitcoin price is trading at $15,347 USD on several major exchanges. The leading cryptocurrency hasn’t been trading above this level since January 2018 and appears to be facing little or no resistance on its path to $20k, with some financial models predicting Bitcoin will reach $100k by the year 2021.