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The Number of Bitcoin Addresses in Profitability Breaks the Record, Price Inches Closer to ATH of $64,800

by Miki 10/20/2021
by Miki 10/20/2021 0 comment

The crypto community is waiting with bated breath for Bitcoin to break the all-time high (ATH) price of $64,800 set in mid-April. This scenario might play out soon because BTC was hovering around $64,100 during intraday trading, according to CoinMarketCap.

Webp.net-resizeimage - 2021-10-20T175155.053.jpg

This uptrend has made the number of Bitcoin addresses in profit reach a record high of 37,396,654.839, as revealed by on-chain metrics provider Glassnode. 

Image

Reportedly, 99.705% of BTC supply is in profitability. 

Image

Meanwhile, the value stored in the Bitcoin network is at an ATH based on the realized price.

More than 1 million active BTC addresses are being recorded daily 

According to Santiment, Bitcoin continues to peak, given that at least one million active addresses are being noted per day. The crypto insight provider explained:

“Address activity, circulation, whale/exchange activity, and sentiment are all playing major factors in history potentially being made for BTC.”

Image

Will Bitcoin’s price go parabolic soon?

According to Charles Edwards, the founder of Capriole Investments:

“Historically, every time MVRV z-score reclaimed 3.0, Bitcoin went on a parabolic price run for the next 1-2 months. Bitcoin just reclaimed 3.0.”

Image

Large-scale transactions have been trickling into the Bitcoin network. For instance, transactions worth at least $100,000 have been experiencing exponential growth. 

Institutional investments have played an instrumental role in Bitcoin’s journey towards record-high prices. For example, big-money moves enabled the leading cryptocurrency to hit the record-high price of $64.8K.

Some of the corporate giants leading the institutional investment race include leading American business intelligence firm MicroStrategy. This company committed $242.9 million to purchase a new batch of Bitcoin, bringing its total holdings to 114,042 BTC.

With institutional investments and whale activities surging, whether this will prompt a new ATH price remains to be seen. 

Image source: Shutterstock



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The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

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