98 percent of previously purchased bitcoins are now available for sale on the plus side. What does that say?
If the latest Bitcoin price spurts were not enough for you to “believe in the coming bullfight”, the Glassnode analytical platform has another interesting metric. Experts have found that the unspent transaction outputs (UTXO) show that 98 per cent of BTC’s purchases can now be sold to profit. This means that almost every Bitcoin owner has already earned on their investment.
Let us remind you that what is happening in the world of cryptology in the last week does indeed look very positive. In particular, Bitcoin managed to jump above 13 thousand dollars and renew its annual maximum. During the month, its exchange rate increased by 26.4 percent, i.e. buyers of the cryptovoltaic currency have clearly realized the correctness of their investment.
The rest of the market also reached out for Bitcoin Profit Revolution. The airline once again crossed the 410 USD mark, and the total capitalisation of the niche exceeded 400 billion dollars. For the sake of clarity, we present a graph of BTC’s rate over the last week.
By the way, the Airline’s performance is also improving. As Glassnode employees reported the day before, the realized value of ETH jumped to a 21-month high at $246. By this indicator we mean the average rate of a coin at its last movement. It rose by 21 per cent in six months. Here is the chart.
The bullrane has already arrived
The company tweeted that no such figures had been seen since 2017, when the cost of Bitcoin jumped to a historical record of $20,000.
It should be noted that UTXO is the “remnants” of the crypt currency from each transaction that are stored on crypt wallets. You can read more about UTXO in this article.
Today, the cost of the main cryptovolta varies on the line 12,920 dollars. Glassnode calculations show that only 2 per cent of previously purchased bitcoins can now be sold at a minus. We are talking about those coins that were bought on a bull wave in December 2017 at a price above $12,930, reports Decrypt.
Thus, the vast majority of holders of crypt currency are already in a state of profit. Accordingly, coin holders have less reason to sell it right now – to, for example, reduce possible losses as they do when the exchange rate falls – and more reason to continue waiting for new heights. And this is a positive sign.
First and foremost, this metric is a clear example of how BTC’s value has started to grow rapidly lately. It only needs to overcome about $7,000 before it reaches its historical maximum, which is 34.2 per cent more.
Secondly, what is happening is a sign of normalisation in the industry. Recall that there have been no such indicators since December 2017, when Bitcoin set its historical maximum, and on a wave of growth in the crypt currency, such figures were within the norm.
We believe that, given the active interest of large organisations in Bitcoin, the cryptovoltaic currency is well within the reach of a couple of notable jerks to overcome the cherished frontier and reach new heights. Still, BTC has not bought more than $13,000, so most people will continue to hold on to coins in anticipation of new exchange rate records, rather than drain stocks and thereby collapse the coin value.
Obviously, under current market conditions, one can talk about a possible bullring – that is, the stage of active growth in crypt currencies – more confidently than ever before this year. We hope that analysts’ predictions will be confirmed, and soon we will indeed have another run upstairs.
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