99% of All Bitcoin Supply Is Now in Profit

Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, the world’s most valuable digital asset, saw a major rally during the first two weeks of October. BTC is now up by more than 40% since 1 October 2021. Due to the latest rally, a large part of the overall Bitcoin supply has turned profitable.

According to Glassnode, one of the leading on-chain analysis firms, more than 99% of the BTC supply is now in profit. Long-term holders of the world’s most dominant crypto asset are planning to hold Bitcoin for the next few years.

“With Bitcoin over $60k once again, only 0.98% of the circulating supply was last spent at higher prices. Owners of this 185,816 BTC HODLed throughout all the Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term, the ups, and the downs of the last 6 months. 99.02% of all BTC supply is now in profit,” Glassnode highlighted.

Apart from the latest jump in the profitability of BTC’s supply, its option volume and open interest jumped significantly during the first two weeks of October 2021. “Open interest is up an incredible +107% ($6.3B) since the September lows. Bitcoin option volume is similarly elevated, peaking at $1.5B per day last week. The last time option trade volume was this high was on three occasions from March through to May this year,” Glassnode added.

Bitcoin’s $60,000 Price Level

BTC is currently trading above $62,000, which is its highest level since April 2021. Bitcoin is now targeting its all-time high of $64,500. Additionally, BTC saw an all-time on 14 April 2021, but the digital currency experienced major corrections in May and July. On 21 July 2021, Bitcoin touched a low of approximately $29,000. The price has jumped by more than 100% since then.

Bitcoin’s crypto market dominance has been rising consistently. In terms of price, BTC has gained more than any other cryptocurrency in the top 7 during the last seven days. BTC’s crypto market cap stands at around $1.17 trillion. The digital asset now accounts for 47% of the overall crypto market cap.