98% of All Bitcoin Is Now Worth More Than When You Bought It
At around $12,000, buying Bitcoin has been a profitable activity on 97.6% of all days since April 2013, data confirms.
Bitcoin (BTC) has delivered gains to its holders on almost 98% of all days since 2013, new data confirms.
According to a dedicated social media-based monitoring resource which tracks profitability, buying Bitcoin has made its holder richer on 97.6% of days.
BTC profitability “characteristic of bull runs”
Put another way, as on-chain analytics service Glassnode noted in its The Week On-Chain weekly report on Monday, 97.6% of Bitcoin unspent transaction outputs (UTXOs) are in profit.
This means that only 2.4% of UTXOs were created as part of a transaction between wallets when the BTC price was higher than current levels at around $12,000.
“Extended periods at this level and above are characteristic of bull runs as BTC moves toward new all-time highs (at which point the metric reaches 100%),” Glassnode commented.
Despite a slight pullback overnight on Tuesday, Bitcoin continues to delight hodlers, with monthly gains still at almost 30%.
A retracement for gold and stocks appeared to fuel selling pressure, but under the hood, Bitcoin’s fundamentals remain stronger than ever.
As Cointelegraph reported, hash rate has hit its highest ever average rate, while difficulty is set to follow suit at the next readjustment in four days’ time.
Bullish evidence mounts
Continuing, Glassnode added that each time UTXO profitability passes 95%, it sparks a brief but intense bull run for BTC lasting up to three months.Other metrics, meanwhile, suggest that Bitcoin is rather at the start of a longer bull run than at the end of a sudden uptick.
Specifically, Glassnode’s Compass, which employs a basket of factors to chart Bitcoin’s strength, continues to flash firmly bullish.
“The compass' continued position in the upper right quadrant provides an optimistic signal of continued bullish sentiment and on-chain activity,” the report added.
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