© Reuters. Bitcoin (BTC) sees 84% of addresses in the profit zone after a dramatic recovery
U.Today – (BTC) is witnessing a dramatic recovery in its price despite the severe volatility that is currently rocking it. At the time of writing, Bitcoin is up 1.22% in the last 24 hours, increasing its price to $42,926.38. Volatility has seen Bitcoin price swing from a low of $41,826.34 to a high of $42,999.72 as Bitcoin bulls attempt to break the $43,000 resistance level.
Amidst these broad price movements, a fascinating event occurred on-chain: Bitcoin's profitability reached 84.84%, bringing more addresses into the money. According to data from IntoTheBlock, current metrics stand at 43.74 million addresses in-the-money, a figure that compares to a loss of only about 5.98 million and 1.83 million addresses at their break-even point.
So far this year, there has been a drastic shift in Bitcoin's profitability, dropping as low as 60% at one point. However, the improved market sentiment and the event have proven to be an important reminder of why Bitcoin is the largest asset in the crypto world in terms of market capitalization.
Bitcoin ETF as the ultimate game changer
While the halving event is certain and will take place sometime in April next year, another crucial event shaping Bitcoin adoption at this time is the US Securities and Exchange Commission (SEC) spot ETF approval forecast.
As many industry experts believe, the Bitcoin ETF could be the ultimate game-changer that will confirm the full push into the bull market cycle. Wall Street is already interested in the product if it is approved, a move that could trigger a huge price increase in the future.
Despite the uncertainty, market participants are starting to price in the impact of the spot Bitcoin ETF, which is why today's price increase is being seen.
This article was originally published on U.Today
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