Godfrey Benjamin
Bitcoin address gains reach 83%, surpassing the top altcoins in the market
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Bitcoin (BTC) lives up to expectations as a crypto market leader in many ways. According to CoinMarketCap, Bitcoin is not only the most valuable digital currency in the industry with a capitalization of $737,493,111,078, but its profitability is at a level unmatched by many of the top altcoins in today’s ecosystem.
According to data from IntoTheBlock (ITB), up to 83% of Bitcoin addresses are currently “in the money,” leaving only about 14.98% experiencing losses and 1.35% of addresses breaking even. In actual numbers, ITB data puts in-the-money addresses at 42.04 million, out-of-the-money addresses at 7.53 million, and the break-even category at 679,660.
The leadership qualities become more evident when compared to Ethereum statistics. Despite being a cheaper alternative with greater potential for price appreciation, only 74.69% of addresses, or 77.97 million addresses, are currently profitable. In total, 24.76 million addresses, or 23.72%, are in loss, while 1.66 million addresses, or 1.59% of the total, are at breakeven.
Compared to other altcoins such as Cardano (ADA) and Dogecoin (DOGE), the differences are significantly greater.
The best of Bitcoin (BTC) is yet to come, here’s why
Bitcoin’s 128% year-to-date (YTD) growth and apparent increase in its key growth metrics are reassuring, especially for long-term investors. However, the possible approval of a spot Bitcoin exchange-traded fund (ETF) product by the US Securities and Exchange Commission (SEC) shows that the best is yet to come.
Many analysts believe that the eventual approval of a Bitcoin ETF can have a positive impact on the balance sheet. With a predicted probability of $250 billion in infusions from its various applications based on a conservative estimate of its assets under management (AUM), top analyst Samson Mow predicts a near-term price target for the coin of $1,000,000 .
If this happens, Bitcoin whales like MicroStrategy will be one of the biggest winners.
About the author
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for cryptocurrencies was born when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. Due to his extensive experience in various aspects of Web3, Godfrey’s articles have been published on Blockchain.news, Cryptonews and Coingape, among others.
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