The year 2024 has started with a bang for cryptocurrencies, especially those aligned with Bitcoin's ETF gains. The crypto market is showing signs of a sustained recovery and Bitcoin (BTC) is leading the way. The price rose 3.5% to $46,254.46, reaching its highest level in weeks. This latest increase extends Bitcoin's growth streak to 7.18% over the past week, indicating a possible shift in market sentiment.
This surge has caused many traders to rethink their portfolios, with interest increasing in lesser-known coins. After analyzing the top five tokens by market cap, three standout assets have profitable addresses above 85%.
Winner analysis
According to data from IntoTheBlock, Bitcoin has a profitability rate of 90.66%, with approximately 47.06 million addresses currently profitable. Currently, none of the BTC addresses are suffering losses, but around 4.85 million addresses (9.35%) are at the break-even point.
Often overlooked, Tron has significantly increased its profitability to 97.51%, with over 113.48 million addresses currently profitable. Although Tron is not a big winner, its strong performance suggests investor interest as only a small percentage of addresses experience losses.
Read more: Bitcoin Halving Prediction: Analyst predicts BTC price rise of 190% in next three months
Stablecoins are coming back!
Current data from Glassnode highlights a positive trend in the stablecoin market: Tether's USDT reaches a record-breaking market capitalization of $89 billion. The combined market capitalization of major stablecoins has increased by nearly $5 billion to $124 billion over the past month.
Immutable also has a significant number of profitable addresses – over 55.5 million or 85.58%. Although Immutable is not as profitable as Bitcoin and Tron, its market stability is remarkable. Additionally, 8,490 addresses (13.07%) have suffered losses and 876 addresses (1.35%) are hovering around breakeven, providing room for further speculation in the coming weeks.
Also Read: Top Reasons Why Bitcoin (BTC) Bull Market Has Started?
Key metric: address profitability
Address profitability is a crucial metric for assessing the health of cryptocurrency assets. While Bitcoin, Tron and Immutable are currently the most profitable chains, the market is dynamic and these numbers are subject to change. Nonetheless, this shift towards profitability indicates increased investor activity, indicating the potential for a new rally in the cryptocurrency market.
Which altcoin are you most bullish on after reading this?
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.