Bitcoin Profits Soar to 97%, Highest in Over 2 Years

Profitability Skyrockets

Bitcoin has been on a wild ride lately, with prices surging. This has led to a massive increase in profitable Bitcoin addresses. For the first time in over two years, 97% of all Bitcoin addresses are now in the green.

Majority of Addresses in Profit

According to IntoTheBlock, over 50 million Bitcoin addresses are currently profitable at the current price level. This means that the vast majority of Bitcoin holders are making money on their investments.

Sustaining the Momentum

Bitcoin’s upward trend has been fueled by increased adoption and a shift towards long-term holding. Over $3.6 billion worth of Bitcoin was recently withdrawn from exchanges, indicating a growing number of investors who believe in the long-term potential of the cryptocurrency.

Future Price Targets

Experts remain optimistic about Bitcoin’s future price potential. Many believe that the bull run is still in full swing and that Bitcoin will continue to set new all-time highs in 2024. Price targets range from $100,000 to $300,000 per Bitcoin by the end of the year.

Low Resistance

Currently, only a small percentage of Bitcoin addresses (0.37%) are still waiting to make a profit. This indicates that Bitcoin faces little resistance in its upward trajectory.

Long-Term Holders Benefit

Those who have held Bitcoin long-term have profited the most. Over 13 million Bitcoins are currently held by investors who have owned their assets for over a year.