Sun. Apr 21st, 2024

Despite the slowdown in accumulated earnings in recent weeks, Bitcoin (BTC) has shown its bullish strength during the current financial crisis that has engulfed the banking sector, and the vast majority of its holders are in profit. It just so happens that up to 72% of Bitcoin holders are making a profit at its current price (in money), while 25% are at loss and 3% are at no loss or gain, according to the latest data from the platform. cryptocurrency tracking IntoTheBlock March 22nd.

Bitcoin holders at profit/loss/equal to the current price. Source: IntoTheBlock Among all observed holders of the flagship decentralized finance (DeFi) asset, 69% of them consider themselves long-term holders, having held Bitcoin for more than a year, compared to 23% who have held it between one and 12 months, and 8% of addresses that keep it for less than a month.

Composition of Bitcoin holders based on length of stay.  Source: IntoTheBlockComposition of Bitcoin holders based on length of stay. Source: IntoTheBlock

Bitcoin Price Analysis: More Gains on the Way?

Meanwhile, Bitcoin’s success amid the financial crisis so far has been substantial, considering that the OG cryptocurrency has crossed the critical threshold of $28,000at the close of this edition trading at $28,391, which represents a gain of 0.1% in the last 24 hours. Gaining 13.93% during the week and 16.68% during the last month.

Bitcoin price 7 day chart.  Source: CoinMarketCapBitcoin price 7 day chart. Source: CoinMarketCap It is also important to note that Bitcoin has outperformed commodities, particularly gold, considered “the highest performing old guard commodity”, almost 10 times in 2023, indicating that it has begun its “super cycle,” according to Bloomberg senior commodity analyst Mike McGlone. On top of that, Bitcoin added over $200 billion to its market capitalization in 2023, at the same time five leading banks in the United States suffered a combined loss of $108.92 billion, while the crypto ‘Fear & Greed’ index ‘ hit a monthly high, indicating a strong buying sentiment.

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By Farwa Raza

Farwa Raza is a writer who specializes in news articles. She has been writing on wttspod.com for over one years, and during that time she has written over 100+ articles on various topics ranging from politics to entertainment. Her goal as an author is to provide readers with the latest news stories while also providing her own opinion on them.