August 19, 2020 at 12:02PM
At around $12,000, buying Bitcoin has been a profitable activity on 97.6% of all days since April 2013, data confirms. Bitcoin (BTC) has delivered gains to its holders on almost 98% of all days since 2013, new data confirms. According to a dedicated social media-based monitoring resource which tracks profitability, buying Bitcoin has made its holder richer on 97.6% of days.
Put another way, as on-chain analytics service Glassnode noted in its The Week On-Chain weekly report on Monday, 97.6% of Bitcoin unspent transaction outputs (UTXOs) are in profit. This means that only 2.4% of UTXOs were created — as part of a transaction between wallets — when the BTC price was higher than current levels at around $12,000. Despite a slight pullback overnight on Tuesday, Bitcoin continues to delight hodlers, with monthly gains still at almost 30%.
Continuing, Glassnode added that each time UTXO profitability passes 95%, it sparks a brief but intense bull run for BTC lasting up to three months. Other metrics, meanwhile, suggest that Bitcoin is rather at the start of a longer bull run than at the end of a sudden uptick. Specifically, Glassnode’s Compass, which employs a basket of factors to chart Bitcoin’s strength, continues to flash firmly bullish.
Previously, Cointelegraph noted that Bitcoin’s relative strength index, or RSI, was mimicking its performance after the 2016 block subsidy halving, which saw all-time highs of $20,000 a year later.
98% of All Bitcoin Is Now Worth More Than When You Bought It, CoinTelegraph, Aug 19
From: The FxPro News Team https://fxpro.news/daily-forex-outlook/98-of-all-bitcoin-is-now-worth-more-than-when-you-bought-it-20200819/
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