According to data from IntoTheBlock, Bitcoin's price surge has seen around 76% of BTC addresses currently have positive returns.
Bitcoin is trading on the market very close to $43.000 per unit, which has increased the number of BTC addresses that are currently in profit.
Data provided by the analytics platform shows that 76% of addresses with BTC balances are seeing positive returns on their investment. The platform identifies the price at which the cryptocurrency units were purchased and compares them to the current BTC price on the market to estimate the profit.
According to the data, only 13% of addresses with BTC balance are currently unprofitable, while 11% of the cryptocurrency's addresses are in a neutral zone.
This represents a significant development for Bitcoin, considering that the cryptocurrency is still trading 36% below its all-time high (ATH) price of $68.780 per BTC, as seen on November 10, 2021.
Bitcoin rises 145% in 2023
This year has been quite favorable for Bitcoin, which has recovered by 145% in the last 12 months.
Bitcoin is on an upward trend that, according to analysts, could continue with the approval of a Bitcoin spot ETF in the United States, growing institutional demand and the arrival of the next halving on the network, which will reduce the issuance of BTC, making the cryptocurrency increasingly scarce.
Source: CoinMarketCap
Bitcoin dominance increases
Bitcoin’s price surge has also seen Bitcoin’s (BTC) market cap grow, which is now over $825.000 billion at the time of writing. With this market value, Bitcoin’s dominance in the industry has grown to 52,3% recently.
Source: CoinMarketCap
Bitcoin dominance is calculated by taking into account the market capitalization of BTC compared to the combined market capitalization of all existing cryptocurrencies.
According to data from CoinMarketCap, Bitcoin dominance has grown by more than a third in the past year.
The above metrics demonstrate the importance of Bitcoin’s participation in the crypto space and reinforce the narrative that we are in the first phase of a new bull market. Despite the general rise of stablecoins and alternative cryptocurrencies, known as altcoins, Bitcoin’s dominance tends to grow when the market is on the rise.
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