- Bitcoin recently hit a new yearly high of over $64,000, leading to 99.6% of its circulating supply being in profit for the first time since November 2021.
- This milestone shows the dramatic momentum propelling crypto’s 2023 recovery, with nearly every Bitcoin holder now in profit after the huge run over the past two months.
- With 99.6% of Bitcoin’s supply in the green, this overwhelming bullish sentiment suggests new all-time highs could be on the horizon if momentum continues.
Bitcoin recently hit a new yearly high, leading to a staggering 99.6% of its circulating supply being in profit. This milestone demonstrates the incredible bullish momentum propelling the crypto market in early 2023.
Bitcoin’s Price Hits $64,000 For First Time Since November 2021
On February 26th, we saw Bitcoin’s price rise above $64,000 for the first time since November 2021. This led to over 95% of Bitcoin’s supply being in profit for the first time since last November as well.
As Bitcoin rose from $51,000 to $64,000 in under a week, more and more of the circulating supply crossed into profitability. With this latest surge, 99.6% of all Bitcoin in circulation is now in the green.
Nearly All Bitcoin Addresses in Profit
According to data from Glassnode, there are currently only around 275,000 Bitcoin addresses with unrealized losses. This is an incredibly low number considering there are over 1 million BTC addresses in total.
Essentially every Bitcoin holder who didn’t just buy BTC in the past week is now in profit. This shows just how dramatic the crypto market’s 2023 recovery has been so far.
Conclusion
Bitcoin crossing $64,000 and 99.6% of supply in profit demonstrates the overwhelmingly bullish momentum in crypto right now. Nearly every holder is in profit after Bitcoin’s huge run over the past two months. If this momentum continues, new all-time highs could be imminent.
