Bitcoin’s $2000 Price Rally Makes 97% Hodlers Profitable

By Prashant Jha
Published November 7, 2020 Updated November 7, 2020
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Bitcoin’s $2000 Price Rally Makes 97% Hodlers Profitable

By Prashant Jha
Published November 7, 2020 Updated November 7, 2020

Bitcoin is currently trading at a two year high price of $15,531 after a phenomenal price rally of over $2000. The king coin looks poised to go past its 2017 high in the near future with all on-chain metrics backing the same. The bullish burst from bitcoin has not just sent its price to a two-year high but also made 97% of the hodlers more profitable. At present 97% of BTC holders are in profit which means they bought their bitcoin at a lower price than its current market value.

Bitcoin metrics
Source: Intotheblock

If we look at the rise of profitable addresses its quite clear that in August the number of addresses in profit were consistently higher throughout the month which dipped in September and gradually started to rise again from the end of October.

Source: Glassnode

If Bitcoin manages to rise higher and break its all-time-high all the addresses would be in profit. Given the ongoing bullish momentum and less resistance until $20,000, many analysts believe it would go past its ATH.

One of Most Organic Bitcoin Rally In Years

The ongoing Bitcoin price rally is being deemed as one of the organic ones in years as on-chain metrics suggest unlike artificial pumps the gains made in the ongoing pump would be retained. Bitcoin broke past the key resistance of $15,000 and has been solidifying around $15,500 at present.

Apart from these factors the greed index is at extreme greed level touching over 90 marks yesterday. There has been a significant increase in the number of hodlers which is quite similar to the 2017 behavior when prior to December pump the holders percentage on the blockchain rose sharply. Also. a significant amount of bitcoin is being moved away from centralized exchanges which is a bullish sign and it suggests that traders are expecting a bull run and holding their assets with long-term in mind.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
1008 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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