Key Points
- Bitcoin is nearing the $57,000 mark as market-wide fear subsides, but many addresses remain at a loss.
- Bitcoin’s market cap has exceeded $1.1 trillion, with a daily trading volume of $47.4 billion.
Bitcoin is approaching the $57,000 mark as the widespread concern in the market eases, but a significant number of addresses are still experiencing losses.
Bitcoin (BTC) swiftly bounced back from the $50,000 mark on Aug. 5 as geopolitical uncertainties and fears of recession started to fade. The top cryptocurrency briefly reached a local peak of $57,220 earlier today and has been fluctuating between $55,000 and $57,000 for the last 24 hours.
Bitcoin’s Market Performance
BTC has seen a 1.7% increase in the last 24 hours and is currently trading at $56,900. With the recent price surge, Bitcoin’s market cap has crossed the $1.1 trillion mark, with a daily trading volume of $47.4 billion.
Data from ITB reveals that 9.87 million Bitcoin addresses are still in the red, with the majority, 6.88 million wallets, having bought the asset at an average price of $66,441. Additionally, 2.99 million holders acquired BTC at an average price of $59,978.
These addresses account for a total trading volume of 4.53 million Bitcoins. At the current price level, 1.27 million addresses holding 907,070 BTC tokens are either at a slight loss or gain, having bought Bitcoin at an average price of $55,776.
Profitable Bitcoin Addresses
In contrast, 42.24 million addresses are witnessing significant profits on their Bitcoin holdings. ITB data indicates that 37.84 million addresses have been holding Bitcoin for over a year, while only 2.66 million addresses are associated with short-term traders.
It is anticipated that the addresses still at a loss would exert less selling pressure, potentially leading to decreased price volatility and even a possible price surge.
Ki Young Ju, the CEO of CryptoQuant, predicts a new record high for the Bitcoin price if it remains above the $45,000 mark. He also noted that BTC whales have accumulated 404,448 coins, valued at approximately $23 billion, over the last 30 days, indicating increased accumulation during a period of market uncertainty.
