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According to Glassnode, Bitcoin’s price exceeds $50,000 as remaining supply decreases to 13%

Analysts at blockchain firm Glassnode have reported that the majority of Bitcoin holders are currently in a profitable position, with only 13% of the total Bitcoin supply held at a loss.

As Bitcoin (BTC) surged past the $50,000 mark, a level last seen in December 2021, only 13% of the total Bitcoin supply is now held at a loss. Glassnode’s data reveals that approximately 87% of Bitcoin was acquired below the $48,000 mark, with a notable concentration of short-term holders (those holding for less than 155 days) clustered between $40,000 and $45,000. On the other hand, long-term holders, defined as those holding for more than 155 days, make up the remaining 13% of the supply held in a loss position.

Bitcoin surges past $50,000 as loss-holding supply dwindles to 13%, Glassnode says - 1
LTH supply vs GBTC | Source: Glassnode

Furthermore, analysts have mentioned that the total volume of long-term holder supply currently held at a loss is around 777,000 BTC, which is “trending towards the zero bound” as Bitcoin prices continue to soar. Glassnode explains that only 6.5% of the aggregate long-term holder supply is currently in a loss position.

This shift in price dynamics correlates with a noticeable change in sentiment within the crypto community, as indicated by the Fear and Greed index. The index recently reached 79 out of 100 points for the first time since Bitcoin’s all-time high in November 2021, reflecting an “extremely high” level of sentiment. This sentiment contrasts with mid-October 2023 when the index only recovered to a neutral 52 points, anticipating the approval of spot Bitcoin exchange-traded funds (ETFs).

As Bitcoin continues to make headlines with its price movements, it’s worth delving deeper into the factors driving the market sentiment. The increasing adoption of Bitcoin by institutional investors and major companies has played a significant role in boosting confidence in the cryptocurrency. Additionally, the growing acceptance of Bitcoin as a legitimate investment asset has attracted a broader range of investors, further contributing to the positive sentiment in the market.

Moreover, regulatory developments surrounding Bitcoin have also impacted market sentiment. The prospect of regulatory clarity and favorable legislation regarding cryptocurrencies has provided a sense of stability and security to investors, encouraging more participation in the market. As governments and financial institutions continue to engage with the crypto space, the outlook for Bitcoin remains optimistic.

It’s essential to consider the technological advancements and innovations within the Bitcoin ecosystem that have supported its price growth. Improvements in scalability, security, and usability have strengthened Bitcoin’s position as a leading digital asset. The integration of new technologies such as the Lightning Network and Taproot upgrade have enhanced the functionality of Bitcoin, attracting more users and investors to the ecosystem.

Looking ahead, the future of Bitcoin appears promising, with potential for continued growth and innovation. As more individuals and institutions recognize the value of Bitcoin as a store of value and a medium of exchange, its adoption and integration into the global financial system are expected to expand further. The evolving regulatory landscape, technological advancements, and changing market dynamics will continue to shape the trajectory of Bitcoin and the broader cryptocurrency market.

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