- The top cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) are trading uptick as compared to the value registered on March 12 (Black Thursday).
- According to the report, at the current price i.e. $8703, 70.94% of Bitcoin addresses are in a profitable state and the rest 21.61% of Bitcoin addresses are in loss state.
- Moreover, many addresses of BTC are already in profit, some speculators assume that selling pressure will arise on the coming weekend.
Bitcoin addresses are in a profitable state
According to the report, at the current price i.e. $8703, 70.94% of Bitcoin addresses are in a profitable state and the rest 21.61% of Bitcoin addresses are in loss state.
An address is a unique identifier that looks for a virtual location where the cryptocurrencies can be sent. However, looking at Ethereum addresses 33.92% of ETH addresses are in profit state while the rest 60% addresses are in a loss state.
The pressure will also impact the mining reward halving
Moreover, many addresses of BTC are already in profit, some speculators assume that selling pressure will arise on the coming weekend.
Meanwhile, a prominent market analysis platform Glassnode shared on Twitter last Thursday that 81%of the current BTC supply is in the state of profit. This will result in a significant increase in BTC prices that will make many investors in profitable positions.
81% of the current #Bitcoin supply is in a state of profit.
With so many investors in profitable positions, significant increases to $BTC's price in anticipation of the halving could trigger some to realize gains in the short term.https://t.co/mnysCyxiXR pic.twitter.com/WqY4sifYPF
— glassnode (@glassnode) May 7, 2020
In recent weeks, building unique ETH addresses has enhanced with the number of new wallets climbing from 50,000 during the early months of 2020 to over 100,000 throughout March.
Thus, gains at this degree may lead chunks of traders to lock in profits at current prices. While after the halving event, the cryptocurrency could come under pressure, experts still believe that the dip would be for the short term.
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