🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Bitcoin's bullish momentum propels investor profitability, LTHs control most supply

EditorRachael Rajan
Published 28/10/2023, 04:12 am
© Reuters
BTC/USD
-

Bitcoin continues its bullish stride this week, breaking key trendlines and moving averages (MA), including the crucial 200-week simple MA at $28,400, according to the "The Week On-Chain" newsletter by Glassnode. The cryptocurrency's climb to $35,200 has outpaced these critical markers, a development that has notably bolstered profitability for various investor groups.

This surge follows a month of bullish momentum during which Bitcoin shattered essential metrics in crypto analysis: the 111-day, 200-day, and 200-week averages. This progression is expected to mirror Bitcoin's performance at the start of 2023, underpinned by recent bullish activity laying the groundwork for a potential BTC price surge.

Despite certain profitability hurdles, the cost basis - a key investment measure - for Short-term holders (STH) and newcomers stands at approximately $28,000. With the STH cost basis currently at $28k, recent investors are experiencing an average profit of +20%.

In a significant market ownership shift, Long-term holders (LTHs) now control over three-quarters of the available Bitcoin supply. This development underscores the growing confidence among long-term investors in the cryptocurrency market and their increasing influence on Bitcoin's price dynamics.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.