The Bitcoin rate has decreased considerably during the first days of April, however, Glassnode analysts point out that there is still profit in 70% of Bitcoin addresses.
According to analyzes made from the research, between 70% and 75% of all Bitcoin wallets with non-zero balances are now making a profit.
In March 2020 only about half of the addresses were in positive territory, so the number is decidedly higher than that year and even much higher than in 2015, when profitable bitcoin wallets ranged from 30% to 100%. 42%.
“The current bear market is not as severe as the worst phases of previous cycles. Now only 25% to 30% of investors suffer unrealized losses. Of course, in the future, the market may continue to fall, and then the indicator will correspond to the numbers of past bear cycles”, the analysts write in the report.
Most long-term bitcoin holders made a profit – over 67.5%
Glassnode researchers include wallets that have not sold BTC for at least 155 days. The report notes that the market is already preparing for a new bull cycle. However, this has not happened yet and in the coming weeks there may be a consolidation of the market, when traders will seize every opportunity to make short-term profits.
Now about 225,000 transactions are made on the network of the first cryptocurrency per day. Probably the same indicators were recorded during the «bear cycles» in 2018 and 2019.
Two weeks earlier, Glassnode analysts wrote that the trend in the cryptocurrency market had turned bullish.
It seems that the researchers rushed too much with such a sustained: since then, the rate of BTC has fallen by 15% and now the first cryptocurrency is trading at $40,000.