Sun June 2, 2024 ▪
3
min reading ▪ acc
Despite roller coasters worthy of the biggest theme parks, Bitcoin manages to hold its head high. More than 90% of the cryptocurrency supply remains profitable, even amid volatility reminiscent of the turbulence of 2017. Onchain data reveals a story of persistence and speculation. Let’s analyze how Bitcoin holders are navigating the turbulent waters of the market.
Bitcoin Volatility in 2024: Echoes of 2017
Bitcoin seems to be playing a remake of his 2017 adventure in the year 2024. Indeed, the flagship digital asset has seen a series of spectacular ups and downs, making the market as unpredictable as the weather in Brittany.
These sudden changes, marked by drastic price movements, underline the highly speculative nature of Bitcoin. However, these fluctuations do not seem to deter lovers of the cryptocurrency queen. On the contrary, they continue to maintain their positions with resilience worthy of the best Wall Street traders.
This behavior demonstrates strong and sustained support, unaffected by strong and weak external factors such as regulatory developments or macroeconomic conditions.
Profitability and Trends: Onchain Chart
Recent data from Glassnode provides a glimmer of hope for Bitcoin holders: despite recent volatility, more than 90% of the supply is profitable in May.
It means that most of the bitcoins in circulation were purchased at a price lower than the current price. Performance that highlights fixed basic market structureable to absorb cyclical shocks without falling into despair.
Current trends show a the complex interaction between price fluctuations and entity profitability. The latter, by holding their positions, are strengthening a level of support that could moderate extreme declines in the future.
Price consolidation around key levels and sustainable profitability indicate this the bitcoin market may have found some stabilitydespite his changing moods.
In short, if Bitcoin continues to offer us excitement, it seems that its holders have found a recipe for staying in the saddle.
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The blockchain and crypto revolution is in full swing! And on the day the effects are felt by the most vulnerable economy in this world, I will say against all hope that I had something to do with it
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.