Bitcoin’s Success Continues as Long-Term Holders Reap Benefits
Bitcoin has demonstrated its strength during the ongoing financial crisis that has affected the banking sector. Despite a recent slowdown in gains, most Bitcoin holders are making a profit now.
According to the latest data from cryptocurrency tracking platform IntoTheBlock on March 22, 72% of Bitcoin holders are in the money, while 25% are experiencing a loss, and 3% are at the money.
Of those holding Bitcoin, 69% are considered long-term holders, having held the cryptocurrency for over a year. Meanwhile, 23% have held it for between one and 12 months, and 8% of addresses have held it for less than a month.
Bitcoin has been successful during the financial crisis, having surpassed $28,000 and currently trading at $28,350. This represents a 14.5% increase over the past week.
Additionally, Bitcoin has outperformed commodities, including gold, which is considered the top-performing old-guard commodity, by nearly 10-fold in 2023.
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Bloomberg’s senior commodity analyst Mike McGlone suggests that this indicates Bitcoin has started its ‘super cycle.’
The crypto ‘Fear & Greed’ index reached a 16-month high, indicating strong buying sentiment with a score of 68.
In addition, the world’s largest corporate Bitcoin holder, MicroStrategy, is almost at a breakeven point with its 132,500 BTC, purchased for an average of $30,137.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
