Bitcoin (BTC) is living up to expectations as the crypto market leader in many ways. In addition to being the most valuable digital currency in the industry with a capitalization of $737,493,111,078 according to CoinMarketCap, Bitcoin’s profitability is also at a level that cannot be matched by many of the top altcoins in the ecosystem today.
According to data from IntoTheBlock (ITB), as many as 83% of bitcoin addresses are currently “in the money,” leaving only about 14.98% in loss and 1.35% of addresses at their break-even points. In actual numbers, the ITB data pegs the number of addresses in the money at 42.04 million, those out of the money at 7.53 million, and the break-even category at 679,660.
The leadership becomes more apparent when compared to Ethereum’s statistics. Despite being a cheaper alternative with more potential for price appreciation, only 74.69% of addresses, or 77.97 million addresses, are currently profitable. A total of 24.76 million addresses, or 23.72%, are in losses, while those at their break-even points are 1.66 million, or 1.59% of the total.
Against other altcoins such as Cardano (ADA) and Dogecoin (DOGE), the differences are significantly larger.
The best of Bitcoin (BTC) is yet to come, here’s why
Bitcoin’s 128% year-to-date (YTD) growth and the apparent uptick in its key growth metrics are reassuring, especially for long-term investors. However, the U.S. SEC‘s approval of a spot bitcoin exchange traded fund (ETF) product shows that the best is yet to come.
Many analysts believe that the eventual approval of a bitcoin ETF can tip the scales in a positive direction. With a projected likelihood of $250 billion in cash injection by the various applications based on a conservative estimate of their assets under management (AUM), top analyst Samson Mow for the coin in the near future.
If this happens, bitcoin will be one of the biggest winners.
