The crypto market is showing signs of life again, with major coins like Bitcoin (BTC), Ethereum (ETH), and even XRP (XRP) experiencing significant price increases in recent days. And according to on-chain data analysis platform Santiment, that positive sentiment is translating into profits for a large portion of investors.
Bitcoin Leads the Charge, Aiming for $50,000
Santiment‘s recent update highlights Bitcoin’s current rally, with the leading cryptocurrency aiming to break the $50,000 barrier by week’s end. This comes just ahead of the highly anticipated Bitcoin halving event, which is expected to happen in ten weeks. With BTC currently trading around $47,356, its price has surged over 12% in the past 24 hours, reaching a peak of $48,099. Just three days ago, the coin was hovering around $42,000.
Also Read: XRP Could Unlock a Future of Wealth: Expert Insights on Minimizing Risk and Maximizing Returns
Profitable Holdings: BTC at 90.47%, ETH at 84.7%, XRP at 79.9%
But Bitcoin isn’t the only coin seeing green. Santiment reveals that a significant portion of holders across the major players are sitting on profits. An impressive 90.47% of the total Bitcoin supply is currently in profit compared to the initial purchase price. Ethereum follows closely with 84.7% of its tokens in profitable territory.
XRP, although lagging behind its peers, still boasts a healthy 79.9% of its supply in profit. This means that the majority of XRP holders bought their coins at lower prices than the current market value of $0.5257. It’s worth noting that XRP saw a significant price jump in July and August 2023, reaching highs around $0.80, which may explain why its current profitability score is slightly lower.
What Does This Mean for Investors?
While the current market rally is encouraging, it’s important to remember that the crypto market remains volatile. Past performance is not necessarily indicative of future results. However, the high profitability percentages across major coins suggest a degree of investor confidence and could potentially signal further price increases in the near future.
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