Bitcoin maintained the $50,000 level it reached yesterday, meaning only a small number of BTC holders are still experiencing unrealized losses on their investments, according to blockchain analytics firm IntotheBlock.
The company now estimates that 94% of investors are in the money, meaning they have made an unrealized gain on their Bitcoin holdings. Another 6% saw BTC return to the price it was at when it was purchased from the market.
ITB estimates the average cost at which BTC was purchased by investors. But this is only an estimate. There are likely a handful of investors who bought at or near the peak – Bitcoin’s all-time high of $64,899 in November 2021 – and are waiting for the world’s oldest and largest cryptocurrency to reclaim it.
At the time of writing, the Bitcoin price sits at $50,107.15, an increase of 4% from the same time yesterday and a considerable gain of 17% from the same time last week. latest, according to data from CoinGecko. All the bullish price action brought the BTC market cap to $982 billion as of Tuesday morning.
This means that the market cap of BTC is approximately three times greater than the $318 billion market cap of Ethereum. This is a distinction that Bitcoin only recently reestablished in October of last year, when momentum began to build for a one-time approval of the Bitcoin ETF by the Securities and Exchange Commission. Exchange Commission.
There is at least some evidence that the 11 Bitcoin ETFs approved last month helped propel BTC past the $50,000 mark, according to a report released yesterday by European digital asset manager CoinShares.
According to the company, just over $1 billion in assets were invested in crypto funds last week. The overwhelming majority of deposits, 98%, were invested in Bitcoin-focused funds. The rest was mainly represented by Ethereum (ETH) and Cardano (ADA) funds.
Meanwhile, the global crypto market cap is poised to reclaim the $2 trillion mark. It hasn’t been this high since April 2022, according to CoinGecko data.