Data Dive: Why Bitcoin Holders are Thriving in the Current Market
Blockchain analytics firm Santiment has revealed that nearly 98% of Bitcoin’s total supply is currently profitable, indicating significant gains for investors since the cryptocurrency’s inception. This statistic highlights the overall success and positive trajectory of Bitcoin as an investment.
To calculate the supply in profit, Santiment compared the value of each token at the time of its origin on the blockchain to its current value. If a Bitcoin was originally mined at $60,000 and is now valued at $70,800, it is considered in profit. On the other hand, if a Bitcoin was mined at $73,000, it is not. Using this methodology, Santiment determined that 98.3% of Bitcoin’s supply is currently profitable.
Following Bitcoin, Ethereum ranks second with 95.1% of its supply in profit, while Chainlink holds 86.8%. Other notable cryptocurrencies that have experienced appreciation over time include Dogecoin at 82.2% and XRP at 78.8%.
However, not all digital assets have fared as well. Cardano occupies the lowest position among the assets analyzed, with only 53.5% of its supply currently profitable. Polygon (MATIC) performs even worse, with just 35% of its supply in profit. Santiment attributes this to MATIC’s unfortunate launch during the bear market of 2019, referring to it as the cryptocurrency’s “handicap.”
It is important to note that the information provided is for educational purposes only and should not be considered as financial advice. Readers are encouraged to exercise caution and conduct their own research before making any investment decisions.