Bitcoin Settles Around $48,000—Putting 91% of BTC Holders in Profit
Bitcoin has been holding steady at around $48,000 since yesterday, an 11% increase from this time last week.
At the time of writing, the Bitcoin price is $47,846.90. That’s a 0.8% dip over the last 24 hours. But it still leaves 91% of BTC holders in the money—or with an unrealized profit—according to Into the Block. As a result, the advice from seasoned traders and Look Into Bitcoin founder Philip Swift is simple: HODL.
Bitcoin has now reached a market capitalization of approximately $940 billion. That’s still 26% lower than its all-time high of $1.28 trillion, last seen during the Fall 2021 bull run.
That also means that traders who bought into BTC near the top of the 2021 bull run are—finally—nearly a break even point, said CryptoQuant founder and CEO Ki Young Ju on Twitter.
One of the key events on the horizon for traders is the Bitcoin halving, which is now roughly 62 days away, according to NiceHash.
Trading firms have started offering guidance on how investors can prepare for the halving, which will see the fees paid to Bitcoin miners for validating transactions on the blockchain cut from 6.25 to 3.125 BTC.
Last week brokerage firm Bernstein rated CleanSpark (CLSK) and Riot Platforms (RIOT) as must-buys ahead of the halving. The analysts argued that “most of the U.S. listed miners look relatively well positioned,” at Bitcoin’s current price level, “even if their costs double post halving.”
There’s a rush for traders to deploy Bitcoin halving trading strategies because, historically, the halving has preceded a bull run.
Elsewhere in the market, Ethereum has shed 1.4% from its price since yesterday. At the time of writing ETH is trading for $2,482.46 after having spent most of the weekend above the $2,500 mark.
ETH traders are looking ahead to the Dencun upgrade being rolled out on mainnet, which developers say will usher in faster transactions and greatly reduce fees.
