Over 30.4M Bitcoin addresses currently in profit amid $12K BTC

Over 30.4 million Bitcoin addresses are in a state of profit.
This came amid the recent surge in Bitcoin price to $12,000.

Yesterday, the price of Bitcoin, the largest cryptocurrency by market cap, brought back a huge smile to the faces of many Bitcoiners, as it reclaimed the $12,000 price mark. Today, the cryptocurrency has accumulated more points, so that it currently trades at $12,170 on Coinmarketcap, a crypto price tracking platform. Following the recent uptick, several Bitcoin addresses are now in a state of profit.

Bitcoin addresses in profit reach ATH

The current price of Bitcoin has placed a significant number of Bitcoin addresses in profit, as per Glassnode, an on-chain analytics platform. Firstly, there are about 32.38 million Bitcoin addresses with a balance according to the data provided by Bitcoin explorer, Blockchain.com. On Wednesday, 30,403,795.667 addresses entered into a state of profit. This marks another all-time high (ATH) reached this year.

📈 #Bitcoin $BTC Addresses in Profit (1d MA) just reached an ATH of 30,403,795.667

Previous ATH of 30,374,328.292 was observed earlier today

View metric:https://t.co/xFJVXsDe7d pic.twitter.com/aIIBpoQojk
— glassnode alerts (@glassnodealerts) October 21, 2020

The $12,000 Bitcoin has long been awaited/forecasted by many crypto enthusiasts, and analyst. Interestingly, Skew informed in a tweet today that the price of the cryptocurrency has since increased by 12 percent after Square’s announcement that it has allocated one percent of its reserve asset in the cryptocurrency. This followed the recent move initiated by MicroStrategy, a business intelligence company, which now has a total of $425 million in Bitcoin.

Will Bitcoin maintain the $12K price?

At the moment, the price of the cryptocurrency looks good as it continues to incur more points gradually. However, it remains uncertain if the cryptocurrency will maintain the price throughout the month and the next. However, cryptocurrency analysts like Timothy Peterson are confident that Bitcoin will finish stronger.

While using the Metcalfe model, Peterson shared that Bitcoin is most likely going to continue on the $12K price trend.

1/10 Today, the 11th, is #Bitcoin $11K day. There is a 90% chance that bitcoin will never again close below $11K. I'm stopping the #10KCountdown pic.twitter.com/eBt54xrA9e
— Timothy Peterson (@nsquaredcrypto) October 11, 2020

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Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.