The year 2024 has kicked off with a bang for cryptocurrencies, particularly those aligned with Bitcoin’s ETF gains. The crypto market is showing signs of a sustained recovery, and Bitcoin (BTC) is leading the way. Its price has surged by 3.5% to $46,254.46, reaching its highest level in weeks. This recent uptick extends Bitcoin’s growth streak to 7.18% over the past week, indicating a potential shift in market sentiment.
This surge has led many traders to reconsider their portfolios, with a growing interest in lesser-known coins. After analyzing the top five tokens by market capitalization, three standout assets have profitable addresses exceeding 85%.
Winners Analysis
According to data from IntoTheBlock, Bitcoin boasts a profitability rate of 90.66%, with approximately 47.06 million addresses currently in profit. None of the BTC addresses are incurring losses at the moment, but around 4.85 million addresses (9.35%) are at the break-even point.
Tron, often overlooked, has significantly grown its profitability to 97.51%, with over 113.48 million addresses currently profitable. While not a major gainer, Tron’s strong performance indicates investor interest, as only a small percentage of addresses are experiencing losses.
Read More: Bitcoin Halving Prediction: Analyst Predicts 190% BTC Price Surge Over Next 3 Months
Stablecoins are Coming Back!
Recent data from Glassnode highlights a positive trend in the stablecoin market, with Tether’s USDT achieving an all-time high market cap of $89 billion. The combined market capitalization of major stablecoins has surged by nearly $5 billion over the past month, reaching $124 billion.
Immutable also boasts a considerable number of profitable addresses—over 55.5 million or 85.58%. Although not as profitable as Bitcoin and Tron, Immutable’s stability in the market is noteworthy. Additionally, 8,490 addresses (13.07%) have experienced losses, and 876 addresses (1.35%) are hovering around the break-even point, providing room for more speculations in the coming weeks.
Also Read: Top Reasons Why Bitcoin (BTC) Bull Run Has Begun?
Key Metric: Address Profitability
Address profitability is a crucial metric for assessing the health of cryptocurrency assets. While Bitcoin, Tron, and Immutable currently lead as the most profitable chains, the market is dynamic, and these figures may change. Nevertheless, this shift towards profitability suggests increased investor activity, hinting at the potential for a fresh rally in the cryptocurrency market.
Which altcoin are you most bullish on after reading this?
