Following the collapse of the cryptocurrency market, the value of bitcoin fell below the $ 30,000 mark. With such a price drop, many asset holders are now in the red. To that end, the measurement platform on the Glassnode chain shows that the percentage of Bitcoin addresses in profits is at its lowest level in two years. Details in the following.
Almost 40% of bitcoin addresses are lost
According to data from Glassnode, only 60.499% of Bitcoin shipments were in profits as of May 11th. These numbers represent a sharp drop from May 2021, when the ratio of addresses with their BTC went up to 100% profit. Glassnode also looked at the precise number of addresses that now hold bitcoin at a loss.
The chart issued for this purpose shows that 16,522,749.262 BTC addresses are at a loss, indicating a record high not seen in two years. The latter are not the only ones to record such large losses in the cryptocurrency market. The day before, May 10, the percentage of Ethereum launches in profits fell to 66.77%, the lowest level in 21 months.
Bitcoin pulls down the entire cryptocurrency market
At the time of writing, bitcoin is yet to come up to the $ 30,000 mark. It is trading mainly at 28,200 dollars, down 10.60% in the last 24 hours. Its market cap is $ 550.83 billion, and the total capitalization of the cryptocurrency market stands at $ 1.232 billion.
In fact, the major cryptocurrencies in the bitcoin market continued to fall with much larger declines. This is especially true for ETH and BNB, which are recording reductions of 20% and 11% respectively for 24 hours respectively. In addition to this the current panic in the stablecoin market has followed the fall of the UST.
As bitcoin has now lost more than 50% of its value from an all-time high, it is clear that the asset is a loss-making investment for many of its holders. Many of them are currently moving their BTC to the exchanges to collect their profits, for fear of the cryptocurrency falling further.
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Luc Jose Adjinacou
Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and put forward my pen information related to this ecosystem.