Despite roller coasters worthy of the biggest amusement parks, bitcoin manages to keep its head high. More than 90% of the cryptocurrency's supply remains profitable, even in the midst of volatility reminiscent of the turmoil of 2017. Onchain data reveals a story of perseverance and speculation. Let's analyze how bitcoin holders navigate the turbulent market waters.
Bitcoin volatility in 2024: An echo of 2017
Bitcoin seems to be playing a remake of its adventures of 2017 in this year 2024. Indeed, the flagship digital asset has experienced a series of spectacular rises and falls, making the market as unpredictable as Breton weather.
These abrupt variations, marked by drastic price movements, underline the highly speculative nature of bitcoin. However, these fluctuations do not seem to discourage aficionados of the queen of cryptocurrency. On the contrary, they continue to maintain their positions with a resilience worthy of the best Wall Street traders.
This behavior demonstrates robust and persistent support, unaffected by the thick and thin of external factors such as regulatory developments or macroeconomic conditions.
Profitability and trends: The Onchain table
THE recent data from Glassnode bring a glimmer of hope to bitcoin holders: despite recent volatility, more than 90% of the offer is profitable in May.
It means that the majority of bitcoins in circulation were purchased at a price lower than the current price. A performance that highlights a solid underlying market structurecapable of absorbing cyclical shocks without falling into despair.
Current trends show a complex interaction between price fluctuations and entity profitability. The latter, by maintaining their positions, reinforce a level of support which could well mitigate extreme declines in the future.
Price consolidation around key levels and sustained profitability suggest that the bitcoin market may have found some stabilitydespite his changing moods.
In short, if bitcoin continues to offer us thrills, it seems that its holders have found the recipe to stay in the saddle.
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