98% of all Bitcoin is now worth more than when you bought it

Bitcoin (BTC) has delivered profits to its holders by nearly 98% every day since 2013, according to new data.

According to a social media-based monitoring resource that tracks profitability, the purchase of Bitcoin has made its holders 97.6 percent richer every day.

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BTC’s profitability is a „feature of bull markets“
In other words, as the chain analysis service Glassnode indicated in its weekly report The Week On-Chain on Monday, 97.6% of Bitcoin’s unspent transaction outputs (UTXOs) are in profits.

This means that only 2.4% of the UTXOs were created, as part of a wallet transaction, when the BTC price was higher than the current levels, around USD 12,000.

„Prolonged periods at this level and above are characteristic of bullish rises, as the BTC moves towards new historical highs (at which point the metric reaches 100%),“ said Glassnode.

Long-term BTC HODLers think that the price of Bitcoin will inevitably reach $100,000

Despite a slight setback on Tuesday night, Bitcoin continues to delight fans, with monthly earnings of nearly 30%.

The decline in gold and stocks seems to be feeding selling pressure, but under the hood, Bitcoin’s fundamentals remain stronger than ever.

As Cointelegraph reported, the hash rate has reached its highest average rate ever.

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Bullish Evidence Rises
Glassnode added that every time UTXO returns above 95%, there is a brief but intense upward movement for BTC that lasts up to three months.

Other metrics suggest that Bitcoin Evolution is more at the beginning of a long uptrend than at the end of a sudden upturn. Specifically, Glassnode’s Compass, which uses a basket of factors to plot the strength of Bitcoin, continues to show strong upward momentum.

„The continued position of The Compass in the upper right quadrant provides an optimistic sign of continued upward sentiment and chain activity,“ the report added.

„This trend supports widespread speculation that BTC is in the early stages of entering a bullish market.

Earlier, Cointelegraph indicated that Bitcoin’s relative strength index, or RSI, was mimicking its performance after the 2016 halving, which reached a record high of USD 20,000 a year later.