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79% of the Bitcoin available on the market have a certain benefit

June 2, 2020

After a last contribution from the blockchain analysis company Glassnode, Around 79% of all Bitcoin (BTC) available on the market currently report benefits to their holders.

One of the most common criticisms of traditional analysts on the cryptocurrency market is the high volatility of digital assets.

Last Monday June 1st The price of digital assets increased 8.01% from $ 9,656.11 to $ 10,429.26 in one hour.

79% of the Bitcoin available on the market have a certain benefit79% of the Bitcoin available on the market have a certain benefit

The climb didn’t take long. It wasn’t until Tuesday that Bitcoin rose from $ 10,230 to $ 9,400 in just a few minutes.

This is one of the reasons why specialized analysts in this market recommend a long-term perspective when investing in cryptocurrencies.

The most recommended investment technology in this medium is the DCA (Dollar Cost Average). In accordance with this strategy, investors must dilute their initial contribution over time in various small contributions in order not to fall victim to the high volatility of the market.

Despite the high volatility, according to data provider Glassnode, 79% of all BTC deliveries show an advantage for the owner::

“Currently, 79% of the total Bitcoin supply is in a profitable state. It rose sharply from its 45% low in March after ‘Black Thursday’. Historically, 90% or more has markedly shaped BTC bulls.”

The so-called “Black Thursday” was when the price of Bitcoin fell from $ 7,800 to $ 3,800 on March 13, a decrease of more than 40% in a few hours.

According to Glassnode, we have a clear bull market for Bitcoin when the win rate reaches 90%. When the index exceeds 90%, we see an impressive price race for the digital asset.

To calculate the number of Bitcoin addresses for the win, Glassnode calculates the percentage of available currencies whose price at the time of the last move was lower than the current price.

Blockchain analytics company also specified that transmits in stablecoin tether (USDT) on exchanges have soared to a record high, with the number of USDT deposits on stock exchanges reaching 20,000 in the past seven days::

“According to our data, the number of USDT transfers on exchanges has skyrocketed, a record high. Since the incoming currency volume has not increased significantly, this implies a large number of small tether deposits. The main target is Huobi” “

Despite the increasing movement on the stock exchanges, the input volume did not increase significantly. This indicates that a large volume of small tether deposits have actually occurred on exchanges.

According to Glassnode, the main target for these USDT deposits is the Singapore Huobi exchange.