The top cryptocurrency by market capitalization currently defeating technical precepts has continued to rise, breaking new heights last seen in 2018. This has put 97% of bitcoin addresses in profit, according to data displayed by Glassnode.
Bitcoin has continued to rise despite technical indications that there could be a retest of past vital levels.
At the time of writing, bitcoin is currently trading above $ 15K and does not appear to be slowing down anytime soon.
In line with this, Glassnode, a blockchain analytics firm that provides on-chain market intelligence and exchange data, revealed that 97% of bitcoin addresses are now profitable. This means that most of these wallet owners bought bitcoin at a lower value compared to where they are right now.
And if bitcoin continues at this rate, breaking its all-time high of around $ 20K, all wallets will soon turn a profit.
What is driving the rise of Bitcoin?
Although there are numerous reasons why bitcoin has continued to rise, one of them is the ECB's announcement of a boost from monetary stimulus expected in December, as reported by Crypto report.
Another reason behind this is the growing number of bitcoin whales that recently reached levels last seen around September 2016. Along these lines, many institutions in recent months bought and declared their bitcoin investments, and some of them noticed a remarkable ROI in just a few months of acquisition.