By Hidayat Sultanli
On Sep 12, 2020
According to on-chain data, Bitcoin’s recent breakout makes 93% of the circulating supply into a state of profit.
Research and analysis firm Glassnote claims that when the price of BTC reaches $ 11,000 and 93 percent of all Bitcoins become profitable. The price explosion on Tuesday led to a decent jump and began to stay in the range of 11,000 dollars.
“BTC’s break above $11,000 has led to a sharp increase in the onchain supply in profit. Currently, almost 93% of the circulating bitcoin supply is in a state of profit – the highest level in over a year,”
As a result of recent events and COVID 19, the predicted weakening of the dollar and US bonds has already occurred. Vijay Ayyar, head of business development at Luno believes that Central banks will continue to build up crypto assets, such as BTC.
“I believe that with the announcement by major governments of unprecedented stimulus packages … we will see continued bullish momentum in the markets. So that includes stocks and gold. Both BTC and crypto will follow in this regard. In addition to the fact that a vaccine seems to be within reach, too, there is no reason to be bearish in the near term,” Ayyar said.
These indicators are a good sign for miners. However, for full convenience, as it was before the halving of BTC production on May 11, they need another $ 1,500.
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