More Bitcoin and Ethereum Traders Profit Despite Drop
Profitability of leading cryptocurrencies Bitcoin and Ethereum remains above average
Recent data from IntoTheBlock suggests that more Bitcoin and Ethereum traders are making profits despite the cryptocurrency’s recent slump. On-chain analyzes show that 58.44% of addresses with BTC and 69.25% of addresses that own ETH are in the money, or making a profit.
Despite the recent decline, the top two assets by market cap are still showing strong bottoms as the majority of holders make a profit
— IntoTheBlock (@intotheblock) Apr 26, 2022
The profitability of the leading cryptocurrencies, Bitcoin and Ethereum, remains above average despite 42.81% and 40.75% lower than their respective all-time highs.
According to data from IntoTheBlock regarding the composition of the holders, 58% of all funds invested in Bitcoin remain profitable even after the recent drop below $40,000, indicating that most of the market has entered the coin well below $40,000 . In addition, 5% of all holders are currently breaking break even as 37% are taking losses. As previously suggested on-chain data, 69.25% of Ethereum holders are in the money, suggesting that many bought under $3,000.
Similarly, 3% of all holders are currently breaking even, while 28% are incurring losses.
Bitcoin (BTC) traded at its lowest point in nearly six weeks earlier on Monday when it fell to a low of $38,202. Ethereum also fell to a low of $2,797 on April 25.
At the time of writing, the largest cryptocurrency by market capitalization fell 0.05% in the past 24 hours and traded at $39,248. Ethereum also traded slightly lower at $2,902.
As described by U.Today, there are plans by mutual fund giant Fidelity Investments to allow clients to add Bitcoin to their 401(k) savings plans, according to recent reports.
Given that Fidelity is the country’s largest provider of retirement plans, the decision could be a turning point for cryptocurrency adoption in the United States. The Boston-based investment giant oversees the pension funds of more than 20 million people.
Likewise, Anthony Scaramucci indicated that Skybridge will add Bitcoin to its 401(k) savings plans, following Fidelity’s lead.