- Bitcoin and Ethereum hit historic profit levels.
- ETH and BTC have yet to sustain uptrends in price.
Bitcoin, Ethereum hit historic profit levels
As of this writing, over 83% of the Bitcoin supply was in profit, although this marked a decline from the 89% observed at the beginning of the year.
Similarly, the Ethereum supply in profit was currently over 84%, slightly down from the over 85% recorded at the start of the year. It’s worth noting that the current profit levels for these assets are historic because the last time such levels were observed was in 2021.
More Bitcoin and Ethereum holders keep emerging
An analysis of Bitcoin and Ethereum holders on Santiment showed a parallel growth with the rising supply in profit.
Examining the total number of Bitcoin holders from August 2023 to the present, there has been an addition of over 4 million holders.
As of this writing, the number of BTC holders was almost 53 million. Also, the chart showed an upward trend, signifying an ongoing increase in holders.
Similarly, an analysis of the total number of Ethereum holders during the same period showed an increase of over 9 million.
As of this writing, the number of ETH holders was nearly 113 million. Also, like BTC, there was a noticeable upward trend in the chart, indicating a consistent rise in the number of holders.
ETH maintains a bull trend while BTC falls from it
The daily timeframe chart for Ethereum showed recent fluctuations between profits and losses.
Despite this, the price has sustained higher than those observed in the preceding months. As of this writing, Ethereum was trading at around $2,500, experiencing a decline of less than 1%.
Despite this, the Relative Strength Index (RSI) suggests a strong bull trend, with the RSI just below 60.
In contrast, the daily timeframe chart for Bitcoin reflects a less favorable recent price performance. Trading at around $42,500 as of this writing, Bitcoin has encountered a decline of less than 1%, placing it in a bear zone.
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The BTC RSI was below the neutral line, indicating a bearish trend.
CoinMarketCap data revealed that the current circulating supply of Bitcoin was around 19.6 million, while Ethereum’s circulating supply was about 120.1 million.