Bitcoin has maintained the $50,000 foothold it reached yesterday—meaning only a tiny number of BTC holders are still sitting on unrealized losses for their investments, according to blockchain analytics firm IntotheBlock.
The company now estimates that 94% of investors are in the money, meaning they've got an unrealized gain on their Bitcoin holdings. Another 6% have seen BTC return to the price it was at when they bought into the market.
Bitcoin Breaks $50K for First Time Since Hitting All-Time High in 2021
The price of Bitcoin (BTC) has broken past $50,000 per coin for the first time since December 2021. Coinbase data shows that the largest digital asset by market cap hit the $50,000 mark at 11 a.m. Eastern Time (5 p.m. Central European Time) on Monday. Source: Screenshot of Bitcoin price on Coinbase exchange The asset, which this time last year was priced at less than $22,000, is up by more than 15% over the past seven days. Over the past month, it has risen by 16%. BTC looked like it was havin...
ITB estimates the average cost at which BTC was purchased by investors. But it is just an estimate. There's likely a handful of investors who bought in at or near the very top—Bitcoin's all-time high of $64,899 in November 2021—and are waiting for the world's oldest and largest cryptocurrency to reclaim it.
At the time of writing, Bitcoin price is sitting at $50,107.15, a 4% increase from this time yesterday and a hefty 17% gain from this time last week, according to CoinGecko data. All the bullish price action has brought the BTC market capitalization to $982 billion as of Tuesday morning.
That means the BTC market cap is roughly three times the size of Ethereum's $318 billion market cap. It's a distinction that Bitcoin only recently re-established in October last year, when momentum started to build for a spot Bitcoin ETF approval by the Securities and Exchange Commission.
Bitcoin Funds Gain $1 Billion Amid Historic BTC Price Rally
The money keeps rolling in as Bitcoin returns to the upper atmosphere. Big investors have pumped money into crypto-focused funds, bringing assets under management to their highest level since early 2022, a Monday report by CoinShares said—before the price of Bitcoin broke $50,000 for the first time since December 2021. Large amounts of cash have hit the crypto space following the approval of the new spot Bitcoin (BTC) exchange-traded funds (ETFs). Last week, CoinShares reports, $1.1 billion ent...
There's at least some evidence that the 11 Bitcoin ETFs that were approved last month have helped propel BTC past the $50,000 mark, according to a report yesterday from European digital asset manager CoinShares.
Just over $1 billion worth of assets flowed into crypto funds last week, according to the firm. The overwhelming majority of the deposits, 98%, went into Bitcoin-focused funds. The rest was mostly accounted for by Ethereum (ETH) and Cardano (ADA) funds.
Meanwhile, the global crypto market capitalization has gotten very close to reclaiming the $2 trillion mark. It hasn't been that high since April 2022, according to CoinGecko data.
