Leading cryptocurrency of bitcoin a sudden increase of $ 5,000 greened the industry again.
According to Glassnode data, 95% of the cryptocurrency industry is currently green. The fact that Bitcoin reached $ 55,000 increased the rate of institutions that became profitable by 16%.
#Bitcoin Entities in Profit has risen to 94.3%.
Over 16.2% of all on-chain entities have returned to profit since the Sept lows.
The last time this many network entities were in profit was before the sell-off in May.
Live Chart: https://t.co/UtyZepD1lG pic.twitter.com/ShMDjgTUqb
— glassnode (@glassnode) October 7, 2021
This indicator, transmitted by Glassnode, shows the rate of earnings of institutions or individuals whose BTC purchases are observed on the network. According to the indicator, which analyzes purchase prices and current prices, the industry is currently experiencing one of its most lucrative moments. In May 2021, this level was exceeded, but there was a sharp decline afterwards.
Is Fall For Bitcoin Near?
Indicators such as the Relative Strength Index or the Fear and Greed Index, after experiencing a sharp decline in May, are now slowly approaching their previous levels, and this may not be as good a development as it seems.
This sudden rise, which came after the crypto money industry remained flat for months, suddenly started to increase greed again, and it is predicted that a sharp decline may come after the peak. At the moment, the issue that analysts and investors cannot agree on is when exactly this decline will occur.
Famous analyst Rager said in a statement on the subject that he thinks that there will be no decline without the all-time record. Although Rager did not give a clear price, he emphasized that there will be a decrease after the breaking of the record, pointing to preparations after $ 64,000.
*Not Investment Advice.