Bitcoin , the world’s most valuable digital asset, saw a major rally during the first two weeks of October. BTC is now up by more than 40% since 1 October 2021. Due to the latest rally, a large part of the overall Bitcoin supply has turned profitable.
According to Glassnode, one of the leading on-chain analysis firms, more than 99% of the BTC supply is now in profit. Long-term holders of the world’s most dominant crypto asset are planning to hold Bitcoin for the next few years.
“With Bitcoin over $60k once again, only 0.98% of the circulating supply was last spent at higher prices. Owners of this 185,816 BTC HODLed throughout all the Volatility , the ups, and the downs of the last 6 months. 99.02% of all BTC supply is now in profit,” Glassnode highlighted.
Apart from the latest jump in the profitability of BTC’s supply, its option volume and open interest jumped significantly during the first two weeks of October 2021. “Open interest is up an incredible +107% ($6.3B) since the September lows. Bitcoin option volume is similarly elevated, peaking at $1.5B per day last week. The last time option trade volume was this high was on three occasions from March through to May this year,” Glassnode added.
Bitcoin’s $60,000 Price Level
BTC is currently trading above $62,000, which is its highest level since April 2021. Bitcoin is now targeting its all-time high of $64,500. Additionally, BTC saw an all-time on 14 April 2021, but the digital currency experienced major corrections in May and July. On 21 July 2021, Bitcoin touched a low of approximately $29,000. The price has jumped by more than 100% since then.
Bitcoin’s crypto market dominance has been rising consistently. In terms of price, BTC has gained more than any other cryptocurrency in the top 7 during the last seven days. BTC’s crypto market cap stands at around $1.17 trillion. The digital asset now accounts for 47% of the overall crypto market cap.
