Being profitable in cryptocurrency has a lot to do with when you buy and when you sell. Research from Intotheblock has outlined what percentage of individuals holding some of the top coins will be in profit at current prices, and it’s good news for Bitcoin (BTC) and its forks.
The research shows that, as a whole, addresses that are holding either Bitcoin, Bitcoin Cash (BCH), or Bitcoin SV (BSV) at the start of this week will be in profit. However, some other large coins will see most of their addresses suffering losses, and some pretty substantially.
Best to Be in Bitcoin
BSV addresses, as a whole, are currently the most profitable, with a massive 95% of them being in the black. On the other end of the scale, addresses with Ethereum are feeling the pinch with 86% in the red.
Starting a new week!
Here’s an update on the % of holders making or losing money at the current price for the top cryptocurrencies
— intotheblock (@intotheblock) December 2, 2019
Addresses with the three main Bitcoin forks in them are all showing a profit at the current price. Bitcoin sits at plus-minus $7,300, BCH at $213 and BSV at $100.
More than half of all Bitcoin addresses are in profit, meaning that the majority of these addresses bought Bitcoin when it was under its current price. Breaking this down, there will be several wallets that are holding older coins, back when Bitcoin was worth a few hundred or even tens of dollars.
Those Bitcoin buyers who jumped in at the top of the hype cycle, when Bitcoin was tearing off to $20,000, would have likely sold in the dire bear market of 2018 to try and recoup some money back.
For BSV, the youngest of the Bitcoin forks, the current price is above its opening price. This means that all those who have held their BSV following the BCH fork would be in profit. More so, BSV did stay below today’s price for quite some time, before it shot up along with many other coins in the summer of this year.
Bad Times for ETH-Like Coins
Also interesting to note is that addresses holding Ethereum, Ethereum Classic, and an Ethereum rival, Cardano, are opposite of Bitcoin and quite heavily in the red.
It could be reasoned that with these chains not intending their coins to be an asset, there will be addresses that would not have had them for long. With the recent fall in prices across the cryptocurrency space, addresses that have purchased coins from these chains in the last month would undoubtedly be seeing a loss.
Images are courtesy of Twitter, Shutterstock.