More than 92% of Bitcoin holders have gained profit

CONTENT

  • About 92% of bitcoin holders bought coins at a price lower than the current one

  • Crypto Assets Near Historic Highs Are Even More Profitable

  • Rising prices drive the spread of SegWit technology

International consortium of news organizations developing transparency standards.

The number of cryptocurrency addresses with coins bought above the current price is growing rapidly in the wake of the widespread bullish trend.

However, not all cryptocurrencies are created equal. The rise in prices also affects transaction costs. The rise in commissions on the bitcoin network spurs the transition to SegWit. Almost two thirds of payments now use this format.

Most crypto investors are in the black

More than 92% of all bitcoin holders bought their coins at a price lower than the current one.

Some digital assets outperform Bitcoin in terms of profitability. These are mainly coins launched after 2017 crypto mania. LINK, VET, CRO and SNX attracted speculative interest in 2020 and, as a result, broke through previous all-time highs.

According to IntoTheBlock, 95% of ChainLink and Crypto.com addresses are currently in the green zone. Meanwhile, 94% of VeChain holders purchased their assets at a lower price than today.

Finally, the vast majority of Synthetix Network Token holders are very happy with their investment, as the coin has risen in price by 2320% over the past 12 months.

For any address with a positive balance, @intotheblock identifies avg price at which tokens were acquired, indicating if the address is at profit or loss.

Addresses at profit: $ BTC 92% $ ETH 77% $ LINK 95% $ BCH 90% $ LTC 55% $ ADA 57% $ CRO 95% $ VET 94% $ DASH 56% $ MKR 76% $ SNX 100% pic. twitter.com/XceYlTgsUu

– IntoTheBlock (@intotheblock) August 17, 2020

At the other end of the spectrum, cryptoassets hit hardest during the 2018 bear market. For example, only 77% of Ethereum addresses are profitable. Things are even worse for Litecoin, Dash and Cardano. Here, only 55%, 56% and 57% of addresses are in positive territory, respectively.

Rising prices push traders to SegWit

As mentioned earlier, bullish price action leads to higher transaction fees. Ethereum suffered the most in this regard. BeInCrypto’s editors have already reported a significant increase in gas prices. Growing interest in DeFiDecentralized finance (DeFi) is financial services built on blockchain technology that offer users access to an open, efficient and … More Means Increased Online Activity.

Bitcoin is no exception in this regard. According to BitInfoCharts, the average transaction fee reached almost $ 6.50 in early August. Increasing prices not only makes each satoshi paid as commission more valuable, but also stimulates speculative interest.

The number of deals is growing, and they all compete for a place in the block.

Source: BitInfoCharts

While Ethereum is waiting for the long-awaited update that aims to address network scalability, Bitcoin users are actively switching to SegWit technology..

SegWit, or Segregated Witness, was added to the network in 2017 as a soft fork. This solution reduces the amount of transaction data that is stored on the blockchain. This actually increases the network bandwidth.

More than 92% of Bitcoin holders have gained profit

Recently, the BeInCrypto editors reported that an extra $ 500 million has been spent on commissions since the launch of SegWit. Some netizens have already noticed this, so the popularity of SegWit is growing steadily..

Investor and entrepreneur Alistair Milne agrees with this assessment, citing transactionfee.info data. The number of transactions using the scaling solution reaches 65%, which is an all-time high.

#Bitcoin SegWit adoption continues to march higher
Higher fees give an incentive to switch to SegWit wallets
Eventually bad actors like @blockchain will see their growth reverse and be forced to enable pic.twitter.com/PCdcPSTL8y

– Alistair Milne (@alistairmilne) August 17, 2020

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Milne argues that companies not using SegWit will ultimately be “forced to turn it on”. Using Blockchain.com as an example, he states that reluctance to cut down on block space occupied by a transaction could end badly for large users like exchanges..

Who promotes SegWit

SegWit benefits the entire web. Decreased demand for space in the block leads to lower commissions in the network.

In fact, Milne recently pledged a 0.1 BTC bonus to whoever creates a bot that posts “When is SegWit?” in response to all tweets from companies that do not use this technology for their transactions.

0.1 BTC bounty for an open source bot / service that replies to every Blockchain dot com / BitPay / etc. tweet with "When SegWit?" … just give it permission to use your account and it does the rest

– Alistair Milne (@alistairmilne) August 13, 2020

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More than 92% of Bitcoin holders have gained profit

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More than 92% of Bitcoin holders have gained profit
More than 92% of Bitcoin holders have gained profit
More than 92% of Bitcoin holders have gained profit

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