Bitcoin Stabilizes at $48,000, Putting 91% of BTC Holders in the Green – Decrypt
Bitcoin has maintained a steady position at around $48,000 since yesterday, marking an 11% increase from this time last week.
Currently, the price of Bitcoin stands at $47,846.90, reflecting a 0.8% decrease over the last 24 hours. Despite this dip, 91% of BTC holders are still in a profitable position, according to Into the Block. As a result, seasoned traders and Look Into Bitcoin founder Philip Swift are advising to HODL.
Bitcoin has now achieved a market capitalization of approximately $940 billion, which is still 26% lower than its all-time high of $1.28 trillion during the Fall 2021 bull run.
Traders who bought into BTC near the peak of the 2021 bull run are now almost at a breakeven point, as mentioned by CryptoQuant founder and CEO Ki Young Ju on Twitter.
One of the key upcoming events for traders is the Bitcoin halving, expected to occur in approximately 62 days, as indicated by NiceHash.
Trading firms have begun providing guidance on how investors can prepare for the halving, which will result in a reduction of the fees paid to Bitcoin miners for validating transactions on the blockchain from 6.25 to 3.125 BTC.
Last week, brokerage firm Bernstein rated CleanSpark (CLSK) and Riot Platforms (RIOT) as must-buys ahead of the halving, stating that “most of the U.S. listed miners look relatively well positioned,” at Bitcoin’s current price level, “even if their costs double post halving.”
Traders are rushing to deploy Bitcoin halving trading strategies, as historically, the halving has preceded a bull run.
In other market news, Ethereum has experienced a 1.4% decrease in price since yesterday. Currently, ETH is trading at $2,482.46 after spending most of the weekend above the $2,500 mark.
ETH traders are anticipating the rollout of the Dencun upgrade on mainnet, which developers claim will bring about faster transactions and significantly reduce fees.
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