Bitcoin has maintained the $50,000 foothold it reached yesterday—meaning only a tiny number of BTC holders are still sitting on unrealized losses for their investments, according to blockchain analytics firm IntotheBlock.
The company now estimates that 94% of investors are in the money, meaning they’ve got an unrealized gain on their Bitcoin holdings. Another 6% have seen BTC return to the price it was at when they bought into the market.
ITB estimates the average cost at which BTC was purchased by investors. But it is just an estimate. There’s likely a handful of investors who bought in at or near the very top—Bitcoin’s all-time high of $64,899 in November 2021—and are waiting for the world’s oldest and largest cryptocurrency to reclaim it.
At the time of writing, Bitcoin price is sitting at $50,107.15, a 4% increase from this time yesterday and a hefty 17% gain from this time last week, according to CoinGecko data. All the bullish price action has brought the BTC market capitalization to $982 billion as of Tuesday morning.
That means the BTC market cap is roughly three times the size of Ethereum’s $318 billion market cap. It’s a distinction that Bitcoin only recently re-established in October last year, when momentum started to build for a spot Bitcoin ETF approval by the Securities and Exchange Commission.
There’s at least some evidence that the 11 Bitcoin ETFs that were approved last month have helped propel BTC past the $50,000 mark, according to a report yesterday from European digital asset manager CoinShares.
Just over $1 billion worth of assets flowed into crypto funds last week, according to the firm. The overwhelming majority of the deposits, 98%, went into Bitcoin-focused funds. The rest was mostly accounted for by Ethereum (ETH) and Cardano (ADA) funds.
Meanwhile, the global crypto market capitalization has gotten very close to reclaiming the $2 trillion mark. It hasn’t been that high since April 2022, according to CoinGecko data.