The price of bitcoin jumped significantly on Wednesday after the payment processor Paypal announced cryptocurrency support. The jump in value has pushed a large number of bitcoin holders into a state of profit, according to Glassnode “percent of UTXOs in profit” statistics. Based on the current data, 98% of all bitcoin UTXOs are in a state of profit touching levels previously recorded three years ago in December 2017.
The price of bitcoin (BTC) closed at a high at $13,184 per coin on Wednesday, October 21 following the announcement from Paypal. During the evening trading sessions, the onchain research and analysis firm Glassnode tweeted about the number of bitcoin unspent transaction outputs (UTXOs) in profit. A UTXO refers to the amount of bitcoin someone holds that has not been spent and is simply stored in a bitcoin wallet.
“98% of all bitcoin UTXOs are currently in a state of profit,” Glassnode tweeted. “A level not seen since Dec 2017, and typical in previous BTC bull markets.”
Since then the price has dropped a hair but the price of bitcoin (BTC) is still up 4.3% over the last seven days. Long term holders have seen a 72.4% increase during the last 12 months, 34.9% during the last 90-days and 22% against the 30-day span. Glassnode’s onchain stats report, details that the subindex measuring investor “sentiment” increased ending the week “at 70 points.”
A number of crypto analysts and traders believe that bitcoin’s current price range is a key indicator for moving forward. Moreover, BTC’s dominance level, it’s market cap measured against all 7,000+ crypto assets, has risen to 63.2%. The senior financial analyst at Fxpro, Alex Kuptsikevich, believes bitcoin
