• Recent Bitcoin gains have resulted in another group of buyers back in the green as prices close in on another key level.
• According to Glassnode, those that bought Bitcoin in 2019 are back in the green again with an average withdrawal price of $21,800.
• Buyers from 2021 are deep in the red on average and won’t see a profit until prices reach $43,400.
The recent surge in Bitcoin prices has been a welcome sight for many in the cryptocurrency market, with investors of different types all seeing their portfolios increase in value. One group of buyers in particular has been able to move back into the green after being deeply in the red for some time – those who purchased Bitcoin in 2019.
According to data from Glassnode, the average withdrawal price for that year was $21,800, meaning that those who bought in 2019 are finally back in the green. Those who bought in 2020 and 2022 still remain in the red on average, with prices needing to move above $28K for the group to see a profit on holdings. Buyers from 2021 are deep in the red, and won’t see a profit until prices reach $43,400.
The recent surge in Bitcoin prices has been a cause for celebration amongst the cryptocurrency community, who have been eagerly awaiting a bull market. This surge has allowed many investors to start seeing returns on their investments, even if those returns are not as high as those who purchased Bitcoin in the earlier days of the cryptocurrency.
The current Bitcoin market rally has been attributed to a number of factors, including increased institutional interest, the weakening US dollar, and the impending halving of Bitcoin’s block rewards. These factors have all combined to create a perfect storm for Bitcoin and other cryptocurrencies, with prices reaching all-time highs and investors seeing returns that have not been seen for a long time.
As Bitcoin continues on its current trajectory, it is likely that more and more investors will be brought into the green, with even those who purchased Bitcoin in 2021 likely to see some kind of return on their investment. For now, it seems that the bull market is here to stay, with investors of all types reaping the rewards of the current market conditions.