It is already clear that the cryptocurrency sector is growing, but nothing testifies to its unstoppable expansion better than the aggressive adoption growth of Bitcoin (BTC), which has been profitable for its holders almost 90% of the time since the beginning of its trading.
Specifically, Bitcoin has been profitable for 87.66% or 3,984 days of its total traded history, which amounts to 4,545 days (around 12 years and five months), as opposed to only 564 or 12.41% unprofitable days, according to the data retrieved from crypto trading platform Blockchain.com on January 30.
Aggressive Bitcoin adoption curve
Notably, the chart shows the number of days in Bitcoin’s trading history where holding the decentralized finance (DeFi) token was profitable relative to today’s price, highlighting the aggressive growth of its adoption curve over time, also reflected in its price, as limited supply results in increased demand whenever the price moves up.
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Furthermore, “it also demonstrates the importance of understanding the market cycles of Bitcoin to avoid buying market cycle tops,” as “the drawdowns from cycle tops can last a long time, around 2-3 years in previous cycles.”
Meanwhile, the cryptocurrency market resurgence has produced more than 44,000 new Bitcoin millionaires profiting from the 2023 bullish rally to join the elite crypto club, as Finbold reported on January 28.
Bitcoin price analysis
By press time, Bitcoin has slowed down its rally, changing hands at the price of $23,265, which means it has weakened 0.75% on the day but is still up 2.32% compared to seven days before, with a 40.12% gain on the monthly chart, as its market capitalization stands at $445.99 billion.
It is also worth noting that the machine learning algorithms over at PricePredictions have projected that Bitcoin would likely continue to climb further by the end of the next month, setting its price at $24,342 on February 28, 2023.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
