Glassnode says 83% of Crypto Addresses are Currently Profitable

Glassnode says 83% of Crypto Addresses are Currently Profitable

By Abhi K | News | 24 Jun 2020


Blockchain data analytics firm Glassnode has reported new data that shows 83% of cryptocurrency addresses are currently profitable. This is a significant increase from the 2020 low point of March 12, also known as “Black Thursday”, when roughly 45% of addresses were profitable. 

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The number of addresses is edging closer to the year’s high. Source.

While still a lower figure from 2019’s peak, when the number of profitable addresses were roughly 95%, it marks an improvement for the cryptocurrency market at a time when investors are hoping for a bull run following stable prices at around $9000 levels. 

Glassnode also launched the Glassnode Index in May 2020, which aims to make “on-chain analysis more accessible to Bitcoin investors.” The index takes into account various factors, such as liquidity and network health, and condenses into a single metric used to measure the quality of an asset.

Glassnode, with its GNI index in May, reported that Bitcoin could face a bear market if overall market health and network activity declined. At the time, the GNI index for Bitcoin dropped 18% in a week. However, it remains optimistic about the long-term health of Bitcoin. 

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Glassnode’s most recent market report shows a relatively healthy week for Bitcoin. Source.

The most recent market report by Glassnode sees the GNI Index drop by only a single point, with the sentiment factor suffering the most in the last week. The firm still reports a “bullish regime” for Bitcoin as a result of healthy activity, but that it would take some effort to break the psychological barrier of $10,000.

Despite healthy activity however, it appears that the market is being held back in terms of upward price movement for the time being. In order to break the $10k mark, the market will need to overcome the psychological barrier that comes with that price level.


Abhi K
Abhi K

Technophile, cryptocurrency enthusiast and journalist.


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