Bitcoin has held steady above the $50,000 price level it reached on Monday. According to blockchain analytics firm IntotheBlock, 94% of Bitcoin investors now have unrealized gains on their holdings. Another 6% have seen Bitcoin return to their original purchase price.
This means only a tiny fraction of investors bought Bitcoin at or near its all-time high of $64,899 in November 2021 and are still waiting to break even. As of this writing, Bitcoin is trading at $50,107, a 4% increase over yesterday and 17% gain over last week.
The robust price action has propelled Bitcoin's market valuation to $982 billion. This is about three times larger than Ethereum's market cap of $318 billion – a distinction Bitcoin only reclaimed in October 2022 when momentum started building for the approval of spot Bitcoin ETFs by the SEC.
There is evidence the 11 recently approved Bitcoin ETFs have helped drive Bitcoin over $50,000. According to digital asset manager CoinShares, over $1 billion flowed into crypto funds last week, 98% of which went into Bitcoin products. More companies also seem to be investing directly in Bitcoin.
Meanwhile, the total global crypto market cap is approaching $2 trillion, a level last seen in April 2022. If current positive momentum continues, Bitcoin seems poised to challenge its all-time high in the coming months.