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Binance Celebrates 100% of Bitcoin Addresses in Profit, ETH and Alts Lag Behind

Last Updated March 13, 2024 4:37 PM
James Morales
Last Updated March 13, 2024 4:37 PM
By James Morales
Verified by Peter Henn

Key Takeaways

  • With Bitcoin sitting at its highest price ever, 100% of BTC addresses are currently in profit.
  • Meanwhile, 6.5% of Ethereum wallets are still at a loss.
  • Alt coins are even further behind, with many still trading well below peak 2021 prices.

When the price of Bitcoin surged above $70,000 on Monday, March 11, Binance declared that “every person who has ever bought Bitcoin is now in profit”.

Someone who bought BTC at $60,000 in 2021 and sold it a year later would have made a loss. What the post should have said was that 100% of all BTC addresses are now in the money. But other cryptocurrencies aren’t quite there yet.

Ethereum ATH Remains Elusive

According to Into The Block , at the time of writing, 93.5% of all Ethereum addresses were in profit, with the rest either breaking even or at a loss.

The statistic highlights how the price of ETH remains below its all-time high (ATH) in 2021. Until the number two cryptocurrency breaks its previous record, there will still be those who bought at the previous top and have yet to recover their losses.

At its current price, ETH is still more than $600 short of its ATH. Other tokens are even further behind.

Alt Coins Trail Behind Bitcoin

With most altcoins still trailing behind BTC in the crypto price cycle, many wallets are still at a loss.

For instance, 38.5% of Cardano addresses currently hold ADA worth less than what it was valued at when they first received it. The figure is even worse for UNI, with 41.7% of all wallets currently in the red.

In 2021, the DeFi boom and surging popularity of NFTs spurred a strong altcoin season between March and June, when more than 75% of the top 50 market cap tokens outperformed BTC.

At the time of writing, 27 of the top 50 cryptos have delivered higher returns than Bitcoin in the past 90 days compared to 22 that haven’t.

However, with many still trading well below their 2021 peak,  altcoin markets could quickly close the gap if the price of Bitcoin starts to stagnate.

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