Cryptocurrency analytics firm Santiment says that three of the largest cryptocurrency networks by market capitalization now have more than 80% of their current supply of profits.
The Total Supply in Profit metric measures the percentage of coins that are currently profitable compared to the last time they moved, and is sometimes linked to price trends.
According to Santiment, Bitcoin (BTC), Ethereum (ETH), and XRP have gains of 83%, 84%, and 81% of their supply, exceeding their average of 55% to 75%, putting these coins in high-risk gains. province.
saint He says The assets last reached this level in March 2022.
“Bitcoin (83%), Ethereum (84%), and XRP Ledger (81%) have their own supply at historically high-risk profit levels compared to their averages of 55%-75% dating back to 2018.”
Santiment says crypto prices could still rise due to positive developments in the industry, including the approval of a bitcoin spot trading fund (ETF) in the US, but the company says a lower percentage supply in profit would be a bullish indicator for the crypto asset.
“Cryptocurrencies could still rally on increased exposure to ETFs and other positive news. But ideally, a great signal to watch that would mean continued long-term growth would be a breakout below 75% of their supply in profit.” once again.
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