The number of profitable Bitcoin (CRYPTO: BTC) addresses has reached a new all-time high, touching nearly 40 million, even though the cryptocurrency’s valuation is currently trading at half its peak price.

What Happened: Data from on-chain analytics firm Glassnode showed that 80% of Bitcoin addresses are now profitable, with Bitcoin hovering at $34,000. This is the highest number ever seen, beating the previous high of 38.1 million recorded in November 2021.

Back then, Bitcoin was trading at record highs and every address with a non-zero balance was profitable. While the current price is 50% below those peak levels, the total number of non-zero addresses stands at 48.3 million.

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Though the number of profitable addresses has not equaled their previous peak performance in absolute terms, they are still at an 18-month high of 81.1%. On the other hand, addresses at a loss are slightly above 9 million.

Why It Matters: This bullish sentiment is likely bolstered by Bitcoin’s recent performance, maintaining a value above $34,000.

Furthermore, the fact that only a small percentage of Bitcoin addresses are currently at a loss indicates a positive investor sentiment towards the cryptocurrency, despite the recent market volatility.

Image by Leonid studio on Shutterstock

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.