Bitcoin: Stacking sats in your portfolio? Expect this in coming months

ambcrypto.com:

Over the past few months, the crypto market witnessed a severe downfall, marking the year’s lowest in mid-June. The king of all cryptos’ Bitcoin, also could not evade the effects of the crash and touched its 2022 low of $17,700 on 20 June.

However, since the last negative growth, BTC has gained an uptrend and it has been on a steady patch to recover its value; recently crossing the $24,000 mark.

Notably, at the time of writing, BTC traded slightly lower at $23,958 with a market capitalization of $458,062,265,258.

In June, BTC hovered near the psychological level of $19,000 for a few weeks, and then an uptrend began. Along with the increase in its price, a surge in BTC’s percent supply in profit was noted as the metric reached a 3-month high of 62.03% on 12 August.

Source: Glassnode

Past data pointed out that the percentage supply in profit never went below 65% in the last two years until January 2022 when it reached 64%.

Then it surged for a while and declined to mark its 2-year low. Interestingly, as percentage supply in profit is inversely related to total supply in losses, the latter marked its 3-month lowest point at 7.123 million.

Source: Glassnode

Apart from percentage supply gains, the lightning network, which is an off-chain network that can be used to send or receive Bitcoin, also marked its all-time high.

At the time of writing, the maximum capacity of the Lightning Network was 4,560 BTC. As per Glassnode’s data, a considerable increase was registered in the network’s total capacity despite the crypto winter.

Source: Glassnode

All the aforementioned developments give an indication that BTC’s performance over the last few months has been better than the first quarter of 2022.

As always, the opinions are diverse in this