• About
  • FAQ
  • Earn Bitcoin while Surfing the net
  • Buy & Sell Crypto on Paxful
Newsletter
Approx Foundation
  • Home
    • Home – Layout 1
  • Bitcoin
  • Ethereum
  • Regulation
  • Market
  • Blockchain
  • Business
  • Guide
  • Contact Us
No Result
View All Result
  • Home
    • Home – Layout 1
  • Bitcoin
  • Ethereum
  • Regulation
  • Market
  • Blockchain
  • Business
  • Guide
  • Contact Us
No Result
View All Result
Approx Foundation
No Result
View All Result
Home Bitcoin

Bitcoin Overheated, But These Altcoins Could Be Worthy Buys

approx by approx
December 22, 2023
in Bitcoin
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


On-chain data shows the Bitcoin price may be overheated right now, but some altcoins are currently sitting inside the opportunity zone.

Some Altcoins Have Low Levels Of Supply In Profit, Unlike Bitcoin

According to data from the on-chain analytics firm Santiment, BTC’s profitability ratio has hit levels that investors might need to be cautious about. The relevant metric here is the “percent of total supply in profit,” which, as its name suggests, tells us about the share of an asset’s supply that’s carrying some unrealized profit.

The indicator works by going through the on-chain history of each coin in circulation to see what price it was last moved at. If this previous transfer price for any coin was less than the current spot price of the cryptocurrency, then that particular coin is assumed to be carrying a profit right now.

The metric adds up all such coins and calculates what percentage of the total circulating supply they make up for. The supply in profit also has a counterpart indicator called the supply in loss, which keeps track of the opposite type of tokens.

Now, here is a chart that shows the trend in the percent of total supply in profit for Bitcoin, as well as for some of the top altcoins, over the past year:

Bitcoin & Altcoins Supply In Profit

Looks like the the value of the metric has been quite high for BTC in recent days | Source: Santiment on X

As displayed in the above graph, Bitcoin has naturally seen its supply in profit shoot up recently as the surge in the cryptocurrency has occurred. The indicator’s value for the asset is currently sitting around the 89% mark, which is close to the highest point for the year.

Generally, the investors sitting on profits are more likely to sell their coins as they could become tempted to harvest their gains. Therefore, the more holders there are in profit, the more likely is the cryptocurrency to witness a large-scale selloff.

Due to this reason, tops have historically been more probable to form after spikes in the percent supply in profit. As Bitcoin is quite overheated in terms of this metric at the moment, it’s possible that the coin would have trouble continuing its recent uptrend.

Many of the top altcoins are also observing relatively high levels of this metric, as the majority of their supplies are enjoying profits. Polygon (MATIC) and Litecoin (LTC), though, stand out as the two assets that are still seeing low levels of the profitability ratio.

From the chart, it’s visible that less than 42% of the supply of these altcoins is in profit. Based on this, Santiment suggests that there could be a higher likelihood for these assets to register some fresh uptrend from here, catching up to the rest of the crowd.

MATIC Price

Polygon has registered a rise of over 7% during the past 24 hours, a possible indication that the low profitability is already having an effect on the asset.

Polygon Price Chart

The price of the altcoin appears to have shot up during the past day or so | Source: MATICUSD on TradingView

Featured image from Shutterstock.com, charts from TradingView.com, Santiment.net





Source link

Related articles

Loaded Lions Evolves From An Iconic NFT Drop To A Global Brand

Loaded Lions Evolves From An Iconic NFT Drop To A Global Brand

August 26, 2025
Trump Media’s Crypto Treasury Hits $2 Billion, Stock Soars By Nearly 9%

Did Bitpanda Just Snub UK Listing Over Liquidity Issues?

August 26, 2025
Share76Tweet47

Related Posts

Loaded Lions Evolves From An Iconic NFT Drop To A Global Brand

Loaded Lions Evolves From An Iconic NFT Drop To A Global Brand

by Moussa
August 26, 2025
0

Join Our Telegram channel to stay up to date on breaking news coverage The non-fungible token technology continues to revolutionize...

Trump Media’s Crypto Treasury Hits $2 Billion, Stock Soars By Nearly 9%

Did Bitpanda Just Snub UK Listing Over Liquidity Issues?

by Moussa
August 26, 2025
0

Bitpanda raised collective eyebrows in the European fintech corridors by opting out of a UK public listing. But why did...

Ethereum Is Outperforming And Beating Bitcoin In This Key Metric

Ethereum Is Outperforming And Beating Bitcoin In This Key Metric

by Moussa
August 26, 2025
0

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure While Bitcoin’s price faced heightened bearish pressure...

Is $105,000 The Bitcoin Bull Run Killer? Top Analyst Explains

Is $105,000 The Bitcoin Bull Run Killer? Top Analyst Explains

by Moussa
August 26, 2025
0

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed...

Webull Brings Crypto Trading Back to US App

Webull Brings Crypto Trading Back to US App

by Moussa
August 26, 2025
0

Webull (NASDAQ: BULL) announced the reintegration of cryptocurrency trading into its main U.S. app, allowing U.S. residents to open and...

Load More

youssufi.com

sephina.com

[vc_row full_width="stretch_row" parallax="content-moving" vc_row_background="" background_repeat="no-repeat" background_position="center center" footer_scheme="dark" css=".vc_custom_1517813231908{padding-top: 60px !important;padding-bottom: 30px !important;background-color: #191818 !important;background-position: center;background-repeat: no-repeat !important;background-size: cover !important;}" footer_widget_title_color="#fcbf46" footer_button_bg="#fcb11e"][vc_column width="1/4"]

We bring you the latest in Crypto News

[/vc_column][vc_column width="1/4"][vc_wp_categories]
[/vc_column][vc_column width="1/4"][vc_wp_tagcloud taxonomy="post_tag"][/vc_column][vc_column width="1/4"]

Newsletter

[vc_raw_html]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[/vc_raw_html][/vc_column][/vc_row]
No Result
View All Result
  • Contact Us
  • Homepages
  • Business
  • Guide

© 2024 APPROX FOUNDATION - The Crypto Currency News