Cryptocurrency analytics firm Santiment has revealed the cryptocurrencies that are currently in the money following the recent surge in the crypto market. According to the firm’s data, the majority of the supply of some leading cryptocurrencies is currently in the money.
According to Santiment’s data, the percentage of total supply that is in profit is as follows:
- Bitcoin (BTC): 94.5%
- Ethereum (ETH): 88.7%
- XRP: 65.1%
- Dogecoin (DOGE): 64.7%
- Chainlink (LINK): 59.4%
- Cardano (ADA): 46.5%
Santiment notes that this metric shows how much of each asset’s circulating supply is currently in profit relative to the average on-chain purchase price.
With 94.5% of Bitcoin’s supply in profit, it suggests that the majority of investors are currently in positive territory. According to Santiment, this indicates that market confidence is quite high, but it also points to a short-term risk of “overvaluation.” “When 19 out of every 20 BTC is in profit, the probability of investors realizing profits increases,” the company warned.
On the other hand, the situation is reversed for coins like Cardano. Only 46.5% of ADA is in profit, meaning more than half of investors are currently at a loss. According to the analytics company, this shows that current prices are not satisfactory for the majority of investors, while at the same time it suggests that ADA may be relatively undervalued.
*This is not investment advice.
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