Bitcoins nupl holds in denial as investors remain optimistic for gains to another record high. Ethereum hit a new all time high at 1446 on tuesday.
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Nupl has been above zero for four months.
Ethereum nupl. Bitcoins nupl holds in denial as buyers stay optimistic for features to a different document excessive. The metric takes into consideration the actual usd value of bitcoin. Ethereum eyes new record highs after taking down the seller congestion at 1350 and closing in on 1400.
The last time the sth nupl showed a buy signal was when bitcoin rose to its former all time high of 20000. The price of bitcoin rose to as high as 12086 on coinbase as ethereum eth buoyed overall market sentiment. At the time of writing the nupl holds at 06 and.
Previously when nupl entered this range it. Ripple settles above 03 but closing day. Short term holder net unrealized profitloss sth nupl with a bullish signal here imo.
Nupl measures the proportion of coins in the network which are in profit versus those that arent. On the upside the tool is expected to hit 08 before bitcoin begins to retreat. Bitcoins nupl show further gains on the horizon the net unrealized profitloss indicator is an on chain metric that considers investors holdings against the price at which the asset was last.
In a tweet published on november 30 glassnode chief technology officer cto rafael schultze kraft predicted that the next global top for bitcoin would fall between 133000 and 590000. Built around a neutral zero value the closer the index gets away from it the more the network is in profit. The nupl has in the past stayed in greed for over two months the market top still at large.
That bounce of the 0 line was important is very characteristic for previous bull markets and historically a good buying opportunity. The net unrealized profitloss nupl is the difference between the relative unrealized profit and the relative unrealized loss. According to glassnode bitcoins net unrealized profitloss nupl index has reached a level that historically indicates the price will continue to an order of magnitude higher.
About 97 of inflows went to bitcoin the data showed with ethereum the second largest cryptocurrency posting inflows of 34 million last week.
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