The crypto market shows bullish potential: global market cap increased by 2.1%. However, XRP, Solana, and Dogecoin show a decline in 'Percent Supply in Profit'.
Overview of the Crypto Market
Despite recent massive liquidations, the crypto market shows signs of recovery. The global market cap grew by 2.1% over the last day.
Dynamics of 'Percent Supply in Profit'
According to data from Glassnode, the 'Percent Supply in Profit' metrics for XRP, SOL, and DOGE decreased by 5.22%, 4.4%, and 9.7% respectively. These metrics show the percentage of the total cryptocurrency supply that is currently profitable.
Outlook for XRP, SOL, and DOGE
The 'Percent Supply in Profit' indicator is considered a lagging indicator, yet it is useful for assessing overall market sentiment. For XRP, SOL, and DOGE, this may indicate potential price fluctuations.
Glassnode's research highlights changes in profitability for cryptocurrencies XRP, SOL, and DOGE. Holders might anticipate changes in market sentiment in the coming days.
