Bitcoiners are sitting on massive paper gains. Will profit-taking take place in the nearest future?
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According to data provided by Whale Alert, Bitcoin’s “potential profit,” which is a hypothetical measure representing the total unrealized profit of all coins in circulation, has hit a new record high of $1.47 trillion.
Earlier today, Bitcoin briefly skyrocketed to a new record high of $123,236 on the Bitstamp exchange before giving up some of its gains.
The leading cryptocurrency is currently changing hands slightly above the $120,000 level.
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A local top?
Recent CryptoQuant data shows that there was a rather sharp spike in profit-taking after the $123,000 peak.
Such behavior can be viewed as a signal of a local top, according to the analytics firm.
