Summary
- Bitcoin hashrate has reached an all-time high, and with the increase in mining difficulty, it is reported that this reflects Bitcoin's fundamentals.
- CryptoQuant CEO Ju Ki-young mentioned that Bitcoin's potential market capitalization could reach up to $5 trillion.
- Considering that the current Bitcoin market cap is about $1.6 trillion, there is plenty of upside potential in the market.
Bitcoin (BTC) hashrate has reportedly reached an all-time high.
Yonseident CryptoQuant contributor stated on the 10th, "Bitcoin's price has fallen to the $80,000 range, but the hashrate and mining difficulty continue to reach all-time highs." Hashrate is a key indicator of the speed at which Bitcoin mining operations are conducted and gauges the profitability of the mining industry.
Yonseident emphasized that this trend reflects Bitcoin's fundamentals. Yonseident explained, "The increase in mining difficulty may seem negative due to rising mining costs," but "this is actually an indicator reflecting strong fundamentals in terms of Bitcoin's intrinsic value."
He also mentioned the remarks of CryptoQuant CEO Ju Ki-young. CEO Ju recently stated, "Based on the hashrate, Bitcoin's potential market capitalization could reach up to $5 trillion." Yonseident noted, "Considering that the current Bitcoin market cap is about $1.6 trillion, there is still plenty of upside potential."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul![[Exclusive] South Korea’s FSS to look into ZKsync coin after a 1,000% surge in just three hours](https://media.bloomingbit.io/PROD/news/073d8ae6-ffa0-4b8b-85dd-3f131d9eb908.webp?w=250)
