‘We Have a Long Way’ To Go Before Bitcoin Reaches Its Cyclical Top, According to CryptoQuant CEO – Here’s Why
One Bitcoin metric indicates there’s still a “long way to go” before BTC hits its cyclical top, according to the co-founder and chief executive of analytics platform CryptoQuant.
Ki Young Ju notes that 63% of Bitcoin’s realized cap hasn’t moved in more than six months.
Realized cap is an on-chain metric that attempts to provide a better estimate of the top crypto asset’s market capitalization by eliminating long-lost and unclaimed coins in the calculation.
In terms of the same metric, previous cycle tops in 2021, 2018 and 2014 registered 15%, 5% and 5% respectively, according to the CEO.
Source: Ki Young Ju
Young Ju also notes that Bitcoin currently has triple the hash rate it had when it was at the same price point in 2021.
Source: Ki Young Ju
The hash rate measures the processing power of the Bitcoin network as the speed at which a miner completes an operation. A higher hash rate indicates a stronger network and better security.
Additionally, the CEO points out that 18,000 BTC recently moved from top US crypto exchange Coinbase to multiple non-exchange addresses which were likely custodial wallets.
Source: Ki Young Ju
Bitcoin is trading at $52,205 at time of writing. The top-ranked crypto asset is up more than 5% in the past week and more than 18% since the start of the year.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Check Latest News Headlines
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post ‘We Have a Long Way’ To Go Before Bitcoin Reaches Its Cyclical Top, According to CryptoQuant CEO – Here’s Why appeared first on The Daily Hodl.