In addition to being the first blockchain protocol, the Bitcoin (BTC) network is considered by many to be the most secure and robust in the industry. In alliance with this notion, CryptoQuant CEO Ki Young Ju has troubled that the network can sustain an additional valuation than it currently boasts.
In addition to being the first blockchain protocol, the Bitcoin (BTC) network is considered by many to be the most secure and robust in the industry. In alliance with this notion, CryptoQuant CEO Ki Young Ju has troubled that the network can sustain an additional valuation than it currently boasts.
According to the top market analyst, the fundamentals of the Bitcoin network can sustain a market capitalization three times the current size. Right now, Bitcoin is changing hands for $62,636.62, down 1.89% in 24 hours. At this market price, Bitcoin’s market capitalization is $1,232,860,805,283.
According to Ki Young Ju’s estimate, the Bitcoin network will remain resilient with a maximum capitalization of $3,698,582,400,000. According to the analyst, this valuation will amount to a target price of $265,000. Young Ju believes that the network fundamentals right now are better than in November 2021, when Bitcoin surpassed the all-time high of $69,000 (ATH).
This time, there are several spot exchange-traded funds (ETFs) backing the asset. This product effectively opens Bitcoin to the general traditional financial ecosystem. Bitcoin Adoption Projection Is Already Taking Center Stage, Susquehanna International Group (SIG) Reportedly tenure over $1 billion in various BTC ETF spot shares.
SIG joins companies like Morgan Stanley and BNP Paribas, both of which have upped the ante on Bitcoin ETFs lately.
While the best forecast for the resilience of the Bitcoin network is a price of $265,000, higher valuations of $1 million are expected. projected by advocates like Samson Mow. Depending on the design of Bitcoin, the relationship of market capitalization and Hashrate, as projected in the chart presented by Ki Young Ju, may continue to expand as individual metrics grow.
For now, however, industry observers are anticipating a rebound in the price of Bitcoin to the $70,000 mark.
