Realized Cap and Hash Rate Offer Insights
According to Ki Young Ju, co-founder and CEO of analytics platform CryptoQuant, there’s still a long way to go before Bitcoin reaches its cyclical top.
Young Ju pointed out that 63% of Bitcoin’s realized cap hasn’t moved in more than six months. This metric aims to provide a more accurate estimate of Bitcoin’s market capitalization by excluding lost and unclaimed coins.
In previous cycles, the realized cap reached 15% in 2021, 5% in 2018, and 5% in 2014, indicating that the current cycle has room to grow.
Young Ju also highlighted Bitcoin’s hash rate, which is triple what it was in 2021 when Bitcoin was at a similar price point. A higher hash rate indicates a stronger and more secure network.
Recent BTC Movement from Coinbase
Additionally, Young Ju noted that 18,000 BTC recently moved from Coinbase to non-exchange addresses, likely custodial wallets.
Current Market Situation
At the time of writing, Bitcoin is trading at $52,205, up 5% in the past week and 18% since the start of the year.
Disclaimer
FastPayCrypto does not provide investment advice. Investors should conduct their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets.
