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‘We Have a Long Way’ To Go Before Bitcoin Reaches Its Cyclical Top, According to CryptoQuant CEO – Here’s Why

by Daily Hodl Staff
February 21, 2024
in Bitcoin

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.

Image
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.

Image
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.

Image
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.

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