Amidst its status as the pioneering blockchain protocol, Bitcoin (BTC) has earned a reputation for being the safest and most robust network in the cryptocurrency industry. Bolstering this perception, CEO of CryptoQuant, Ki Young Ju, has hinted at the network’s capacity to accommodate a significantly higher valuation than its current standing.
According to insights from a prominent market analyst, the fundamentals of the Bitcoin network indicate a potential to support a market capitalization three times its current size. Presently, Bitcoin is trading at $62,636.62, reflecting a decrease of 1.89% over the past 24 hours. This places Bitcoin’s market capitalization at $1,232,860,805,283.
Ki Young Ju’s assessment suggests that the Bitcoin network could remain robust with a peak capitalization reaching $3,698,582,400,000, translating to a projected price target of $265,000. Young Ju highlights that the current network fundamentals surpass those of November 2021, when Bitcoin reached its all-time high (ATH) of over $69,000.
The present landscape sees an array of spot Exchange Traded Funds (ETFs) supporting Bitcoin, effectively integrating the cryptocurrency into the traditional financial ecosystem. Notably, Susquehanna International Group (SIG) reportedly holds over $1 billion in various spot BTC ETF shares, joining major financial institutions such as Morgan Stanley and BNP Paribas (OTC:BNPQY) in bolstering Bitcoin ETFs.
While projections from Ki Young Ju suggest a potential price mark of $265,000, proponents like Samson Mow foresee even higher valuations, reaching up to $1 million. As per Bitcoin’s design, the Market Cap and Hashrate ratio, illustrated in a chart by Ki Young Ju, are anticipated to expand in tandem with the growth of individual metrics.
In the interim, industry observers are eagerly anticipating a resurgence in Bitcoin’s price, with expectations set on a rebound towards the $70,000 threshold.
