Bitcoin continues to defy expectations. While the price recently surpassed its November 2021 peak, the true story might lie beneath the surface – a record-breaking surge in hashrate, the computational power securing the network. This unexpected development has analysts buzzing about potential bullish signals for the world’s leading cryptocurrency.
The hashrate, essentially the combined processing power of Bitcoin miners globally, has doubled in the past year. This stands in stark contrast to the price action, which has only marginally surpassed its previous all-time high.
Bitcoin Hashrate Surge: The ‘Money Container’
Ki Young Ju, CEO of crypto analytics company CryptoQuant, interprets this as an upbeat “imbalance.” The increased hashrate suggests the network’s capacity to handle a much larger monetary value, potentially tripling its current worth.
Ju’s analogy of Bitcoin as a “container for money” highlights the underlying strength of the network. A cha
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