Bitcoin Price Is Holding Well Above $20k but This Penny Crypto Can Surge 30 Times

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Now at $20,209, the price of bitcoin has dropped back to levels last seen before the 2017 rally,

Charles Edwards, the CEO of Capriole, an asset management company, created the Bitcoin Yardstick and has observed that it has just hit its second-lowest level ever.

Bitcoin is much more oversold than the typical holder realizes, according to a new contender, as on-chain measures combine to put in a conventional macro bottom for BTC/USD.

The Bitcoin Yardstick compares the market capitalization of all Bitcoins to the total number of blocks mined every second.

According to Edwards, the lower the price of Bitcoin, the more hash power is being utilized to protect the transaction.

This is not investment advice, but it does have ramifications for potential purchasers because most of Bitcoin’s unrealized worth is in the effort put in to secure the supply while prices were artificially low.

The current Bitcoin network hash rate is very close to all-time highs, yet the price is down roughly 75% from the latest all-time highs reached in November 2021.

He goes on to say that he’s seeing the second value for the Bitcoin Yardstick in the cryptocurrency’s history, which suggests that Bitcoin is incredibly inexpensive in relation to the amount of energy used by the most advanced computing network globally.

Proof-of-work (PoW) is the Bitcoin network’s mining algorithm, and the Yardstick contributes to the idea that Bit