U.Today – In addition to being the first blockchain protocol, the (BTC) network is considered by many to be the most secure and robust in the industry. In alliance with this notion, CryptoQuant CEO Ki Young Ju has teased that the network can maintain an additional valuation than it currently boasts.
According to the top market analyst, the fundamentals of the Bitcoin network can sustain a market capitalization three times the current size. Right now, Bitcoin is changing hands for $62,636.62, down 1.89% in 24 hours. At this market price, Bitcoin's market cap is $1,232,860,805,283.
According to Ki Young Ju's estimate, the Bitcoin network will remain resilient with a maximum capitalization of $3,698,582,400,000. According to the analyst, this valuation will amount to a target price of $265,000. Young Ju believes that the network fundamentals right now are better than in November 2021, when Bitcoin surpassed the all-time high of $69,000 (ATH).
This time, there are several spot exchange-traded funds (ETFs) backing the asset. This product effectively opens Bitcoin to the general traditional financial ecosystem. Projection of Bitcoin adoption is already taking center stage, with Susquehanna International Group (SIG) reportedly holding over $1 billion in various BTC ETF spot shares.
SIG joins the likes of Morgan Stanley and BNP Paribas (OTC:), both of which have upped the ante on Bitcoin ETFs lately.
While the best forecast for the resilience of the Bitcoin network is a price of $265,000, proponents like Samson Mow project valuations higher than $1 million. Depending on the design of Bitcoin, the relationship of market capitalization and Hashrate, as projected in the chart presented by Ki Young Ju, may continue to expand as individual metrics grow.
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For now, however, industry observers anticipate a rebound in Bitcoin's price to the $70,000 mark.
This article was originally published on U.Today.
