On-Chain Data Shows Bitcoin (BTC) Can Skyrocket 135% From Here to Above $100K

By Bhushan Akolkar
Published February 12, 2021 Updated February 12, 2021
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On-Chain Data Shows Bitcoin (BTC) Can Skyrocket 135% From Here to Above $100K

By Bhushan Akolkar
Published February 12, 2021 Updated February 12, 2021

Late Thursday, February 11, Bitcoin (BTC) hit a new all-time high moving past $48,600 levels. The BTC price rally comes as big American corporates like BNY Mellon and Uber warm up to the world’s largest cryptocurrency. At press time, Bitcoin (BTC) is trading 5.22% up at $47,318 with a market cap of $878 billion.

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On-chain data from Glassnode shows that BTC can skyrocket 135% further from the current levels thereby smashing past $100,000 levels. Glassnode CTO and co-founder Rafael Schultze-Kraft state that the Bitcoin marketcap to thermocap ratio suggests that BTC can shot 135% from the current levels.

The last time Bitcoin (BTC) was at the same MC/TC ratio it was trading close to $8500 levels, post which it surged 135% higher. So if Bitcoin (BTC) follows a similar growth now, it can shoot past $100K levels.

The marketcap/thermocap ratio assesses whether if the asset is trading at a premium to the total security spent by the miners. Apart from it, the high stablecoin deposits at the exchanges and the surge in daily active addresses already hint that Bitcoin will soon be hitting $50,000 levels. The Glassnode CTO also cites the futures funding rates that shows that BTC can touch $50K levels soon.

Bitcoin Hash Rate Hits All-Time High, Miners Mint $4 Million In One-Hour

Bitcoin Miners Are having a great time as the Bitcoin hash rate touched its all-time high of 166.07M TH/s on Wednesday, February 10. Hashrate is the computational power required to mine and process transactions on a Bitcoin network. Thus, with the surge in the BTC hashrate, miners are making huge money recently.

In a new milestone, Bitcoin miners clocked the highest-ever hourly revenue in the history of Bitcoin (BTC). As per the data from Glassnode, the BTC miners made more than $4 million in a single hour.

In another milestone, Bitcoin clocked $1 trillion in a fully diluted market cap. Litecoin (LTC) founder Charlie Lee tweeted about the same earlier today.

On the regulatory side, it seems that more and more lawmakers are warming up to Bitcoin. After the Miami mayor’s relentless support to BTC, now NYC mayor Andrew Yang has promised to make the city a hub for BTC.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan Akolkar
725 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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