It was Edwards who authored this optimistic model of Bitcoin’s (BTC) network progress. As covered by U.Today in mid-February 2020, the Capriole Investments founder masterfully predicted this metric to reach $100,000 by 2025.
The model works with many inputs, including the efficiency of most advanced mining hardware and the aggregated BTC network hashrate.
Both Bitcoin (BTC) difficulty and hashrate, two major indicators of miners’ commitment, are at all-time highs right now. Bitcoin (BTC) difficulty reached a whopping 95.67 T after the latest adjustment, while the hashrate jumped to a record-breaking 925 EH/s last week.
Previously, the Bitcoin (BTC) price surged hand in hand with the Energy Value Chart, so, its validity is a bullish signal for Bitcoin (BTC) supporters.
By press time, the largest cryptocurrency is changing hands at $69,700, up 1.9% in the last 24 hours. That said, BTC outperforms the market benchmark of a 1.4% surge.
After absorbing the latest portion of “Tether FUD,” Cryptocurrency Fear and Greed Index is back to the greed zone at 72/100.
In the last 24 hours, Bitcoin (BTC) trading volume almost doubled and reached $87 billion in equivalent.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
