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Bitcoin May Soar 135% to Hit $100K

February 12, 2021 at 11:11 by Ibrahim Anifowoshe

Bitcoin hit a new all-time high of $48,600 late Thursday, February 11. This happens as big corporates like Mastercard, BNY Mellon, and Uber warm up to the king cryptocurrency. At 11:20 GMT On Friday, the world’s largest cryptocurrency was selling at $47,499, gaining 2.69% in the last 24 hours.

According to on-chain data provided by Glassnode, there are signs that show that BTC can skyrocket 135% from the current price. If it does, this will break $100k per coin. Glassnode CTO and co-founder Rafael Schultze-Kraft stated that the Bitcoin marketcap to thermocap ratio suggests that BTC can shot 135% from the current levels. He said:

Last bull market, $BTC was at ~$8,500 when Marketcap to Thermocap was at the current levels – and surged another 135% to the top in just a month. Things can go fast. Yea this time’s different, but just in case: 135% from here is ~$110k.

mc/tc glassnode chart

The last time Bitcoin was at the same MC/TC ratio it was trading close to $8,500. After this, it surged 135%. If Bitcoin would adopt similar pattern of growth, it’s possible that the pioneer cryptocurrency breaks soar past $100,000.

The marketcap/thermocap ratio assesses whether an asset is trading at a premium to the total security spent by miners. Moreover, the high deposits of stablecoins on exchange platforms and the surge in the number of active addresses is hinting that Bitcoin may soon hit $50,000. Rafael also mentions futures funding rates points to the fact that the $50k levels will be soon.

$4 Million minted in an hour

Bitcoin miners are having a good time as the Bitcoin hash rate continues to reach a new all-time high. On Wednesday the was 166.07 MTH per second. Since the hash rate is the computational power required to mine and process transactions, it appears that the average miner is making huge money from the surge in hash rate.

According to data from Glassnode, BTC miners also reached the highest-ever hourly miner revenue. Miners minted more than $4million in a single hour.

In addition, Bitcoin hit a $1 trillion fully diluted market cap. Earlier today, Litecoin founder, Charlie Lee tweeted about it:

Many lawmakers and politicians also seem to be warming up to the pioneer cryptocurrency. New York City Mayor aspirant, Andrew Yang, promised to make the city the hub for BTC and other cryptocurrencies. He said this in a tweet:

As mayor of NYC — the world’s financial capital — I would invest in making the city a hub for BTC and other cryptocurrencies.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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