BTC Hash Rate at All-Time High, Price is Undervalued
CryptoNewsTerminal Staff08 Sep, 2024
BTC Hash Rate at All-Time High, Price is Undervalued
At the moment, the BTC price is extremely undervalued, according to Peter Chung, an analyst at the algorithmic trading firm Prestos Research. "The BTC price has recently been driven by macro factors, and the market has overlooked one of the key fundamentals of BTC, which is its hashrate," Chung said in an interview with CoinDesk. "The hashrate is currently at an all-time high of 679 EH/s." Lucy Hu, senior analyst at Hong Kong digital asset management firm Metalpha, believes that the crypto market will remain volatile until the next FOMC meeting. "The US non-farm payrolls data released last Friday fell short of expectations, which weighed on market sentiment," Hu said.
