Bitcoin is well below its highest level (ATH) reached last year. According to On-Chain data, it is stated that Bitcoin is cheap.
On-Chain analyst Charles Edwards reported on Glassnode data. in sharing, Bitcoin’s “extremely cheap” claimed to be. The analyst shared a chart showing that the “yardstick” indicator, created by dividing the market cap by the hash rate, has reached such lows for the first time since Bitcoin was at $ 4,000.
Stating that Bitcoin is at the second lowest level in its history in the chart, the analyst said, “Bitcoin is extraordinarily cheap considering the amount of energy used in the most powerful computer networks in the world.” made statements.
Many market commentators think that the miners’ inability to make enough profits and their helplessness in the face of falling prices continues to create selling pressure. It is stated that individual miners cannot profit at the current Bitcoin price, which is around $20,000.
In the bear market, the revenues of many mining companies fell, and many began to make losses. According to a statement made by Core Scientific, one of the major mining companies, last week, the company was shutting down due to the difficult situation it was in. considering going bankruptcy.
