Wrapped Bitcoin

Bitcoin

Bitcoin mining difficulty has surged over the past three years, increasing by 378% as institutional investment in large-scale mining operations drove it higher.
This has led to unprecedented levels of mining competition and entry barriers for individual miners. Still, Ki Young Ju, CEO of CryptoQuant, said this may be a positive for Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>).
Ju forecasted that the increase in mining difficulty may be a precursor to Bitcoin evolving into a stable currency by 2030. As institutional dominance increases, it could reduce volatility in the cryptocurrency space, Ju said. 
<figure>
 <img alt="Mining, Bitcoin Mining, Predictions, Halving, Bitcoin Halving" src="https://s3.cointelegraph.com/uploads/2024-10/0192be15-2df2-7750-932b-afab751e994c" title="">
 <figcaption style="text-align: center;">
 Chart depicting Bitcoin difficulty rising between 2010 and the fourth quarter of 2024. Source: CryptoQuant
 </figcaption>
</figure>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-must-hold-2021-level-btc-price-dip-over" rel="null" target="null" text="null" title="null">Bitcoin must hold this 2021 level as traders see BTC price dip ‘over</a>’
<h2 id="institutionalization-driving-btc-stability">Institutionalization driving BTC stability&nbsp;</h2>
Historically, Bitcoin and the broader cryptocurrency market have been known for their volatility, making them more speculative than stable.
The growing involvement of institutional investors has increased mining difficulty amid the centralization of computing power, but Ju suggests this could help stabilize the Bitcoin ecosystem.
In an X <a data-ct-non-breakable="null" href="https://x.com/ki_young_ju/status/1849350184100331556" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/ki_young_ju/status/1849350184100331556">post</a>, Ju said that “major fintech players are expected to drive mass adoption of stablecoins within three years.”
He said by the next halving event in 2028, BTC use as a currency “will start to be seriously discussed.”&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/over-63-000-btc-sent-exchanges-three-days-cryptoquant" rel="null" target="null" text="null" title="null">Over 63,000 BTC were sent to exchanges in last 72 hours — CryptoQuant</a>
<h2 id="bitcoin-l2s-and-wrapped-btc">Bitcoin L2s and Wrapped BTC</h2>
While layer-2 solutions like the Lightning Network have been touted as keys to BTC’s scalability, adoption rates have lagged behind venture capital (VC)-backed blockchains.
Ju said institutional support is critical for adopting BTC L2s, which face competition from alternative solutions like Wrapped Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/wrapped-bitcoin-price-index" rel="null" target="null" text="null" title="null">WBTC</a>).
WBTC integrates BTC into various ecosystems without the complexities of L2 infrastructure.
<figure>
 <img alt="Mining, Bitcoin Mining, Predictions, Halving, Bitcoin Halving" src="https://s3.cointelegraph.com/uploads/2024-10/0192be1d-5cb2-7ee1-a3ad-346a0a8c8b3c" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/ki_young_ju/status/1849361296053137480" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/ki_young_ju/status/1849361296053137480">Ki Young Ju</a>
 </figcaption>
</figure>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitwise-head-of-alpha-strategies-bitcoin-hitting-92k-trump-election-win" rel="null" target="null" text="null" title="null">Trump election victory could push Bitcoin to $92K, says Bitwise exec</a>
<h2 id="bitcoin-price-stability-vital-for-bullish-continuance">Bitcoin price stability vital for bullish continuance</h2>
BTC price analysis indicates that the $65,000 price level has become a do-or-die support after the cryptocurrency reached $69,000 on Oct. 21 for the first time since June.
Keith Alan, co-founder of Material Indicators,&nbsp;<a data-ct-non-breakable="null" href="https://x.com/KAProductions/status/1849303753964286195" rel="null" target="null" text="null" title="null">predicted</a>&nbsp;that if the BTC price “can hold above the 21-week moving average with no wicks,” it would signal that the short-term uptrend is here to stay.
With macroeconomic data and anticipated market volatility, BTC performance in the coming weeks will be closely monitored by analysts, with <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-must-hold-2021-level-btc-price-dip-over" rel="null" target="null" text="null" title="null">some predicting an all-time high retest before the year is out.</a>
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/solana-champion-mert-mumtaz-fud-sol-most-helius/" rel="null" target="null" text="null" title="null">The rise of Mert Mumtaz: ‘I probably FUD Solana the most out of anybody’</a>

Bitcoin could be used as currency by 2030 — CryptoQuant CEO

Table of Contents

Cointelegraph

Other articles published on Oct 24, 2024

Can Altcoins Thrive in Bitcoin’s Shadow?

The real flippening? Solana price hits new record high against Ethereum

ZachXBT claims Chinese trader launders millions in stolen funds for North Korea's Lazarus

Ripple News: Will the SEC’s Civil Appeal Be Dismissed? XRP Community Celebrates

Could Trump’s Win Drive Bitcoin Prices Up?

Bitcoin Spot ETFs Records $2.67B in Inflows in Just One Week

Join our free newsletter for daily crypto updates!