- October 22, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Bitcoin’s daily trading volume is regularly surpassing the total market capitalization of public Bitcoin mining companies, amid concerns public miners are overvalued.
On Oct. 21, Bitcoin recorded $37 billion in spot trading volume, maintaining a trend between $20 billion and $40 billion throughout 2024. Bitcoin derivative’s open interest has also reached an all-time high of around $40 billion, with nearly double that in trading volume, according to data from Coinglass.
Despite opinions that mining stocks are overvalued from a fundamental perspective, market forces suggest these valuations may increase further, as noted by D.R. Lewis. He notes the entire public Bitcoin mining sector holds a market capitalization of approximately $28 billion. These companies collectively produce close to 30% of Bitcoin’s supply at scale.
The daily transactional volume on Bitcoin exchanges exceeding the total market cap of miners highlights a significant disparity in the Bitcoin miner market.
The post Bitcoin miners combined $28 billion market cap potentially undervalued compared to BTC trading volumes appeared first on CryptoSlate.
