Analyst and founder of the Capriole Investments fund Charles Edwards said multiple on-chain metrics suggest that Bitcoin and other cryptocurrencies have “a lot further to run” in this bull market.
“Gold’s inflation rate went up +50% in 2023 to 3% p.a. That makes Bitcoin’s inflation rate less than one-quarter of gold’s. Bitcoin is now the hardest store of value.”“The fourth halving also marks a significant milestone in the comparison of Bitcoin to Gold as for the first time in history, Bitcoin’s steady-state issuance rate becomes lower than gold , marking a historic handover in the title of scarcest asset.
“We do see both diminishing returns and a shallower total drawdown effect over time, which is a natural result of the growing market size and the scale of capital flows required to move it.”Glassnode assessed BTC price performance between the cycle low and the halving and found that while there was a stark similarity between 2015, 2018 and the current cycle with between 200% and 300% price increases, the 2024 one was different as it broke the previous all-time high before the halving event.