The price of Bitcoin fell from $109K to around $80K, but the hashrate and mining difficulty reached all-time highs.

The increasing difficulty may seem detrimental due to higher mining costs, but it reflects a strong fundamental in Bitcoin's intrinsic value, which is the strength of mining and the security of its network.

Ki Young Ju, CEO of CryptoQuant, revealed that the potential market capitalization of Bitcoin based on hashrate could reach $5 trillion.

With the current market capitalization at $1.6 trillion, the potential for growth remains significant.