This Blockchain Indicator Might Show Bitcoin Rally Has Legs
Bitcoin’s price has nearly doubled this year, but the rally could have room to run. That’s based on a new report by Coin Metrics, a cryptocurrency data firm, which shows bitcoin (BTC) is not at an extreme relative to the previous market top in 2018.
The MVRV ratio is a measure of bitcoin’s market value relative to its realized value. The gauge represents the difference between the cryptocurrency’s current price and the average price at which bitcoins were acquired. When it reaches an extreme, the thinking goes, traders might be inclined to take profits, creating sell pressure that could push price down.
- The near 20% bitcoin sell-off from an all-time-high around $60,000 last week triggered a decline in the MVRV ratio to 0.88.
- “Historically, the periods that MVRV has dropped below 1.0 have been some of the best times to invest in BTC,” according to Coin Metrics.
- The MVRV indicator reached an extreme around 4 in 2018, and near 6 in 2014, just prior to the start of bear markets.
![This Blockchain Indicator Might Show Bitcoin Rally Has Legs](http://www.coinccn.com/wp-content/themes/tokenmedia/themer/assets/images/lazy.png)
Recommended News
-
Sphere Financial Inc: Transforming the World of Finance with Ground breaking Blockchain Solutions
Sphere Financial Inc (SFI), a disruptive force in the finance industry, is revolutionizing the financial landscape with its unparalleled blockchain solutions. By empowering individuals and businesses worldwide with decentralized and all-inclusive approaches, SFI is redefining traditional finance and ushering in a new era of possibilities. Founded by visionary leaders disillusioned with exploitative banking practices, SFI is on a mission to construct a financial ecosystem that transcends borders and extends opportunities to all. The company’s comprehensive suite of blockchain solutions caters to diverse industry needs, offering innovative solutions that address…
Uncategorized 07/06/2023 -
Who is the king of decentralized lending? Hecolend is coming!
In recent years, the social and financial status of digital assets has been significantly improved. A large number of digital asset holders regard it as an asset with the same status as real estate and are willing to hold and store it for a long time. At present, many digital asset players hope to hold digital assets for a long time, but due to their own capital turnover needs, the value of digital assets has not been widely recognized by traditional financial institutions, and they cannot obtain funds through other…
08/02/2021 -
Mars Rabbit, a new BSC deployed DEFI + NFT blockchain project roaring across the horizon- the next generation community token that is positioned to surpass Dogecoin
What people have been saying about these rabbits: “Crazy and silly” “Weird and funny’ “Large eyes, ears and teeth.” “Representative of the Cute and goofy world” The rabbits come from Mars! They are crazy and full of imagination! They are called Mars Rabbits! “Imagination monetizing”: turning your imagination into reality and money. Project Introduction Mars Rabbit is a community driven DEFI+NFT blind box card game platform deployed on the BSC network. With no private sale, IDO, and pre-mining, Mars Rabbit uses token rewards to increase user participation and entertainment. The integration of a…
10/05/2021 -
Delivering on the Next Standard for Blockchain
Fallout from the Collapse of Centralized Exchange FTX In early November 2022, FTX, the world’s second-largest exchange for cryptocurrencies and digital assets, was valued above US$30 billion. On 14th November 2022, FTX, along with 130 other affiliated companies founded by CEO Sam Bankman-Fried, filed for bankruptcy. The dramatic and messy collapse of FTX sent shockwaves around the entire industry. Reports and rumours are now flowing in with details of mismanagement and abuse perpetuated by those at the top. According to CNBC, Bankman-Fried spent ‘substantial amounts of money’ on luxury unrelated…
06/12/2022 -
Dig Deep Credit Evaluation System Value, Coke Wallet To Create Block Chain Wallet New Track
In recent years, the influence of digital currency in global politics and economy has been rapidly increasing, which has brought great impact and change to the existing international financial system. At present, the number of global digital currency exchanges has exceeded 20000, basically growing at a rate of more than 3000 per six months. Although a series of important regulatory policies have had a great impact on the market, there are no signs of cooling the trading and circulation of digital currencies. Digital currency trading is a global act. At…
24/12/2020 -
Coinbetter: Looking at the revolutionary road of NFT from X2Y2
The explosion of X2Y2 will only take a short period of time. On February 16th, the NFT trading platform X2Y2 announced that 12% of the tokens (120 million pieces) were used for airdrops to OpenSea historical trading users. However, three hours after the event started, X2Y2’s token airdrop activity was suspended. At that time, X2Y2 officially stated that because the user experience of the airdrop was not as expected, the team would suspend the airdrop to improve the overall user experience. As of the suspension of the event, 0.5% of…
22/02/2022 -
Discover Musk, Metaverse, NFT and NPC from the historical trajectory
In 2004, one year after the launch of MindArk’s real-money economic game Entropia Universe, a user named Deathifier bought a treasure island on Planet Calypso for 265,000 PED (Project Entropia Dollars, equivalent to US$26,500). Treasure Island made history as the most expensive virtual item at the time, and Deathifier claimed to achieve a balance of payments within a year. He started filling the island with special thugs, taxing tourists and selling houses. Over time, Reddy MMORPG has launched more planets, some of which are operated and managed by other companies…
14/12/2021 -
Alaya: The Dark Horse in the Field of AI Data
With the rapid advancement of AI technology, the significance of data in the field of AI is becoming increasingly evident. The quality, quantity, and diversity of data directly impact the performance and accuracy of AI models. Alaya aspires to be a leader in the field of AI search by focusing on these three aspects. It aims to utilize blockchain technology to collect and annotate data, ultimately providing people with higher-quality data. Data Quality In the field of AI, data quality holds paramount importance for model training and predictive accuracy. High-quality…
23/10/2023 -
CoinW Labs Empowers the Growth of Outstanding Web3 Projects at the 2nd Tokyo Summer Hackathon
In collaboration with Cryptogram Venture (CGV), Keio University, MetaFocus, and TEAMZ, CoinW Labs concluded the first roadshow of the highly anticipated 2nd Tokyo Web3 Spring Hackathon (TWSH) on May 17th. CoinW Labs joined forces with prominent Web3 experts from around the globe to unearth promising projects and foster the accelerated growth of high-quality Web3 ventures. The second edition of TWSH was strategically positioned as “Based in Japan, looking at the world,” aiming to identify, support, and nurture exceptional individuals and teams in the Web3 domain on an international…
Uncategorized 22/05/2023 -
Breakthe financial spell and the world has brightened – the GSA GalacticPact
Whetherit’s the ICO frenzy of 2017 or the ubiquity of blockchain apps today,the opacity of project fundraising usage seems to have become thenorm. The Galaxy Convention sees this as highly irresponsible tocommunity members and investors. Therefore, the establishment andapplication of the decentralized financial system of the GalacticConvention will break the financial curse and restore the world tothe light. Accordingto the Galactic Convention, the operation mechanism of the doublecirculation system of the galactic host star and the galactic starwill bring the value of the card to the utmost, and make all…
17/12/2020