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.
Recommended News
-
New asset class: NFT fusion assets created by META X CITY take off
Fusion NFTs more profound than other alternative asset classes is the timing. The world is still gripped by volatility, uncertainty, complexity and ambiguity. A fourth wave of COVID is spreading around the world, bringing with it more economic disruption. Energy prices are spiraling and clogged up shipping is leading to an acute shortage of goods, all while companies report increasing rates of resignation and nobody to fill the subsequent vacancies. Interest rates are still at rock bottom despite galloping inflation. This dynamic repeats itself over and over again, from basketball…
12/26/2021 -
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…
12/17/2020 -
Genesis NFT airdrop in Europe and the US——MotorN’s love is coming!
The United States in North America is the global leader in the PC Internet Web1.0 era, and China in Asia is overtaking in the mobile Internet Web2.0 era, while the main force of the development of web3.0 is still in Europe and the United States, and Web3.0 is becoming a new field of “fighting” for the Internet giants in Europe and the United States in 2022. The next decade is the golden age of web3.0 development, instead of hesitating in the retreating web2.0, why not stride into web3.0 and find…
08/12/2022 -
Opportunities and Challenges of Amazon Cross-border E-Commerce Development in the Context of the Epidemic
In 2020-2021, the new crown epidemic broke out one after another around the world, and in order to prevent the spread of the epidemic, many governments have issued home quarantine measures. This outbreak suppressed offline consumer demand in the global market, but at the same time also prompted further release of online consumer demand, making online shopping the mainstream shopping method and ushering in a new development opportunity for cross-border e-commerce. At the same time, affected by the global financial crisis, many countries in the entry and exit, logistics, customs…
01/12/2022 -
Lingose will soon be listed on OKX, Bybit and Bitget exchanges
The simultaneous listing of Lingose on OKX, Bybit and Bitget exchanges has caused heated discussions in the circle. While some people are actively participating in the ecological construction of lingose, some are still thinking, why is it lingose? This article will analyze Lingose in detail, so that more people can understand the project in depth. First of all we have to know what does Lingose do? Lingose aims to establish a Game ID system based on blockchain data, which provides qualification proof by capturing users’ on-chain behavior. Every step…
09/15/2022 -
Prime XBT: Overall Crypto Exchange Review Prime XBT is a crypto margin trading platform that provides access to global markets with Bitcoin. It offers access to 50+ synthetic-markets which involves trading in crypto, commodities, forex and various stock indexes. It facilitates all trades through a Bitcoin-based account. Moreover, it is one of the prominent platforms for active traders. The company has grown phenomenally over the years. It serves customers in over 150 countries. However, why would you choose a Bitcoin-based exchange amid various crypto exchanges? In this review, I will take…
12/24/2020 -
Nature Dao, a crypto-era natural UN is on the rise
The Metaverse has brought endless imagination to the encryption industry, and it has also really promoted the development of the industry. As the natural organizational structure of blockchain participants, DAO has an unparalleled fit with the blockchain. At the end of 2021, institutionDAO launched a crowdfunding auction for the governance token people, a copy of the U.S. Constitution, which set off an industry frenzy and quickly went out of the circle; at the same time, the profile of the official Twitter @sequoia of Sequoia Capital, the world’s top venture capital…
05/17/2022 -
Reshaping AI in Fintech: The Future of Financial Technology’Introduction: AI Leading Financial Innovation
In the fintech sector, the application of Artificial Intelligence (AI) stores has become a significant force driving industry innovation and efficiency. Through applications in algorithmic trading, risk management, and customer service automation, AI technology not only optimizes financial service processes but also enhances decision-making accuracy and the level of personalized service. This article will explore key application areas of AI in fintech and its impact on future financial services. Algorithmic Trading: The Speed and Intelligence of AI in the Market Accelerating the Decision-Making Process In financial markets, algorithmic trading uses…
Uncategorized 03/12/2024 -
Alyx Chain Supports Multiple Programming Languages in its SDK
News update: Alyx Chain plans to support multiple popular programming languages such as C++, Java, Python, Go, Rust, Move and more for its Software Developer Kits (SDKs). Programming languages are the keystone of application development. Blockchains trying to attract a diverse group of developers to build in their ecosystem need to provide the necessary support and tools to cater to the different strengths of each developer. Some applications requiring the ability to define custom resource types are better built on Move, others can leverage on Go’s ability to spawn…
11/20/2022 -
The world’s first decentralized mining power financial service platform DMEX is coming online
We believe in ourselves, therefore we gaze at the stars and shoot for it. The world needs lionhearts like us to innovate and to discover! Compares to traditional mining, cloud computing based mining lowers the barriers to entry for investors. Hence it became one of the most sought-after investments at present. Globally there are over 50 cloud based mining platforms. Together they account for more than 80% of the cloud mining market. Multiple cryptocurrency exchanges, wallets and media communities have entered this market. In the same manner, the sale and transfer of mining power…
12/15/2020