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
-
What is the origin of MTM, which is popular with capital
MTM is a blockchain project jointly built by the tally foundation, which is invested by the famous American investment company tally capital. Tally foundation, located in Chicago, USA, was founded in 2008 with abundant capital. It has a wide range of business, covering many fields, such as medicine, education, architecture, entertainment and so on MTM is a team composed of high-end researchers, professional medical professionals, dedicated investors and innovative engineers to create a unique platform. MTM is an important application scenario based on blockchain technology to solve stem cell traceability…
03/20/2021 -
TA: Ethereum Turns Vulnerable, Why $600 Could Prevent Fresh Increase
Ethereum faced an increase in selling and it declined sharply to $550 against the US Dollar. ETH price is correcting higher, but upsides are likely to remain capped near $595 and $600. Ethereum declined sharply below the $600, $595 and $580 support levels. The price is now recovering from $550, but it is below the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $592 on the hourly chart of ETH/USD (data feed via Kraken). The pair could resume its decline as long…
12/24/2020 -
NEWXX will jointly release NFT with a well-known design DAO.Contribute to the ecologically sound development
According to the official news, NEWXX Foundation will jointly issue NFT with famous design DAO in limited quantity, and users who get NXX-NFT can collect, auction or pledge NFT to get more NXX revenue. NEWXX Foundation and its partners around the world have been adhering to the core values of value investment and long-term and robust development strategy. In the period of crypto asset downturn and turbulence, the platform operates a robust and unique non-loss mining mechanism through its core technology to empower more users to maintain their mainstream crypto…
07/05/2022 -
OX Mavericks Quantitative, the creator of a new intelligent quantitative strategy in the era of big data
With the digital currency bull market entering a period of crazy profitability in 2021, the trend of blockchain dividends. With the advent of the era of big data in recent years, smart programs have become more and more popular among investors, starting from the birth of blockchain. The OX star quantitative team, which has been receiving attention from the beginning, entered the digital currency market from the traditional market in one fell swoop. After three years of deep cultivation, the OX Mavericks quantitative top application has been developed. What…
02/04/2021 -
Betfairand Arthur Holland foundation, Xinze capital, encryption assetresearch institute Jointlypromote online sports gambling business
Everystep is setting a new height, and Betfair is ushering in an importantmoment. On December 28, 2020, we officially become strategic partnerswith Arthur Holland foundation, Xinze capital and encryption assetresearch institute. We will jointly promote online sports gamblingbusiness. Asyou all know, we are one of the largest gaming companies in theworld. We have been established for more than 20 years. We are famousfor efficient price feedback. We have a real gaming website where wequantify sports and other activities and allow others to buildopposing models to bet on us. Foundedin 2009…
12/29/2020 -
Unleashing the Full Potential of NFT Staking with Lynk
Lynk, the SocialFi platform helming the push of the Web 3.0 era, has announced the launch of its NFT staking portal that will help users unleash the potential of their Lynk NFTs. Starting from 13th March 2023, 05:00 UTC, members are able to stake their Finder and Keeper NFTs to earn attractive yield daily, with additional opportunities to accelerate their rewards through community-led activities and challenges. What is NFT Staking? NFT staking involves temporarily locking NFTs on a specific platform or protocol to gain rewards and other benefits. It is…
03/14/2023 -
TTI LABS will soon be launched on the Firecoin eco-chain with unlimited potential
In the history of human development, innovation is eternal. Behind them, there must be the cooperation and integration of countless people’s ideas. In December, 20 years ago, the official announcement was made on the Firecoin global website, to help developers build decentralized applications flexibly and efficiently, Firecoin announced the official launch of the Huobi ECO Chain (“Heco” for short). With the market value of Bitcoin surpassing $1 trillion, many institutions and ecosystems are running to enter, and various tracks are still starting a war that cannot be seen. TTI LABS,…
02/26/2021 -
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 -
$HWT Performs Admirably with a 710% Spike in the Season of Love
“Fly me to the moon, let me play among the stars”, an instant classic song from the 60s by Count Basie and Frank Sinatra. Does it automatically send a tune ringing in your heart? Well, it is only logical this Valentine’s Day to save the best to be treasured for for your loved ones, family and friends. From love letters, chocolate boxes, truffles, bouquet of flowers, candlelight dinners and more, leave a lasting memory that will last forever in the hearts of your loved one or partner. It is…
Uncategorized 02/20/2023 -
Crypto Long & Short: Bitcoin’s Relationship With Gold Is More Complicated Than It Looks
Earlier this week, JPMorgan published a global markets strategy note that points out that money has flowed out of gold and into bitcoin since October, and predicts that this trend will continue over the medium to longer term. The easy conclusion is that investors are finally understanding that bitcoin (BTC, -0.62%) is a superior future store of value to gold, and are rotating out of one and into the other. I’m not convinced that’s what we’re seeing. I agree with the analysts, though, that inflows into bitcoin will continue to increase, but not because investors are changing…
12/14/2020