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
-
Crypto Investor MetaKovan Announced as Buyer of $69.3M Beeple NFT
MetaKovan, the pseudonymous founder of non-fungible token (NFT) fund Metapurse, is the proud owner of the Beeple NFT auctioned by Christie’s on Thursday for $69.3 million. “When you think of high-valued NFTs, this one is going to be pretty hard to beat,” MetaKovan said in a press release issued by the 255-year-old auction house. MetaKovan paid for Beeple’s “Everydays” in ether (ETH, -2.04%), Christie’s confirmed, beating out Tron founder Justin Sun in a last-minute bid. The final sale price was 42,329.453 ETH. Appearing on CoinDesk TV earlier Friday, Beeple (aka Mike Winkelmann) said, “I probably will keep a percentage…
Uncategorized 03/14/2021 -
The Influence of AI on StarSea Bit Exchange: Transforming the Future of Cryptocurrency Trading
In the dynamic and fast-paced world of cryptocurrency trading, new technologies continually shape and redefine how exchanges operate and how traders engage with the markets. One of the most impactful advancements in recent years has been the rise of Artificial Intelligence (AI). The integration of AI into trading platforms such as StarSea Bit Exchange has not only enhanced trading efficiency but also opened up new opportunities for users. In this article, we will explore how AI is reshaping the landscape of the StarSea Bit Exchange and its implications for the…
11/21/2024 -
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 -
CGS brand upgraded to CGL to create web3 gamefi traffic portal
With the rapid growth of the web3 market, CGS has begun to accelerate the globalization. As the gamefi market has been recognized in recent years, the audience of CGS is gradually moving from gamefi enthusiasts to the entire web3 crowd. As the blockchain is gradually recognized by the public, CGS will face new opportunities and challenges. So CGS (Crypto Gladiator Shards) brand upgrade was renamed CGL (Crypto Gladiator League), which will grow from the original single game ecosystem to a game platform and become the game traffic portal of the…
02/23/2023 -
Industry Special! CoinW Announces Free BTC Transaction Fees
“Difficult tasks are tackled from where it is easy, and great undertakings have small beginnings”. From the Tao-te Ching, chapter 63. On July 5, 2022, CoinW announced to its global users that BTC transactions fee are free. It is reported that CoinW is the first leading exchange in the world to announce free BTC transaction fee. As we all know, as the world’s most emerging industry, the fintech sector brings together the world’s best talent. And exchanges are one of the most lucrative business models in the fintech industry, and for exchanges…
07/07/2022 -
Alaya: The Pioneer of Artificial Intelligence Data
In the 1940s, the third wave of technological revolution was set in motion by historical titans, propelling humanity onto the vast stage of a new era. Computer technology and space exploration ushered our species into uncharted territories. While the populace revealed the conveniences afforded by these groundbreaking innovations, they couldn’t escape the shadows of uncertainty, a fear that this newfound technology might displace them, leading them to unemployment. However, the passage of countless years has brought forth the Golden Age, providing resounding answers to the people’s concerns. In this period,…
09/11/2023 -
Dialogue with BrightCoin: When the Cutting-Edge Exchange Targets the Global Digital Market
In the fast-paced world of cryptocurrency, BrightCoin has quickly captured the attention of global investors as a rising star. With the increasing adoption of blockchain technology and the rapid growth of digital assets, the demand for a trading platform that offers both a secure trading environment and an innovative experience has never been higher. BrightCoin was born to meet this demand, leveraging its unique features and strong platform value to quickly establish itself as a key player in the cryptocurrency market. Platform Overview: The Perfect Blend of Security and…
09/11/2024 -
BrightCoin’s Future Blueprint: Shaping the Next Generation of Cryptocurrency Trading Ecosystems
In 2024, BrightCoin has emerged as a rising star in the cryptocurrency world, earning its place in the market through its exceptional security and user experience. However, for BrightCoin, its past success is merely the beginning. Looking ahead, how will BrightCoin leverage its technological strengths and market position to continue driving innovation in cryptocurrency trading? This article will explore BrightCoin’s future development strategies and how it plans to maintain its leadership in an increasingly competitive crypto space. Expanding Cryptocurrency Support: Offering More Choices for Investors One of the primary goals…
09/10/2024 -
MatrixSwap Secures Strategic Investment from Leading Web3 Investment Firm 3.Foundation to Propel the Future of Decentralized Finance
On August 13, 2024, MatrixSwap reached a significant milestone as 3.Foundation, a renowned Web3 investment firm in the U.S., announced a $5 million strategic investment in the platform. This investment underscores MatrixSwap’s potential and technical prowess, marking a new chapter in the evolution of decentralized finance (DeFi). 3.Foundation is recognized for its pivotal role in the Web3 ecosystem and recently launched a $45 million Decentralized Futures Program to support diverse projects. Their investment in MatrixSwap reflects their confidence in the platform’s innovative cross-chain bridge technology and the pioneering Proof…
08/16/2024 -
Investing in Future Leaders The All-Weather Story FUND and Bridgewater Associates Collaborate with Jonathan Blake for a Talent Program at Business Schools
The All-Weather Story FUND (TAWSF) and Bridgewater Associates have teamed up with renowned business strategist Jonathan Blake to launch an ambitious talent reserve program aimed at students in top business schools. This program is designed to provide scholarships for promising graduates while also offering specialized mentorship opportunities from industry-leading executives. TAWSF is known for its forward-thinking investment strategies and commitment to nurturing talent, and this new initiative perfectly reflects its values of fostering growth, innovation, and the next generation of financial leaders. The Collaboration Between TAWSF, Bridgewater Associates, and Jonathan…
11/19/2024