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
-
Koala Arithmetic Mining Platform and Cryptouniverse reached a strategic cooperation to increase the layout in Russia
On June 12, 2021, Koala Arithmetic Mining Platform announced that it has reached a global strategic cooperation with Cryptouniverse, the largest mining farm in Russia. The two parties have carried out in-depth cooperation on services such as technology, operation and maintenance, and rates, and jointly build a global encrypted digital asset mining service ecosystem. Layout Russia. Cryptouniverse has been operating in Russia since 2020. It is the largest cryptocurrency mining farm in Russia. It was established in Leningrad, with an energy capacity of 20 MW, a large number of mining…
-
Money Reimagined: Letter to President Biden
President Biden needs to reform the global financial system and avoid a 1930s-style depression. Digital currencies can help. Welcome to this week’s Money Reimagined, coming to you two days into a new U.S. presidency. Already, with various executive orders and a host of cabinet and agency nominee names emerging, President Joe Biden has fostered the palpable sense of a slate being cleaned. As for what it means for crypto, the turnover in the White House gave Sheila Warren and me reason to invite Kristin Smith of the Blockchain Association and…
-
Crypto money manager Bitwise has liquidated $9.3 million worth of XRP in its crypto index fund.
The firm acted shortly after the U.S. Securities and Exchange Commission (SEC) sued the token’s alleged creator, Ripple Labs Inc., for conducting an unregistered and ongoing securities offering. “Prior to the sale of the asset on December 22, 2020, XRP (-20.72%) was approximately 3.8% of the Fund,” the firm wrote. “The Fund liquidated its position and reinvested the proceeds in other portfolio assets.” Subscribe to First Mover, our daily newsletter about markets. SUBSCRIBE By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy. The Bitwise 10 Crypto Index Fund…
-
Breakthroughs and Applications of Intelligent AI Stores in the Security Surveillance Field
Introduction: Initiating a New Era of Intelligent Surveillance Globally, the security surveillance system is in a phase of rapid development and transformation. The introduction of Artificial Intelligence (AI) store application technology, especially in terms of enhancing intelligent recognition capabilities, is fundamentally changing the operation of traditional surveillance systems. Utilizing AI store application technology, security surveillance systems can not only monitor in real-time but also conduct in-depth analysis and predict potential risks, significantly improving the efficiency and accuracy of security management. This article will explore the application of AI store application…
-
Ethereum’s ‘EIP 1559’ Fee Market Overhaul Greenlit for July
One of the most significant and contentious alterations to the Ethereum blockchain in recent memory is now scheduled for inclusion into its codebase. Ethereum Improvement Proposal (EIP) 1559 will be packaged with the London hard fork this coming July regardless of the mining industry’s discontent with the proposal, according to the All Core Developers call Friday. At least five other EIPs are likely to join EIP 1559 in London. EIP 1559 flips a typical blockchain transaction on its head in order to fix numerous issues with Ethereum’s user experience. Traditionally, a user sends a gas…
-
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…
-
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…
-
Eagle Crest Asset Management Dominates Global Wealth Management
Eagle Crest Asset Management is a trailblazing financial institution that has rapidly carved out a significant presence in the global financial landscape since its inception in 2019. Founded by Ridel Bosco Castillo, the company’s meteoric rise is attributed to its innovative investment strategies, client-centric focus, and an unwavering commitment to excellence. With a vision to reshape the future of wealth management, Eagle Crest has become a trusted name for investors seeking sustainable, long-term growth in an increasingly complex financial world. Foundations of SuccessAt the core of Eagle Crest Asset Management’s…
-
Exploring the Innovations and Breakthroughs of GMC, the World’s First Cryptocurrency Project Anchoring Physical Economic Forest Assets
With the development of the global economy, traditional physical economic forest assets face a series of challenges, such as high capital requirements, long return cycles, and insufficient asset utilization and liquidity. At the same time, there is strong market demand for carbon sequestration business and undergrowth economy worldwide. To address these issues and meet market demands, GMC proposes an innovative solution. According to GMC’s vision, through blockchain technology and an encrypted token circulation system, we can establish an ecosystem project fully anchored by off-chain economic forest assets and achieve…
-
The Circle of Convergence: HyperNation Officially Kicks Off a Series of Exciting Updates!
The highly anticipated community event is finally here. After days of waiting for the rumoured mega updates, HyperNation announced several new features poised to bring value-adding perks to all loyal hodlers. The event entitled ‘Circle of Convergence’ records a whooping attendance of 8,000+ unique online participants who turn up and celebrate with the community worldwide. The recent price hike of HNT to a phenomenal 139% was a prelude that cued its tokenomic fitness as the market confidence gradually picked up its momentum. Now, to further release the potential of…
