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
-
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 -
AI-Powered Retail Stores Driving Blockchain Applications Define Safety and Efficiency
In today’s digital age, the combination of blockchain and Artificial Intelligence (AI) stores is initiating a technological revolution aimed at optimizing blockchain operations and enhancing security through AI, bringing unprecedented changes across various industries. This innovative integration not only addresses the challenges of scalability, efficiency, and security faced by blockchain technology but also significantly expands its application range, from financial services to supply chain management, and from smart contracts to personal privacy protection, demonstrating its potential and value. The Fusion of AI and Blockchain Blockchain, a decentralized distributed ledger technology,…
Uncategorized 03/12/2024 -
aelfUnion Node Presale – An Exciting Beginning
aelfUnion recently made waves within the industry by announcing its mission to champion and help drive the advancement of the aelf ecosystem. Recognized as a consortium comprising trailblazers, developers, and international enterprises, aelfUnion has emphasized its commitment to fostering consensus and accelerating the trajectory of the aelf blockchain. Today, aelfUnion has launched its node presale, an event expected to run until 10th September. This presale presents a golden opportunity for users keen on taking on a bigger role in leading and governing a rapidly expanding community, and help set…
08/28/2023 -
Lynk Seeks to Redefine Community Governance with Node NFT Program
SocialFi platform Lynk set to launch its exclusive Node NFT Program to foster the growth of a decentralized Web3 community Lynk is setting the stage for a new era in decentralized community governance with the introduction of its Node NFT Program. Aimed at empowering early adopters, this groundbreaking initiative is expected to facilitate the growth of a vibrant community in Web3, while showcasing the company’s commitment to innovation and inclusivity. The SocialFi platform has made great strides in the first quarter of 2023, most notably with the launch of its…
04/29/2023 -
Lynk Announces Launch on Arbitrum to Bolster its Decentralized Network
Lynk, the SocialFi platform leveraging the power of its community and users to accelerate the development of the Web3 economy, has been making waves in the space with its latest announcement on its launch and development on Arbitrum. With a vision to create the largest user-owned community of brilliant minds building the next iteration of the Internet, Lynk seeks to provide a platform that empowers and supports everyone – developers, entrepreneurs, and users within the space with the tools and resources they need to succeed in a Web3 world….
03/01/2023 -
Steve Jobs’ Daughter Claims He Told Her She ‘Smelled Like A Toilet’ While On His Death Bed — But She Clarifies He Was Being Honest: ‘I Really Did’
In “Small Fry,” a memoir by Lisa Brennan-Jobs, the estranged daughter of Steve Jobs, readers are offered a profound insight into her complicated relationship with the iconic Apple co-founder. Known for his unfiltered approach to communication, Jobs never hesitated to express his opinions, no matter how sharp or direct. Published excerpts in Vanity Fair in 2018 drew considerable attention, revealing the depth of their strained interactions and emotional distance. Lisa made it a point to visit her father every other month during the last year of his life as he battled pancreatic…
03/06/2024 -
Pacquiao:The birth of PACC will make great history
Iam a member of our country, should be everywhere for the sake of thecountry, I love our nation, this is the source of my self-confidence.The road is to go out, the history is written out, our every step ofaction are writing their own history. –Manny Pacquiao By Emanuel Philippine national hero manny of skin DE Mr Pacquiao PACinvestment by the global digital pay ecological tong card platformwill full takeover industry’s top EP EP – – EinsteinProbe double malechain system exchange DEX and conducting all-round cooperation in thefield of digital, to…
12/20/2020 -
Morgan Stanley Joined Hands with DF Technology: Overview of FINTOCH Investment platform
Alumni from Stamford allied to develop cutting-edge blockchain security technology We all love a good story of the origin of a founding team. Yet, the story of Morgan DF Fintoch LLC is quite straight forward. When Bob Lambert, a graduate of Stanford University developed HyBriid security technology, he had a clear goal to build a financial public chain that can be beneficial to human society. Combining multi-sig with zero-knowledge proof, HyBriid is designed to solve the security issues that are prevalent in DeFi. An essential technology speaks for itself: HyBriid won the…
10/17/2022 -
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…
07/07/2022 -
Comes out the OVE life and health chain, finds out the mystery of gene code
Blockchain, a wave sweeping the Internet and the world economy, is bringing revolutionary changes to different industries. At this moment, constant changes also have happened in medical and health care. Genomics, a major technological breakthrough in medical technology, successfully improves the understanding and treatment of up to 7000 rare diseases, including cancer and other complex and chronic diseases. When combining blockchain with genomics perfectly, a revolutionary medical genome ecosystem will be formed. All in all, creating a new era of medical health also provides a first-class proposition driven by the…
Uncategorized 01/08/2021