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
-
HyperNation Global Virtual Conference: A Critical Juncture in the Future of Web 3.0, Metaverse and Beyond
HyperNation, the first virtual nation with its unique stand on human rights, justice, and personal sovereignty has been making waves since its inception in the metaverse. That ripple is bound to expand with the next global online conference starting at 1000 EST on August 22, 2022, where further updates, news, and event giveaways will take center stage. The much-awaited conference will attract millions of viewers from across the globe, a feat achieved in the previous conference. The audience can expect new, novel and innovative functions to be announced at the…
08/19/2022 -
A Game-Changer in the Future of NFTs – Booster Marketplace
Fellow Citizens of The HyperNation, Following our recently held event “The Circle of Convergence”, we are delighted to announce the launch of our very own ‘Booster Marketplace’, officially live on 17th November 2022. The specially articulated marketplace will both be available on OpenSea and The HyperNation platform. It is a welcoming news for Citizens of The HyperNation as users can receive the rewards at a faster release rate and increased value. Summarizing the Booster features: The Value Booster can increase the reward depending on their respective package The Speed Booster…
Uncategorized 12/01/2022 -
Liquidity Mining – Your Way to Grow Crypto Assets in The HyperNation
How to be extra rich with your existing fund in the Metaverse? Can your blockchain assets grow passive rewards for you to reap? The HyperNation has its answer for you to leverage your crypto assets and unlock its boundless potential efficiently. Your cryptocurrency holdings mean a lot more from now on. Generally, there are two main methods to roll your funds in the crypto world: liquidity mining and yield farming. Among the two, the former is the predecessor of the latter. And many of our devoted fans of The HyperNation…
Uncategorized 12/01/2022 -
Leading Innovation as the First AI Store Company in the Chinese-speaking Region
In the new wave of the AI store artificial intelligence sector, a bright new star is making its debut in the Chinese-speaking region—we proudly announce that we have become the first company in the Chinese-speaking area focused on general AI store artificial intelligence. By launching a brand-new AI store artificial intelligence and machine learning platform, we aim to provide developers worldwide with a complete set of tools and resources for building, training, and deploying machine learning models. This move not only signifies our company’s leading position in the field of…
Uncategorized 03/12/2024 -
Delivering on the Next Standard for Blockchain
Fallout from the Collapse of Centralized Exchange FTX In early November 2022, FTX, the world’s second-largest exchange for cryptocurrencies and digital assets, was valued above US$30 billion. On 14th November 2022, FTX, along with 130 other affiliated companies founded by CEO Sam Bankman-Fried, filed for bankruptcy. The dramatic and messy collapse of FTX sent shockwaves around the entire industry. Reports and rumours are now flowing in with details of mismanagement and abuse perpetuated by those at the top. According to CNBC, Bankman-Fried spent ‘substantial amounts of money’ on luxury unrelated…
12/06/2022 -
Web 3.0 Metaverse Payment Network PAY DAO: Launches Community Donations and Opens to Everyone
The Metaverse economic system will usher in major changes: PAY DAO, the world’s first Web 3.0 decentralized payment network on the Metaverse platform, announced that it will launch a community donation program on its official website on August 16 and open it to everyone. What is community giving? Community donation is a relatively innovative and attractive way to issue tokens, which allows fair and equitable distribution of tokens to the community. Compared with traditional fundraising methods, community donations better reflect the free will and ownership of the community. Anyone…
08/15/2022 -
DDDS is a DAO organization focusing on social e-commerce
The new crown pneumonia epidemic is spreading globally and the global economy has been shaken. The International Monetary Fund predicts that the global economy will decline by 4% in 2022, and income will evaporate by about 3.4 trillion US dollars. This is the worst economic recession since the Great Depression in the 1930s. Under the blockade restrictions, social distancing and other measures adopted by various countries in response to the epidemic, e-commerce companies have grown against the trend; in 2021, global online retail sales will reach 3.563 trillion US…
Uncategorized 12/09/2022 -
Windmill: Creating a Solid and Safe “Mining Ark” in the Rapidly Changing Crypto World
The crypto world has come to a new age of rapid growth. Bitcoin has became the world’s 6th asset, with its market value surpassing Tesla, according to a report by ResearchAndMarkets. The market scale of the global cryptocurrency market was approximately USD 979.5 million in 2020, and is expected to reach USD 1.4 billion after adjustment in 2027; the compound annual growth from 2020 to 2027 can reach 4.8%. Despite many policy constraints , in terms of the perspectives from governments around the world towards cryptocurrency, the crypto industry has…
Uncategorized 11/24/2021 -
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 -
A new type of online job opportunity has spread through the whole Kenya under the COVID-19 lockdown. Join to increase your revenue streams!
Life has been being consistently limited from the global Covid-19 lockdown, while social isolation has also brought thrives on the short-form social video platforms, such as TikTok and Instagram. And in this situation, influencer marketing incorporating social media is a new phenomenon within the industry. For example, some non-celebrity social media influencers can pull in millions of dollars each year from brand partnerships and sponsorships. No wonder that, it illustrates perfectly how big a fan community of a Social Media Influencer and how successful Social Media Influencer can nowadays become….
02/28/2021