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
-
23rd December: BTC/USD Balancing between $23,000 and $24,000
Konstantin Anissimov, Executive Director at CEX.IO, shares his insights about the Bitcoin (BTC) and Ethereum (ETH) daily price movements. BTC/USD On 23rd December 2020, BTC/USD opened at 23,838 and reached 24,023 in the next two hours. Being pressured down by the local resistance level, the pair was sent down to 23,478 at 05:00 UTC. In the next five hours, the pair was mainly trading sideways, keeping above the 23,460 level. At 10:00 UTC, the pair increased the falling traction and broke down below 23,460 at the close of the day’s…
-
Satoshi AI: The Super AI Bounds To Revolutionize Cryptocurrency Mining
The real OGs of Bitcoin came out with a groundbreaking solution in making crypto mining smarter and more sustainable by introducing the world’s very first DeFi Mining AI. After seven years of research and development, Satoshi AI today unveiled J – a revolutionary AI program that will bring a new exciting chapter in the advancement of artificial intelligence technology development. Satoshi AI is the artificial intelligence program initiated by the Satoshi Foundation – a group of BTC enthusiasts and techies since the birth of BTC. As…
-
Blockchain + oil, a new petroleum ecological blockchain refining coin ORC is born strongly
Block chain is a new field where challenges and opportunities coexist, which deserves our attention and consideration. Under the wave of the fourth Industrial Revolution sweeping the world, taking the lead in participating in or even leading the research and development, application and promotion of block chain technology for any traditional energy company, It contains unprecedented development opportunities. As an energy hub connecting Asia and the Middle East, Singapore is the world’s third largest oil refining center, the world financial center, the world trade center, and the world shipping center…
-
The underlying infrastructure of the WEB3 social track: Universal Basic Asset (UBA)
According to the digital 2022 report of we are social & Hootsuite, as of January 2022, there will be 5.31 billion mobile users worldwide, 4.95 billion Internet users, and 4.62 billion active social media users. Active users of social media accounted for 58.4% of the global population, with an annual growth rate of 10.1%. The average daily time spent by 4.62 billion active users is 2h27min, and an average of 7.5 social applications are opened every month. Among the top 20 most viewed websites by Internet users in the world,…
-
Discover Musk, Metaverse, NFT and NPC from the historical trajectory
In 2004, one year after the launch of MindArk’s real-money economic game Entropia Universe, a user named Deathifier bought a treasure island on Planet Calypso for 265,000 PED (Project Entropia Dollars, equivalent to US$26,500). Treasure Island made history as the most expensive virtual item at the time, and Deathifier claimed to achieve a balance of payments within a year. He started filling the island with special thugs, taxing tourists and selling houses. Over time, Reddy MMORPG has launched more planets, some of which are operated and managed by other companies…
-
Why Bitcoin Buyers Should Beware of Unregulated Exchanges
There are many reasons to be optimistic about the future of cryptocurrency. This year, as bitcoin soared past its all-time high, we saw PayPal introduce support for digital assets; a Nasdaq-listed company boosted their bitcoin balance sheet to $1.6 billion; and the first bitcoin owner, Cynthia Lummis, made it to the U.S. Senate. Ethereum also became the first blockchain to settle $1 trillion in a single year. In short, it was a good year. And yet for all the rampant positivity, there remains an 800lb elephant in the crypto room:…
-
Goldman Digital Asset Lead Sees Mergers Ahead for Crypto Infrastructure Providers
A Goldman Sachs executive predicts there may be consolidation coming for cryptocurrency infrastructure providers as the market matures. In a recent company podcast, Matt McDermott, global head of digital assets for Goldman Sachs Global Markets Division, hinted that “incumbent banks” – like Goldman – could face pressure to increase their crypto business lines, with one obvious path being mergers and acquisitions. “This is a fast-evolving landscape where the crypto incumbents have certainly made huge progress over the last couple of years,” McDermott said. “There is an expectation from clients now that…
-
Bitfury’s Deep Ploughing on Blockchain Mining · Coinbasis Plan Launched
Australian Bitcoin mining hardware giant Bitfury is set to expand its industry into distributed storage. FlashFX, AgriDigital and Othera will also jointly deploy the distributed storage ecological field, create the establishment and trading of distributed storage financial derivatives, and create super servers with the world’s top three server manufacturers. With the massive growth of global data. Privacy security and access speed have become the most critical issues in data storage. Bitfury and his partners plan to develop a decentralized distributed storage, data sharding and data encryption platform without downtime. Through…
-
PPP Blockchain A new ecosystem of decentralized private social is on the rise
1.The awakening from centralization to decentralization The Internet had entered the human world 18,000 days ago. As people bask in the economic boom of the Internet age, an epic surveillance campaign has spread across the globe. Our civilisation has come to a crossroads as the “surveillance tsunami” engulfing our private spaces. As George Orwell and Aldous Huxley had warned, liberal democracy had been replaced by authoritarianism, and civil liberties are being curtailed. “The weak desire privacy, the strong pursuit of transparency”, privacy is becoming the most scarce resource in this era. The people…
-
Sorare will launch on PancakeSwap at 12:00 UTC on May 19th, 2021
According to the latest official news, sorare community, a $50 million NFT platform for digital football, will release its token sorare and launch pancakeswap at 12:00 UTC on May 19th, 2021. According to the community, the government has been contacted to plan the follow-up application of the token. In addition, five members of a football club have been invited to live the interaction. Contract address: 0x5463f3cb2839cb46e6df6e9bb4386688e5b3eda twitter：@SorarePR Telegram：t.me/Sorare_ Exclusive
