Источник Bitcoinist.com
Заголовок Bitcoin MVRV Trend Could Suggest BTC Cycle Top Not In Yet
Дата 20241004

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Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin MVRV Trend Could Suggest BTC Cycle Top Not In Yet

Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin MVRV Trend Could Suggest BTC Cycle Top Not In Yet

by Keshav Verma

7 mins ago

in Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin News

0

The trend in the Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Market Value to Realized Value (MVRV) Ratio may point
towards a top being yet to occur in the current cycle.

Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin MVRV Ratio Hasn t Yet Hit The Peaks Of Previous Cycles

In a new post on X, the market intelligence platform IntoTheBlock discusses
the historical trend of the Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin MVRV Ratio. The MVRV Ratio
is a popular BTC on-chain indicator that compares the asset s market cap
and realized cap .

The market cap here is just the simple total valuation of the
cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта s supply at the current price. At the same time, the
latter is an on-chain capitalization model that puts the last transaction
price of each coin in circulation as its true value.

Related Reading: Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Belief Still Alive: HODLer Supply Grows By Another
959,000 BTC

Assuming that the last transfer for most coins was the last time that they
changed hands, the price at its time would denote their cost basis. Thus, the
realized cap is just an estimation for the sum of the cost basis of all BTC
tokens.

In other words, it measures the total capital the investors have put into the
cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта. In contrast, the market cap denotes the value the investors
hold right now.

As such, the MVRV Ratio, which compares the two metrics, contains information
about the profit/loss status of the Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin userbase. Naturally, the ratio
greater than 1 implies the investors are in a state of net profit, while under
the cutoff implies the dominance of loss.

Now, here is a chart that shows the trend in the Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin MVRV Ratio over the
past decade or so:

The value of the metric appears to have been on the way down recently |
Source: IntoTheBlock on X

As displayed in the above graph, the Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin MVRV Ratio surged during the
rally to the new price all-time high (ATH) in the year s first quarter
as the investors profits ballooned.

Related Reading: Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Bull Run Already Over? Quant Sounds Alarm Over Active
Addresses Trend

Historically, tops have been more likely to form for BTC, and the more
inflated holder gains have become since investors become tempted to sell when
their profits reach high levels.

Thus, the MVRV Ratio hitting high values can imply the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта may be
becoming overpriced and, therefore, could be due to a correction. At the price
top earlier in the year, the indicator had hit a peak value of 2.64, which
suggests the market cap had become more than double the realized cap.

According to IntoTheBlock, the indicator s peak value was 4.35 in the
2017 bull run and 3.7 in the 2021 bull run. The recent high in the MVRV Ratio
hasn t come close to either of these levels yet. The analytics firm
notes that the latest value seems relatively low to signal a market
top.

BTC Price

At the time of writing, Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin is trading at around $60,600, down around 7%
over the past week.

Looks like the price of the coin has been observing bearish winds recently |
Source: BTCUSDT on TradingView

Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com

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