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
-
BoomSpace Will Be Launched on BSC, A New Play-To-Earn NFT Game for Everyone
During 2021, too many new concepts have been seen in blockchain. Crypto trends started by NFT has not only made the concept of Web3 popular, GameFi was also on the right track and exploded in the second half of 2021. As a public chain, BSC focuses on the fields of GameFi, Metaverse and NFT. BSC has launched a number of GameFi and Metaverse projects, and achieved excellent results. In the end, with low gas fee, it once became the most popular public chain for GameFi. Recently, BoomSapce, a Play-To-Earn NFT…
01/19/2022 -
The world’s first Exchange, CoinW, implements free transaction cost for BTC transactions, disrupting the industry status.
On July 5, 2022, CoinW, the world’s leading cryptocurrency trading platform, officially announced the implementation of free transaction costs, becoming the world’s first platform to support BTC transactions with zero transaction fee, hence ‘free of charge’. This became a shocking news and In the community, the topic of ” free of charge” was also high and caused heated discussions amongst users. So, what does ” free of charge” really mean? Why has it caused such a big uproar? Advantage 1: Bringing real-money benefits to users. First of all, users can…
07/11/2022 -
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…
01/23/2021 -
Mobius Digital Token Game Wallet-Practicing Robert Kiyosaki’s Road to Financial Freedom
“Once you understand how money works, and know the various opportunities you can have in the future, you can start living the life of your dreams.” In 2021, information becomes more and more valuable. Some people can get rich overnight just by managing money. This is knowing how to invest. How to study the movement of money? How to make money work for yourself, and have the investment mind, these are not learned in daily life. Robert Kiyosaki, the world’s top financial and business educator, wrote the “Rich Dad, Poor…
01/16/2021 -
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 Store: Leading the New Wave of AI Tool Services
Recently, the first AI tool service company in the Chinese-speaking region has officially announced its establishment, marking the further popularization and application of AI technology in the commercial field. The AI store, with its original products and excellent team members, has attracted much attention and will provide users with various AI tool services, helping individuals and enterprises flourish in the digital age. Originality Leading the New Trend As the country’s first company focused on AI tool services, the AI store upholds the spirit of innovation, bringing a brand-new business experience…
03/12/2024 -
Introducing DAMN’s SecretBox
Secure, easy-to-use multichain wallet powered by DAMNCool Ecosystem DAMNCool is building a revolutionary AI-powered DeFi ecosystem, to help users manage their on-chain cryptoassets at ease, and get high yield returns through our intelligent AI yield aggregator. By creating an ecosystem that links DEX, NFT marketplace, yield aggregator and mobile app altogether, providing you the best one-stop asset management service in the blockchain world. One of the most important products in our ecosystem is our wallet app – SecretBox. SecretBox is an easy-to-use, secure and versatile multi-chain wallet dedicated to providing…
11/17/2021 -
Преодолевая дилемму GameFi « Спираль смерти » и анализируя экономическую модель Murphy
С момента взрыва Axie Infinity в этом году на рынке появилось множество продуктов GameFi. GameFi может быть понят как система блочных цепочек игр, которая включает в себя токен-экономическую модель, игра и DeFi, таким образом, представляет финансовый механизм в gamification, простое понимание состоит в том, что в игру добавлена финансовая реализация, чтобы сделать участников более интересными в процессе получения прибыли. В GameFi игроки могут зарабатывать замещающие валютные награды во время игры, жетоны используются для покупки оборудования, улучшения персонажей и т. Д., Также они могут продавать на вторичном рынке, чтобы получить прибыль…
10/23/2021 -
Alyx Chain Supports Multiple Programming Languages in its SDK
News update: Alyx Chain plans to support multiple popular programming languages such as C++, Java, Python, Go, Rust, Move and more for its Software Developer Kits (SDKs). Programming languages are the keystone of application development. Blockchains trying to attract a diverse group of developers to build in their ecosystem need to provide the necessary support and tools to cater to the different strengths of each developer. Some applications requiring the ability to define custom resource types are better built on Move, others can leverage on Go’s ability to spawn and…
11/17/2022 -
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…
Uncategorized 03/12/2024