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
-
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 -
Sphere Financial Inc: Transforming the World of Finance with Ground breaking Blockchain Solutions
Sphere Financial Inc (SFI), a disruptive force in the finance industry, is revolutionizing the financial landscape with its unparalleled blockchain solutions. By empowering individuals and businesses worldwide with decentralized and all-inclusive approaches, SFI is redefining traditional finance and ushering in a new era of possibilities. Founded by visionary leaders disillusioned with exploitative banking practices, SFI is on a mission to construct a financial ecosystem that transcends borders and extends opportunities to all. The company’s comprehensive suite of blockchain solutions caters to diverse industry needs, offering innovative solutions that address…
Uncategorized 06/07/2023 -
IAI Token, Smart Contract Platform for New Era
1. The development of blockchain Blockchain technology is a distributed network data management technology that uses cryptography technology and distributed consensus protocols to ensure network transmission and access security, realizes multi-party data maintenance, cross-validation, consistency across the network, and it is not easy to tamper. As an important evolution of the new generation of information and communication technology, the blockchain provides new ideas for the management and value release of data elements, and provides a new way to establish a trusted collaboration network for cross-industry entities. After the COVID-19 epidemic,…
01/19/2021 -
Ethereum’s ‘EIP 1559’ Fee Market Overhaul Greenlit for July
One of the most significant and contentious alterations to the Ethereum blockchain in recent memory is now scheduled for inclusion into its codebase. Ethereum Improvement Proposal (EIP) 1559 will be packaged with the London hard fork this coming July regardless of the mining industry’s discontent with the proposal, according to the All Core Developers call Friday. At least five other EIPs are likely to join EIP 1559 in London. EIP 1559 flips a typical blockchain transaction on its head in order to fix numerous issues with Ethereum’s user experience. Traditionally, a user sends a gas…
Business 03/07/2021 -
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…
03/12/2024 -
Reshaping AI in Fintech: The Future of Financial Technology’Introduction: AI Leading Financial Innovation
In the fintech sector, the application of Artificial Intelligence (AI) stores has become a significant force driving industry innovation and efficiency. Through applications in algorithmic trading, risk management, and customer service automation, AI technology not only optimizes financial service processes but also enhances decision-making accuracy and the level of personalized service. This article will explore key application areas of AI in fintech and its impact on future financial services. Algorithmic Trading: The Speed and Intelligence of AI in the Market Accelerating the Decision-Making Process In financial markets, algorithmic trading uses…
03/12/2024 -
Lynk’s First NFT Collection ‘Finder’ Sells Out, Unveils Next Sequel Collection ‘Keeper’
Lynk, the SocialFi platform building a decentralised online community to accelerate the development of the Web3 economy, has achieved a resounding success with its latest NFT collection, Finder. The collection, consisting of 200 unique Finder NFTs, was sold out in less than a day, a testament to the dedication and support of Lynk’s growing community of supporters and fans. The Finder NFT collection is a breath of fresh air in the rapidly growing NFT market, offering a unique and engaging narrative for NFT collectors and enthusiasts. The NFTs hail…
03/08/2023 -
Alaya – Integrated solution for data collection and labeling services
With the introduction of ChatGPT’s conversational model by American AI company Open AI, it has quickly taken the world by storm and is rapidly iterating. Algorithms, data, and arithmetic power as the three cornerstones of artificial intelligence. It plays a pivotal role in the industry. In the training process, a large amount of data is needed to train the model, the data needs to be pre-processed and feature extraction, and then use algorithms for optimization, these algorithms need arithmetic support, the three are indispensable to drive the development of artificial…
06/28/2023 -
AI Stores and the Revolution in Everyday Life
AI stores mark our entry into a new technological era, an era where the potential of AI stores is nearly limitless. With the continuous development and improvement of AI technology, its role in enhancing our work and lifestyle will grow increasingly significant. These advancements are reflected not only in increased efficiency and productivity but also in offering unprecedented convenience and new possibilities to humanity. Future Trends of AI Stores Looking ahead, AI stores are expected to become one of the primary drivers of technological innovation and application. As more developers…
Uncategorized 03/12/2024 -
Hong Kong Web3 Festival Concludes with Success: CoinW Unveils Highlight Moments in 2-Day Extravaganza
The “Hong Kong Moment”: 2023 Hong Kong Web3 Festival Convenes Global Web3 Community. Hong Kong, known as a hub for technological innovation, played host to over 100 esteemed Web3 events and conferences in April, with the pinnacle being the 2023 Hong Kong Web3 Festival. Spanning from the 12th to the 15th of April, this worldwide Web3 consensus event brought together tens of thousands of practitioners and enthusiasts from around the globe to explore the latest developments in the Web3 industry. CoinW, a prominent player in the virtual asset realm, also…
04/17/2023