{"id":599563,"date":"2024-03-25T21:00:08","date_gmt":"2024-03-25T21:00:08","guid":{"rendered":"https:\/\/www.wncen.com\/?p=599563"},"modified":"2024-06-11T07:11:06","modified_gmt":"2024-06-11T07:11:06","slug":"bitcoin-top-yet-legendary-mvrv-ratio-says","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/bitcoin-top-yet-legendary-mvrv-ratio-says\/","title":{"rendered":"Bitcoin Top In Yet? What The Legendary MVRV Ratio Says"},"content":{"rendered":"

Here’s what the latest trend in the Bitcoin Market Value to Realized Value (MVRV) ratio suggests about where the market is currently in terms of a top.<\/p>\n

Bitcoin MVRV Ratio Has Seen A Decline To The 2.34 Level<\/h2>\n

According to data from the market intelligence platform IntoTheBlock<\/a>, the BTC MVRV ratio surged high earlier this year as the cryptocurrency rally took place.<\/p>\n

The “MVRV ratio<\/a>” is a popular indicator that tracks the ratio between the Bitcoin market cap and the realized cap. The former is simply the total valuation of the asset’s supply at the current spot price, while the latter is an on-chain capitalization model.<\/p>\n

Related Reading: Bitcoin Long-Term Holders & Price Top: Glassnode Reveals Pattern<\/a><\/div>\n

The realized cap measures the total sum of the value of the cryptocurrency’s supply, assuming that each coin in circulation has its true value at the price at which it was last transferred on the blockchain rather than the current spot value.<\/p>\n

One way to interpret the realized cap is that since it takes into account the buying price of every token in circulation (assuming that the last transaction of every token was indeed the point at which it last changed hands), it essentially sums up the total capital the investors have invested in the asset.<\/p>\n

As such, the MVRV ratio tells us how the total value that Bitcoin investors are carrying right now (that is, the market cap) compares against the value they put in (the realized cap).<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin MVRV ratio over the past few years:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric has been turning down in recent days | Source: IntoTheBlock on X<\/a><\/pre>\n
As is visible in the graph, the Bitcoin MVRV ratio has had a value greater than 1 for a while now. When the indicator has such values, the market cap is greater than the realized cap, and hence, the investors carry net profits.<\/p>\n
With the latest rally<\/a> in the asset, this indicator has surged to relatively high levels, a natural consequence of the holders’ profits ballooning up with the price surge.<\/p>\n
After the recent drawdown in the price, though, the MVRV ratio has also turned itself around, as it’s now heading down. At present, the ratio has a value of around 2.34.<\/p>\n
“Traditionally, an MVRV ratio above 3 has been a reliable marker for predicting price peaks,” notes IntoTheBlock. So far, in the current rally, the metric hasn’t crossed this mark. It did come close recently, but the latest decline has meant it has gained a bit more distance to the level.<\/p>\n
Related Reading: This Bitcoin Halving May Not Result In Supply Squeeze: Glassnode<\/a><\/div>\n
Why have tops historically occurred at high values of the Bitcoin MVRV ratio? The answer is that investors in profits are more likely to participate in selling, and this temptation to take profits only increases as their gains grow larger.<\/p>\n
Because of this, selloffs are most probable when the market is holding extreme levels of profits, which is exactly what high MVRV ratio values reflect.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading at around $67,200, up 3% over the past 24 hours.<\/p>\n
\"Bitcoin<\/p>\n
The price of the asset appears to have rebounded over the last few days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Yi\u011fit Ali Atasoy on Unsplash.com, IntoTheBlock.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Here’s what the latest trend in the Bitcoin Market Value to Realized Value (MVRV) ratio suggests about where the market is currently in terms of a top. Bitcoin MVRV Ratio Has Seen A Decline To The 2.34 Level According to data from the market intelligence platform IntoTheBlock, the BTC MVRV ratio surged high earlier this year as the cryptocurrency rally took place. The “MVRV ratio” is a popular indicator that tracks the ratio between the Bitcoin market cap and the realized cap. The former is simply the total valuation of the asset’s supply at the current spot price, while the latter is an on-chain capitalization model. Related Reading: Bitcoin Long-Term Holders & Price Top: Glassnode Reveals Pattern The realized cap measures the total sum of the value of the cryptocurrency’s supply, assuming that each coin in circulation has its true value at the price at which it was last transferred on the blockchain rather than the current spot value. One way to interpret the realized cap is that since it takes into account the buying price of every token in circulation (assuming that the last transaction of every token was indeed the point at which it last changed hands), it essentially sums up the total capital the investors have invested in the asset. As such, the MVRV ratio tells us how the total value that Bitcoin investors are carrying right now (that is, the market cap) compares against the value they put in (the realized cap). Now, here is a chart that shows the trend in the Bitcoin MVRV ratio over the past few years: Looks like the value of the metric has been turning down in recent days | Source: IntoTheBlock on X As is visible in the graph, the Bitcoin MVRV ratio has had a value greater than 1 for a while now. When the indicator has such values, the market cap is greater than the realized cap, and hence, the investors carry net profits. With the latest rally in the asset, this indicator has surged to relatively high levels, a natural consequence of the holders’ profits ballooning up with the price surge. After the recent drawdown in the price, though, the MVRV ratio has also turned itself around, as it’s now heading down. At present, the ratio has a value of around 2.34. “Traditionally, an MVRV ratio above 3 has been a reliable marker for predicting price peaks,” notes IntoTheBlock. So far, in the current rally, the metric hasn’t crossed this mark. It did come close recently, but the latest decline has meant it has gained a bit more distance to the level. Related Reading: This Bitcoin Halving May Not Result In Supply Squeeze: Glassnode Why have tops historically occurred at high values of the Bitcoin MVRV ratio? The answer is that investors in profits are more likely to participate in selling, and this temptation to take profits only increases as their gains grow larger. Because of this, selloffs are most probable when the market is holding extreme levels of profits, which is exactly what high MVRV ratio values reflect. BTC Price At the time of writing, Bitcoin is trading at around $67,200, up 3% over the past 24 hours. The price of the asset appears to have rebounded over the last few days | Source: BTCUSD on TradingView Featured image from Yi\u011fit Ali Atasoy on Unsplash.com, IntoTheBlock.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":599581,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,85533,84723,86686,6481,84738,1119,1144],"class_list":["post-599563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bull-run","tag-bitcoin-mvrv","tag-bitcoin-mvrv-ratio","tag-bitcoin-rally","tag-bitcoin-top","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Top In Yet? 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/www.wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Top In Yet? 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