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.
“Bitcoin is now ahead of our April 2020 forecast schedule – to hit $115K this summer,” wrote Dan Morehead, CEO and co-chief investment officer at Pantera Capital, a blockchain hedge fund, in an emailed newsletter. The Pantera prediction is based on the stock-to-flow model – an analytical framework that values an asset’s price based on its annual issuance schedule. The model measures the scarcity of bitcoin (BTC), which is governed by the underlying network programming coded into the blockchain’s design when it was launched 12 years ago. Under that plan, the number of…03/16/2021
Non-Profit Research Organization Turing Labs Announces Formation, Specializing in Digital Cryptography & Blockchain
Blockchain is one of the hottest directions in the technology field nowadays, and not long ago Blockchain 2.0 has become a term about decentralized blockchain database.For this second generation of programmable blockchain, economists see it as a programming language that allows users to write more sophisticated and intelligent protocols. It is worth noting that a few months ago, Henry Flaubert, who is well known in the field of computing, and several other researchers in the industry, founded a non-profit research institute called Turing Laboratory. Henry Flaubert，It came to prominence through…Uncategorized 09/20/2016
Throwing millions of dollars in airdrops, DEFI rookie BlackHoleDAO gave much more than its predecessors Uniswap!
We all know that miracles are not lacking in the entire cryptocurrency market. The returns of dozens and hundreds of times are often staged around us. We are always impressed by the luck and investment ability of these friends. In addition, there is a group of friends that we envy even more, relying on their diligent and skillful investment ability, they have quietly added various valuable crypto assets to their wallets. From Uniswap in 2020, 1inch, to dydx, ENS in 2021, etc., these projects have made many people rich passively….03/08/2022
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
On May 10, Bitcoin accelerated its downward trend, falling below $30,000 at one point, and the lowest dropped to $29,767, a new low since July 19, 2021. As of writing, the price has rebounded, and the current price is $31,486.43. In addition to the market, the algorithmic stable currency UST has won the attention of the market. On May 10, UST was seriously de-anchored and once fell to 0.6090 USDT; according to the Coinbetter data, it is now reported at 0.7968 USDT, with a 24H decline of 12.2%….05/11/2022
The simultaneous listing of Lingose on OKX, Bybit and Bitget exchanges has caused heated discussions in the circle. While some people are actively participating in the ecological construction of lingose, some are still thinking, why is it lingose? This article will analyze Lingose in detail, so that more people can understand the project in depth. First of all we have to know what does Lingose do? Lingose aims to establish a Game ID system based on blockchain data, which provides qualification proof by capturing users’ on-chain behavior. Every step…09/15/2022
Blockchain technology, as one of the most innovative technologies in the 21st century, is breaking the monopoly and unfairness of traditional finance. Today, with the vigorous development of blockchain, the rise of various concepts is undoubtedly an effective exploration of the future development of blockchain. For ordinary people, financial attributes are one of the most attractive features of blockchain. So, the DEX exchange is one of the bridges connecting users and blockchain, with over 800 million users globally participating in DEX transactions, and this number is continuously increasing with…06/04/2023
Universal Basic Asset (UBA Finance) has attracted a lot of user attention, so is it worth your time? There are nearly 10,000 people mining online for free every day. How much profit can he bring you? In the cryptocurrency industry, people get rich every day, and people get huge airdrops every day, just because they pay attention to some projects in advance and spend some time understanding and participating in them. Universal Basic Asset (UBA Finance) has recently been adopted by more and more users Mention, so what is he,…03/03/2023
The highly anticipated community event is finally here. After days of waiting for the rumoured mega updates, HyperNation announced several new features poised to bring value-adding perks to all loyal hodlers. The event entitled ‘Circle of Convergence’ records a whooping attendance of 8,000+ unique online participants who turn up and celebrate with the community worldwide. The recent price hike of HNT to a phenomenal 139% was a prelude that cued its tokenomic fitness as the market confidence gradually picked up its momentum. Now, to further release the potential of…Uncategorized 11/13/2022
A new type of online job opportunity has spread through the whole Kenya under the COVID-19 lockdown. Join to increase your revenue streams!
Life has been being consistently limited from the global Covid-19 lockdown, while social isolation has also brought thrives on the short-form social video platforms, such as TikTok and Instagram. And in this situation, influencer marketing incorporating social media is a new phenomenon within the industry. For example, some non-celebrity social media influencers can pull in millions of dollars each year from brand partnerships and sponsorships. No wonder that, it illustrates perfectly how big a fan community of a Social Media Influencer and how successful Social Media Influencer can nowadays become….02/28/2021