On-chain data shows the Bitcoin “Market Value to Realized Value” (MVRV) is at a critical level currently. Will a bullish breakout take place?
Bitcoin MVRV Ratio Is Retesting The 1.5 Level Right Now
As pointed out by an analyst in a CryptoQuant post, the BTC MVRV ratio has been around a critical level recently. The “MVRV ratio” is an indicator that measures the ratio between the market cap of Bitcoin and its realized cap.
The “realized cap” here refers to a capitalization model for the asset that assumes that the true value of each coin in the circulating supply is not the current spot price, but the price at which the coin was last transferred on the blockchain.
This model aims to find a sort of “real value” for the coin, so its comparison with the market cap in the MVRV ratio can tell us how the current spot price (that is, the market cap) weighs up against this fair value.
When the indicator has a value greater than one, it means that the market cap is more than the r
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