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Bitcoin

Bitcoin MVRV Ratio Declines, But Not Near Bottom Zone Yet

Keshav Verma
by Keshav Verma
3 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Data shows the Bitcoin MVRV ratio has gone down recently, but the metric’s value is still above the historic bottom zone.

Bitcoin MVRV Ratio Observes Decrease, But Value Still Greater Than 1

As explained by an analyst in a CryptoQuant post, BTC may still have room for further decline before the bottom is in.

The “MVRV ratio” is an indicator that measures the ratio between the Bitcoin market cap and the crypto’s realized cap.

The market cap is simply calculated by multiplying the total number of coins currently in circulation with the current BTC price.

The realized cap is different in that instead of multiplying by the current price, each coin is instead multiplied by its value at the time it was last sold/moved.

Coming back to the MVRV ratio, what this indicator tells us is whether the current price of the crypto is fair or not.

Related Reading | Bitcoin Back Above $30k As Coinbase Observes 38k BTC Outflows

When the value of this metric goes up, it means the market cap is outpacing the realized cap at the moment, leading to investors having more motive to sell the coin.

On the other hand, lowering values of the ratio imply there is now decreasing motive for selling in the Bitcoin market.

Now, here is a chart that shows the trend in the BTC MVRV ratio over the history of the crypto:

quicktake-image

The value of the indicator seems to have been going down recently | Source: CryptoQuant

As you can see in the above graph, the quant in the post has marked the different zones of the Bitcoin MVRV ratio.

Historically, whenever the indicator has been above a value of three, tops in the price of the coin have formed. In this zone, the crypto is said to be highly overvalued.

Related Reading | Grayscale Hires Donald B. Verrilli In Persuit Of Getting SEC Approval And Bitcoin ETF

On the other hand, bottoms have taken place in the zone below the value of one as the coin has been highly undervalued in such periods.

Looking at the chart, it seems like while the Bitcoin MVRV ratio has shown downtrend recently, the metric still has a value greater than one.

If past pattern is anything to go by, this would suggest that the coin may still have further room for decline before a bottom is found.

BTC Price

At the time of writing, Bitcoin’s price floats around $30.1k, up 1% in the last seven days. Over the past month, the crypto has lost 12% in value.

The below chart shows the trend in the value of the coin over the last five days.

Bitcoin Price Chart

Looks like the price of BTC has been trending sideways over the past two days | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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