Bitcoin traded over $ 111,000 to Record a new highest time (ATH) In the past week, when the Crypto Bull Run Revival continues. Although the main Cryptocurrency has experienced a certain retrace since then, to a large extent run by the US Government message Of potential new commercial duties, investors still remain Hausse as a successful recycling of the former ATH strongly signals a continuation of the current performance.
Interestingly, crypto analyst Bilalhuseynov has observed an unusual development with market value to realized value ratio (MVRV) which indicates a positive difference with the current bull cycle from others.
Bitcoin MVRV stays at 2.4 in the middle of New ATH – what could it mean?
On one Quicktake Post On May 23, Bilalhuseynov will share an interesting insight into the Bitcoin market after the latest developments on the chain. Noteworthy, the main Cryptocurrency met a new highest time of $ 111,970 on May 22 to ultimately confirm the validity of the current bull cycle.
In the midst of this haus -like development, Bilalhuseynov notes an unusual event by the fact that the MVRV relationship failed to reach the top numbers associated with when Bitcoin put a new ATH in former bull cycles. For context, MVRV measures the market for Bitcoin to the realized cap, ie the value of all Bitcoin at the last purchase point. It is used to indicate trend turns, as an MVRV relationship above 1 suggests overvaluation while a number below 1 signals an undervaluation.
According to Bilalhuseynov, when Bitcoin reached a new ATH 2013, 2017 and 2021 bull cycles, MVRV ratio reached top values between 3.5-4.0. However, after the eclipse of $ 109,000, the MVRV ratio has hit a top value of 2.4. The Crypto analyst explains that the reduced MVRV number can be linked to a disproportionate increase in realized CAP compared to the market value. This development can be attributed to the fact that a high volume of circulating bitcoin replaced hands at higher prices, resulting in higher cost bases.
Interestingly, Bilalhuseynov explains that this unusual development is a positive signal for Bitcoin’s long-term development, which indicates a stable market even at ATH prices, which have less foam and no HYPE-driven overvaluation. In addition, there is the possibility that stronger market hands, IE, long -term holders and institutional holders, are part of these new investors, which suggests long -term market confidence without urgent for profit.
BTC Price overview
At the time of writing, Bitcoin is traded at $ 108 397 after the retracements in recent days. Premier Cryptocurrency is down by 2.50% over the past day but up by 17.65% over the past month.
Image from Pexels, Chart from TradingView
Editorial process For Bitcoinist is centered on delivering thoroughly investigated, correct and impartial content. We maintain strict purchasing standards, and each page undergoes frequent review of our team of top technological experts and experienced editors. This process ensures integrity, relevance and value of our content for our readers.