Bitcoin’s value has almost doubled this yr, however the rally may have room to run. That’s based mostly on a brand new report by Coin Metrics, a cryptocurrency information agency, which reveals that bitcoin (BTC) shouldn’t be at an excessive relative to the earlier market prime in 2018.
The MVRV ratio is a measure of bitcoin’s market worth relative to its realized worth. The gauge represents the distinction between the cryptocurrency’s present value and the typical value at which bitcoins had been acquired. When it reaches an excessive, the pondering goes, merchants could be inclined to take earnings – creating promote strain that would push value down.