On-chain data shows the Bitcoin MVRV ratio is currently at the same high levels as those that led to the parabolic bull run back in 2020.
Bitcoin MVRV Ratio Has Shot Up As Latest Rally Has Occurred
As pointed out by CryptoQuant founder and CEO Ki Young Ju in a post on X, the MVRV ratio has just hit a value of 2.5. The “Market Value to Realized Value (MVRV) ratio” is a popular on-chain indicator that keeps track of the ratio between the Bitcoin market cap and the realized cap.
The “realized cap” here refers to a capitalization model for BTC that assumes that the real value of any token in circulation is not its current spot price (as the market cap takes it to be), but rather the value at which the coin was last transferred on the network.
The previous transaction for any coin may be considered the last time it changed hands, which implies that the price at the time would be its current cost basis. As such, the realized cap adds up the cost basis of every token in c
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