The MVRV indicator shows that Bitcoin currently hasn’t reached the top yet, and the crypto may still have room to grow. Bitcoin MVRV Ratio May Show The Top Hasn’t Been Reached Yet As pointed out by a CryptoQuant post, on-chain data suggests MVRV ratio values are still low right now, implying that the coin hasn’t yet made the top. The Market Value to Realized Value (or MVRV in short) ratio is a Bitcoin indicator that’s defined as the market cap divided by the realized cap. MVRV Ratio = Market Cap ÷ Realized Cap The metric’s value tells us whether BTC’s current price is fair or not. If the ratio gets too high, it may mean that the coin is overvalued right now. This may imply there is selling pressure at this point. On the other hand, the price of the coin may be considered undervalued during periods where the MVRV ratio is low. A buying pressure could be present while such values sustain. Now, here is a chart that shows the trend in the value of this Bitcoin indicator over the past few years: Looks like MVRV values are still not very high | Source: CryptoQuant As the above graph shows, during all the previous bull runs, the indicator’s value has shown sharp spikes near the top. Related Reading | Inflation fears sparks Bitcoin rally before Taproot – Crypto Roundup, Nov 15, 2021 As very high values suggest Bitcoin is overvalued and that a correction could come soon, the MVR...
