Bitcoin’s [BTC] recent volatility has done little to quash the signs of a bullish market. In fact, according to CryptoQuant’s market turbulence analysis, the coin’s Market Value to Realized Value (MVRV) ratio is now above its 365-day Moving Average (MA).
Is your portfolio green? Check the Bitcoin Profit Calculator The crypto-trading data platform opined that the rise was a consequence of the disruptions going on in the banking sector.
The MVRV ratio describes the ratio of a cryptocurrency’s market cap to its realized cap. And, the same is used to assess the asset’s valuation, including market tops and bottoms.
At press time, Bitcoin’s MVRV ratio was 1.13. When the metric is below 1, it is a sign of a possible market bottom. On the contrary, when it’s above 3.7, it indicates a market top or an overvalued state of an asset.Source: Glassnode So, the metric revolt above the bottom could signal a possible return of the bull market.Read more on ambcrypto.com