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