THE CRYPTO BULL MARKET
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We have seen the crypto market continue to push up at rates that we have not seen in years past. Bitcoin pushed into all time highs last April but started to drop after the FUD produced by China on it’s ban on Bitcoin Mining. As of this video, Bitcoin Mining hash rates have gone higher once again it has it hit all time highs once again.
How long will this crypto market last and what should you do while this is going on?
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VERY IMPORTANT
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#StockSmarts #Bitcoin #CryptoBullMarket
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Bitcoin’s price has risen over 40% this month, reaching a new record of $66,879 on expectations the recently listed ProShares exchange-traded fund (ETF) tied to the cryptocurrency’s futures would bring more mainstream money into the market.
Such a steep ascent often has investors assessing whether the party is coming to a close, especially when popular technical indicators like the relative strength index (RSI) signal overbought conditions, as with bitcoin.
However, blockchain metrics like the market value-to-realized value (MVRV) Z-score and a lesser-known chart-based indicator, Mayer Multiple, suggest the bull run has plenty of steam left.
The MVRV Z-score that measures the deviation of market value from realized value and is used to assess undervalued and overvalued conditions, has doubled to 3.91 this month. However, the value is nowhere close to the red zone above 5.00 that has historically marked the final leg of a bull market.
The market value represents the total network value of the cryptocurrency and is calculated by multiplying the total circulating supply by the last traded price. Meanwhile, the realized value is calculated by valuing each coin at the price it was last moved.
Although bitcoin market valuations may not be cheap, they do not appear to be overstretched either, with there being a scope for an extension of the price rally.
“When market value is significantly higher than realized value, it has historically indicated a market top (red zone), while the opposite has indicated market bottoms (green zone),” blockchain analytics firm Glassnode said in the MVRV Z-score explainer.
The Mayer Multiple, which measures the spread between bitcoin’s price and the 200-day moving average (MA), also shows the bull market is still far from peaking. While the metric has risen to a five-month high of 1.39, it is well below the 2.4 threshold, above which previous bull markets peaked.