Market Wrap: Bitcoin Dull as Drama (Not the Kind You Want) Comes to Axie

📆 21/10/2022 1:28:00
📰 CoinDesk

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MARKET WRAP: $BTC trades at a historic discount while battling macro hurdles around $19K. Axie’s $AXS tumbles amid news of token unlocking. GWilliamsJr_CMT liqquidity and _jocelynyang_ report

Bitcoin is as undervalued as it has been since 2020, based on a key indicator that relies on data extracted from the blockchain.

The “MVRV Z-Score” is an analytical tool used to assess whether bitcoin is looking cheap or expensive on a relative historical basis. The metric measures the difference between an asset’s market capitalization – the number of tokens outstanding times the spot price – and its “realized cap” – the number of tokens times the price at which the bitcoin last moved over the blockchain.

That difference is then divided by the standard deviation of the asset’s market cap. Similar to other technical indicators, it theoretically highlights areas where an asset is overvalued or undervalued.

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GWilliamsJr_CMT Liqquidity _jocelynyang_ I continue to regularly spend usdt to buy cheap bitcoin

GWilliamsJr_CMT Liqquidity _jocelynyang_ Axie Infinity developers dumped us.

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