A crucial indicator revealed that BTC might plunge again before it hits another all-time high., the cryptocurrency with the largest market cap, has shown, is that choosing the coin can yield rewards that only a few assets can dream of.Instead, a quick look at BTC’s all-time performance revealed that this is no fluke. According to data from CoinMarketCap, Bitcoin’s price has increased by a mind-blogging 103,942,579% since its inception.
Fast-forward to 2024, the coin surpassed its all-time high, reaching $73,750 on the 14th of March. Despite the hike, the coin retraced. As of this writing, it changed hands at $64,298. As such, investors are left with the fundamentals and key indicators to depend on. For starters, AMBCrypto looked at Bitcoin’s potential to give good returns using on-chain metrics.One of the metrics we looked at was the Market Value to Realized Value ratio. The MVRV ratio shows the profitability of BTC holders.
AMBCrypto spoke to Ben Cousens about the matter. Cousens is the Chief Strategy Officer at ZBD, a company using the Bitcoin lightning network to power payments. Going by Cousens’s opinion, a new wave of new investors might come for Bitcoin. Should this be the case, rising demand could lead to higher prices, and most investments might be worth it.However, short-term investors might need to be wary. As much as BTC can be a good investment, the price might also undergo a correction.
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Source: CryptoAmb - 🏆 22. / 68 Read more »