After Trump's election, the price of Bitcoin hit a new all-time high. However, the MVRV indicator remains subdued, hovering just above 2. As we know, during periods of euphoria, the MVRV metric exceeds 3. To truly mark the last stage of a bull market, this number needs to rise a bit higher.
However, the influx of new investors is still slow. At the last stage of the bull market, the share of new investors was close to 80% by realized capitalization. Now, it's in the low 30s, making it unrealistic to expect much more upside. We need more attractive price movement and new developments, such as Microsoft buying Bitcoin, to encourage new investors to enter the market.
Written by joohyun ryu
