Critical onchain data for Bitcoin (BTC) has arrived: The rise continues!
Bitcoin (BTC), which stepped on the gas after the announcement of the US inflation data, increased expectations with the MVRV data.
The US inflation expectation (2.6 percent) announced on November 13 came within expectations. However, BTC, which gained upward momentum, left $ 89,500 behind. Onchain data turned positive with the market turning green again.
With the rise of the crypto market, Bitcoin addresses exceeded the 1 million limit. In addition, a significant increase was observed in the number of transactions and transaction fees on the Bitcoin network. Last week, large transactions increased to 33.33 thousand and the total transaction volume reached 1.36 million BTC.
This development indicates the highest level in both the number of transactions and volume in seven days. As the network strengthens, the ratio between market value and realized value (MVRV) indicates a further increase for Bitcoin. The MVRV ratio has historically been useful in determining market peaks. It reached 4.91 in 2013, 4.24 in 2017, and 3.68 in 2021. These peaks usually indicate market peaks.
Currently, the MVRV ratio is at 2.47, and the BTC price continues to make new highs. According to IntoTheBlock, a market peak is usually marked by an MVRV ratio between 2.6 and 5. Given that the previous peak was at 3.68, the next peak is expected to be near 3. In this context, the current MVRV ratio of 2.47 indicates that Bitcoin has significant room for growth.