On-chain and market data analytics provider CryptoQuant‘s analyst Crypto Dan shared recent insights, indicating that the cryptocurrency market remains in a bullish trend. According to the analysis, the price of Bitcoin has not yet reached its peak, suggesting potential for further upward movement.
The analyst observed that during previous bull markets, the market value to realized value (MVRV) ratio reached peaks of 4.83 and 3.97, whereas currently, it stands at 2.78. It indicates that the market has not yet entered the overvalued territory, suggesting potential for further increases. After entering the overheated section (yellow) in March this year, Bitcoin underwent a substantial period of sideways movement and adjustment for over two months. There is a high probability of a gradual upward movement occurring as early as June, the analyst noted.
"암호화폐 시장 – 여전히 상승장이 끝나지 않았다"비트코인의 가격이 고평가 되었는지 저평가 되었는지를 참고하여 현재 비트코인이 이번 상승장에서 최고점에 도달하였는지 아닌지를 예상 할 수 있습니다.과거 상승장에서 MVRV는 4.83, 3,97이 최고점이었으며 현재는 고작 2.78까지만… pic.twitter.com/BxiR4Kd6jz
— Crypto Dan (@DanCoinInvestor) May 28, 2024
Following its recent peak above the $70,000 mark, Bitcoin’s price has exhibited volatility today, reflecting the cryptocurrency’s re-accumulation phase. It has decreased by over 1.08% in the past 24 hours, reaching $67,769 at the time of writing. The 24-hour low and high levels are noted at $67,505 and $70,580, respectively. Bitcoin’s market capitalization stands at $1.33 trillion, with a 24-hour trading volume of $29.75 billion, as per CoinMarketCap data.
Meanwhile, the total cryptocurrency market capitalization experienced a slight decline of 0.58%, reaching $2.57 trillion today. However, the total trading volume in the cryptocurrency market over the last 24 hours witnessed a notable increase, rising by 43.08% to $87.7 billion. This suggests a surge in trading activity across various cryptocurrencies.
Bitcoin Bitcoin Price Drops Amidst Mt. Gox Wallet Movement, Hinting At Its Market Impact
Notably, the most recent decrease in Bitcoin’s price is linked to an event where wallets identified as belonging to the now-defunct cryptocurrency exchange Mt. Gox transferred 107,547 BTC, valued at nearly $7,3 billion, to an unknown wallet earlier today. This transfer precedes Mt. Gox’s intended plan to return BTC holdings to creditors before October.
Bitcoin experienced a slump of approximately 2% after the movement of Mt. Gox BTC, which is in contrast to the price of $69,374 at the time of the first transfer, as reported by CoinMarketCap.
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