Wednesday morning, American hours saw a modest acceleration of the withdrawal of the crypto from the recent big higher movement, with Bitcoin
Stumbling almost 2% at a level higher than $ 107,000.
Altcoins was doing worse, with XRP
Solana and Dogecoin among these sports decrees of the range from 3% to 5%.
Among the crypto -related stocks, bitcoin minors were the hardest affected, with Mara Holdings (Mara), Riot Platforms (Riot) and Hut 8 (HUT) each below 10%.
Bitcoin Treasury companies also displayed significant losses, directed by Gamescop (GME), down 11% after announcing the purchase of just over 4,710 bitcoin (or around $ 500 million at the current price) – to a rather disappointing amount, considering that the company has lifted $ 1.3 billion for the acquisition of Bitcoin several weeks ago.
Bike?
The rally of around 50% Bitcoin, from the bottom up of April after a new record of $ 112,000 last week, has more than a few market players suggesting that 2021 signs of foam.
Not so fast, said the Nydig research team.
First of all, they note that Bitcoin joined about 7 times compared to the lowest in November 2022 in the $ 15,000 zone – a great decision, but far behind the peak movements at the tail of 452x in 2013, 112x in 2017 and 20x in 2021. Although Bitcoin is a much more mature active than in the past and even a 20x advantage may seem a little stiff decent decent quantity more and more.
The team also examined the market value of the value achieved (MVRV), which compares the current total market capitalization of all bitcoins to their aggregated value according to the last time that each room was moving. It is common at 2.4x, well below the previous peaks, including the 4.0x top of 2021.
“Although they are only rough benchmarks, they suggest that there is still a significant increase for bitcoin,” concluded Nydig.
