Analyst Ali Martinez says a key Bitcoin (BTC) indicator is now flashing green.
Martinez tells Its 42,900 followers on social media platform
MVRV is the ratio of Bitcoin’s market capitalization to realized capitalization (the value of all BTC at the price they were purchased at) and is used to assess whether the crypto asset is undervalued or overvalued.
“Every time the Bitcoin MVRV ratio fell below the 90-day average over the past year, it represented a buy-the-dip opportunity.
Currently, with the BTC MVRV ratio once again below the 90-day average, this suggests that this could be an opportune time to buy BTC.”
Bitcoin is trading at $42,203 at the time of writing.
Next up is Dogecoin (DOGE). Citing data from the blockchain analytics platform IntoTheBlock, Martinez say The leading memecoin has witnessed a “remarkable surge in growth” over the past week, with the number of new addresses increasing by approximately 1,100%.
According to the crypto analyst, the continued growth in the number of Dogecoin addresses is a strong fundamental sign that bodes well for the memecoin’s potential.
“On January 29 alone, a record 247,240 new DOGE addresses were created, an all-time high. A continued upward trend in network expansion could soon have a positive impact on DOGE prices.”
Dogecoin is trading at $0.0791 at the time of writing.
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