Analyst Ali Martinez said Bitcoin (BTC)’s main indicator is currently blinking green.
Martinez says 42,900 followers on social media platform
MVRV is the ratio of Bitcoin’s market capitalization to its realized capitalization (based on the purchase price of all BTC) and is used to assess whether a cryptocurrency asset is undervalued or overvalued.
“Last year, whenever the Bitcoin MVRV rate fell below its 90-day average, it was a signal that there was a buying opportunity.
Currently, the BTC MVRV rate is below its 90-day average again, suggesting that now may be a good moment to buy BTC.”
At the time of this writing, Bitcoin is trading at $42,203.
Next is Dogecoin (DOGE). Blockchain analytics platform IntoTheBlock quotes data from Martinez Called Leading memecoin has seen a “remarkable growth spurt” with new addresses increasing by around 1,100% over the past week.
According to cryptocurrency analysts, the continued increase in the number of Dogecoin addresses is a strong fundamental sign of Memecoin’s potential.
“On January 29th alone, 247,240 new DOGE addresses were created, an all-time high. The continued upward trend in network expansion may soon be reflected positively in DOGE prices.”
Dogecoin is trading at $0.0791 at the time of this writing.
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