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Bitcoin falls back to $107,000 - NYDIG analysis suggests the market is far from overheating | CoinDesk JAPAN
Altcoins have seen even sharper declines, with XRP, Solana (SOL), and Dogecoin (DOGE) dropping by 3% to 5%.
Among cryptocurrency-related stocks, Bitcoin miners have suffered the largest blow, with Mara Holdings, Riot Platforms, and Hut 8 each falling nearly 10%.
Treasury companies holding Bitcoin are also incurring significant losses, and among them, GameStop announced a purchase of over 4710 BTC (equivalent to about 500 million Dollars at current prices), followed by an 11% drop. Considering that the company had raised 1.3 billion Dollars (approximately 188.5 billion yen) a few weeks ago for purchasing Bitcoin, some voices suggest that this amount is somewhat disappointing.
Has the cycle ended?
Bitcoin has risen about 50% from its low in early April, reaching a record high of 112,000 Dollars last week. This has led many market participants to suggest signs of a froth similar to that of 2021.
The NYDIG research team stated that it is not that fast.
The research team began by noting that Bitcoin has risen nearly sevenfold from its low around $15,000 in November 2022. It's certainly a great move, but it's nowhere near the 452-fold price movement from the peak to the bottom in 2013, the 112-fold in 2017, and the 20-fold movement in 2021. Bitcoin has become a much more mature asset than it has been in the past, and even a 20x price action may seem a bit abrupt, but these numbers still suggest that there is quite a bit of room for further gains.
The team also investigated the Market Value to Realized Value (MVRV). This compares the current market capitalization of all Bitcoins to the total value at which each coin was last moved. The current MVRV is 2.4 times, significantly lower than past peaks, including the 2021 high of 4.0 times.
NYDIG concluded that "these are all merely rough benchmarks, but they suggest that there is still significant upside potential for Bitcoin."
| Translation & Editing: Rina Hayashi | Image: Shutterstock ｜原文：Bitcoin Pulls Back to $107K, but NYDIG Analysis Suggests Market Far From Overheated
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