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Bitcoin Is Now Undervalued, Suggests This Price Metric

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A key metric suggests bitcoin (BTC) is now trading at a relatively discounted price, having dropped by 60 percent in the last three weeks.

Bitcoin’s market value to realized value (MVRV) Z-score fell below zero on Friday and stood at -0.18 as of Monday, according to crypto analytics firm Glassnode. The metric is used to to identify periods where the cryptocurrency is under- or overvalued



The Z-score has turned negative for the first time in 12 months, suggesting the cryptocurrency is now undervalued.Bitcoin topped out at $10,500 in mid-February and fell to a 12-month low of $3,867 on March 13, according to CoinDesk's Bitcoin Price Index.The cryptocurrency suffered a staggering 39 percent drop Thursday as the coronavirus-led sell-off in the global stock markets triggered margin calls and forced investors to liquidate their positions in bitcoin and other markets including gold and U.S. Treasurys. The Z-score has turned negative for the first time in 12 months, suggesting the cryptocurrency is now undervalued.

Bitcoin topped out at $10,500 in mid-February and fell to a 12-month low of $3,867 on March 13, according to CoinDesk's Bitcoin Price Index.

The cryptocurrency suffered a staggering 39 percent drop Thursday as the coronavirus-led sell-off in the global stock markets triggered margin calls and forced investors to liquidate their positions in bitcoin and other markets including gold and U.S. Treasurys.
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