Bitcoin approached a high of nearly $43,500 yesterday, regaining its position at the high point of the past ten days. Unfortunately, it subsequently fluctuated and fell again, briefly dropping below $42,000. Ethereum’s decline was even more severe, and it has yet to regain its position above $2,200.
NVT Indicator Suggests Bitcoin’s Current Valuation May Be Too High
In addition to BNB, most of the top ten cryptocurrencies have experienced declines
Over the past 24 hours, the amount of liquidation across the network exceeded $130 million
Bitcoin (BTC) reached a high of $43,497 around 10:00 yesterday morning, returning to its recent high point. However, selling pressure emerged, leading to another period of oscillation and decline.
Around 02:00 this morning, it dropped to a low of $41,811. At the time of writing, it has rebounded to $42,476, a decrease of 0.49% in the past 24 hours.
According to data analysis company Glassnode’s weekly report, Bitcoin’s NVT indicator has experienced its most significant surge since the market peaked in November 2021. This suggests that BTC may currently be overvalued. The NVT indicator is based on the ratio of market capitalization to transaction volume. A high NVT ratio indicates that investors are positioning themselves with a premium Bitcoin price, while a low ratio indicates the opposite.
Ethereum (ETH) has followed a similar pattern to Bitcoin, but its decline has been more severe. It reached a low of $2,135 around 02:00 this morning and is currently trading at $2,180, a decrease of 2.33% in the past 24 hours.
According to CoinMarketCap data, apart from BNB, which experienced a boost due to the launch of a new project on the Launchpool yesterday, the other top ten cryptocurrencies have all declined in sync with Bitcoin. ADA has experienced the largest decline, with a drop of 4.46% in the past 24 hours.
According to data from Coinglass, the total amount of liquidation across the cryptocurrency network in the past 24 hours has exceeded $130 million, a decrease compared to yesterday. However, over 50,000 investors have still been liquidated. Among the liquidated assets, BTC ranks first with $38.91 million, followed by ETH with $31.62 million.
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