The top two cryptocurrencies were trading in negative territory on Monday night, as the global cryptocurrency market cap fell 3% to $918.7 billion as of 9:12 p.m. EDT.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | -2.3% | -2.7% | $19,059.17 |
| ether ETH/USD | -4.1% | -3.2% | $1,279.79 |
| Dogecoins DOGE/USD | -5.8% | -2.4% | $0.06 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| TerraClassicUSD (USTC) | +22% | $0.04 |
| Huobi Token (HT) | +20.1% | $5.15 |
| Manufacturer (MKR) | +5.1% | $956.84 |
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Why It Matters: Bitcoin and ether trailed the major US stock market indices, which closed lower on Monday. The S&P 500 and Nasdaq closed 0.75% and 1% lower, respectively. At the time of writing, stock futures were slightly in the green.
According to Bitcoin, Bitcoin is showing signs of struggles earlier in the week after slipping below $20,000 Edward Moyaa senior market analyst at OANDA.
“In the end, little has changed. The cryptocurrency has been hovering around $20,000 for months and it remains so.”
Michael van de Poppe said that Bitcoin’s Market Value to Realized Value (MVRV) ratio — which is its market cap divided by realized capitalization — is at its lowest point.
“This means that the current trading price per bitcoin is well below fair value,” the cryptocurrency trader said on Twitter. He also mentioned other instances where this happened, including the COVID-19 crash.
Van de Poppe urged his followers on the social media platform to “accumulate” bitcoin.
The MVRV ratio for #Bitcoin is at the lowest point.
This means that the currently traded price per bitcoin is far below fair value.
Former times of these planes;
– Q4 2011
– 2015
– 2018 November-April 2019
– COVID-19 crashWe’re down #Bitcoinaccumulate.
