MVRV Z-Score
A chart showing Bitcoin's historical MVRV-z score.
Data & charts updated once per hour - Get 10 seconds
MVRV (Market Value to Realized Value) is the Bitcoin price divided by the realized price.
It was created by Murad Mahmudov & David Puell following the invention of Realized Cap by Coinmetrics team members Nic Carter and Antoine Le Calvez.
While market cap uses the last traded price multiplied by circulating supply, realized cap sums the market value of all coins at the time they last moved on the blockchain. MVRV is the ratio comparing these two metrics.
MVRV can be calculated in two equivalent ways:
1) Dividing the Bitcoin price by the realized price
2) Dividing the market cap by the realized market cap
Both calculations will yield the same result since the supply cancels out in the ratio.
While MVRV is a simple ratio of market value to realized value, MVRV-Z score adds statistical analysis by measuring how many standard deviations the current MVRV is from its historical mean. This standardization makes MVRV-Z more useful for comparing across different time periods and market cycles.
MVRV helps identify when Bitcoin's exchange traded price is above or below "fair value". It's particularly useful for spotting potential market tops when overvalued and market bottoms when undervalued relative to the realized price.
A chart showing Bitcoin's historical MVRV-z score.
Realized price is the realized market cap divided by total amount of generated coins.
Shows whether Bitcoin is being sold at a profit or loss by comparing the value when spent to the value when acquired.