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Data / MVRV ratio / 2021
Market value divided by realised value: how far the price sits above the network’s cost basis.
MVRV ratio opened 2021 at 3.15× (January 1, 2021) and closed at 1.89× (December 31, 2021), down 39.8%. The high was 3.96× on February 21, 2021 and the low 1.54× on July 20, 2021.
| Month | Month end |
|---|---|
| January 2021 | 2.77× |
| February 2021 | 3.01× |
| March 2021 | 3.38× |
| April 2021 | 2.95× |
| May 2021 | 1.89× |
| June 2021 | 1.81× |
| July 2021 | 2.10× |
| August 2021 | 2.28× |
| September 2021 | 2.07× |
| October 2021 | 2.66× |
| November 2021 | 2.32× |
| December 2021 | 1.89× |
Market capitalisation divided by realised capitalisation. At 1 the average coin is worth what it last moved at; below 1 the network as a whole holds at a loss, which has marked every cycle bottom; above 3.5 the average holder sits on more than 250% and cycle tops have followed.
Other years: 2026 · 2025 · 2024 · 2023 · 2022 · 2020 · 2019 · 2018 · 2017 · 2016 · 2015 · 2014 · 2013
Also in 2021: Bitcoin price · Distance from the all-time high · 200-day and 200-week averages · Network hashrate · Mining difficulty · Difficulty adjustments · Fees paid to miners · Transactions per day · Hashprice · Miner revenue · Bitmain releases and the bitcoin price · Break-even electricity price