Firsthand Bitcoin · Data · Bitcoin miners
Data / MVRV ratio / 2023
Market value divided by realised value: how far the price sits above the network’s cost basis.
MVRV ratio opened 2023 at 0.84× (January 1, 2023) and closed at 1.92× (December 31, 2023), up 129.1%. The high was 2.07× on December 5, 2023 and the low 0.84× on January 1, 2023.
| Month | Month end |
|---|---|
| January 2023 | 1.17× |
| February 2023 | 1.17× |
| March 2023 | 1.44× |
| April 2023 | 1.47× |
| May 2023 | 1.35× |
| June 2023 | 1.50× |
| July 2023 | 1.44× |
| August 2023 | 1.28× |
| September 2023 | 1.33× |
| October 2023 | 1.68× |
| November 2023 | 1.79× |
| December 2023 | 1.92× |
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 · 2022 · 2021 · 2020 · 2019 · 2018 · 2017 · 2016 · 2015 · 2014 · 2013
Also in 2023: 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 · Miner prices per terahash · Bitmain releases and the bitcoin price