Key Crypto Metrics Still Well Below 2021 Peaks, Signaling More Room to Run
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Bitcoin's Market Value to Realized Value (MVRV) is currently at 2.3, far from levels around 3.5 when bull markets tend to peak. This suggests there is room for more growth.
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Coinbase's trading volume is currently around $154 billion, compared to over $500 billion at the peak of the last bull market in 2021. More growth in trading volume is expected.
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The total value locked in DeFi is around $85 billion now, compared to an all-time high over $175 billion in November 2021. This suggests significant room for further expansion.
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Historical data shows crypto reaches new all-time highs with each bull cycle, indicating this run still has momentum.
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Key metrics are well below previous bull market peaks, signaling crypto's best days likely still lie ahead.