Yardstick indicator for $BTC shows that the market desperately needs a recovery
has tanked a lot since reaching its all-time high in November, and some indicators confirm the thesis about the digital gold being extremely undervalued, despite the recovery we saw recently.
The chain-based indicator works in a simple way to allow investors to properly evaluate Bitcoin without using any complicated analysis tools. The formula of the indicator simply divides the market capitalization of the cryptocurrency by the hashrate, normalized over two years of data.This means that on a relative basis, Bitcoin is extraordinarily cheap given the amount of energy being used on what is the most powerful computer network in the world.
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