The #Bitcoin MVRV Z-Score is equal to (Market Cap – Realized Cap) / (Standard Deviation (Market cap)). It compares the market value and realized value in order to assess when the market is either overvalued or undervalued. The standard deviation pulls out the extremes in data between market value and realized value and accounts for diminishing returns. More formally, the Z-score is a number that reflects how many standard deviations the market value is different from the realized value at any given time.
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