The ratio of the sum USD value of the current supply to the sum "realized" USD value of the current supply.
| ID | Category | Subcategory | Type | Unit | Interval |
|---|---|---|---|---|---|
| CapMVRVCur | Market | Market Capitalization | Ratio | Dimensionless | 1 day |
Computed as CapMrktCurUSD / CapRealUSD
This metric is not available for assets that have full privacy, like Monero, Grin.
For assets that have opt-in privacy features, like ZCash, it only takes the non-private balances into account, see Realized Cap’s entry for more details
Conceptualized by Adaptive Capital
Released in the 1.0 release of NDP
The intuition behind the creation of this ratio was to divide a price function by a ‘fundamental’ as proxied by Realized Capitalization (see Capitalization, realized, USD). This gives you a ratio potentially indicating periods of overvaluation (when network value far exceeds its historical relationship to realized cap) and undervaluation. Realized cap is a potent fundamental as it can be understood as the average cost basis for holders at a given time, so the ratio of the two indicates whether holders are underwater or not, giving insight into aggregate sentiment.