On-chain data shows that Toncoin investors still retain a significant amount of unrealized profits, even after recent bearish behavior in the price of their assets.
Toncoin is still above its realised price
In a new post from X, on-chain analytics firm GlassNode discussed the latest trends in several metrics related to Toncoin. The first indicator of relevance is “realized price.” This, in short, conveys the cost base of the average investor in the Ton network.
If the spot price of a cryptocurrency is traded beyond this indicator, it means that the entire holder can be assumed to carry a net amount of unrealized profits. On the other hand, being under the metric means controlling losses in the market.
Now, here is the chart shared by the analytics company. This shows trends in realised prices for Toncoin over the past few years.
As shown in the graph above, Toncoin prices have been above realized prices for some time. This means that the entire investor is enjoying the benefits. This arrangement has not changed even after the drawdown that the coin recently witnessed.
Historically, realised prices have served as a level of support for assets. The reason behind this is the fact that if the market mood is bullish, investors are more likely to respond to immersing themselves in their cost base with more purchases.
Currently, the metric value is $2.43, which is quite below the spot price. Based on historical patterns, GlassNode points out that the levels “remained at a critical level for potential purchasing pressures.”
The next indicator shared by analytics companies is the market value of the realized value (MVRV) ratio. This metric tracks the ratio between spot prices and realised prices for Toncoin.
It is clear from the chart that the ratio has recently decreased to reach around 1.54. “This means, on average, investors are sitting around 54% unrealized profits,” explains GlassNode.
The entire market has been able to withstand the recent slump, but that doesn't mean there was no panic loss sales in Toncoin. As the chart below of realized losses shows, buyers who came between the tops have achieved a massive loss that saw prices plummet.
Tonne price
At the time of writing, Toncoin has grown nearly 3% over the past 24 hours, trading around $3.77.
