Thermocap multiple chart — Bitcoin

Beta — we are still testing the interface. Use Perly as a demo; we will announce the live launch on our social channels.Beta — we are still testing the interface. Use Perly as a demo; we will announce the live launch on our social channels.Beta — we are still testing the interface. Use Perly as a demo; we will announce the live launch on our social channels.Beta — we are still testing the interface. Use Perly as a demo; we will announce the live launch on our social channels.Beta — we are still testing the interface. Use Perly as a demo; we will announce the live launch on our social channels.Beta — we are still testing the interface. Use Perly as a demo; we will announce the live launch on our social channels.Beta — we are still testing the interface. Use Perly as a demo; we will announce the live launch on our social channels.Beta — we are still testing the interface. Use Perly as a demo; we will announce the live launch on our social channels.

Charts

Bitcoin

Thermocap multiple

Market cap against every block subsidy ever paid to miners, in dollars — how richly the market prices the security bought so far.

Price$84.5K

Every bottom to 2022 went under 8, and the tops from 2013 to 2021 went past 32. The floor has risen each cycle, so a level that once meant cheap may not again. Drag to zoom · double-click resets

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How this is built

Market cap against every block subsidy ever paid to miners, in dollars — how richly the market prices the security bought so far.

Formulamarket cap / Σ subsidy$

AuthorNic Carter

The idea and the formula are Nic Carter's. Perly claims no authorship of it — what is ours here is the drawing, computed from public data.