The models shown here explore alternatives to market price. Where you see dotted lines, this denotes the model is purely technical, meaning it only uses market price as its inputs. Solid lines carry metrics that come from the blockchain, that`s to say they carry fundamentals of investor, network and user behaviour.

**MARKET PRICE**

The market price is determined by traders on the exchanges. This price is subject to manipulation and also emotional cycles of mania and fear.

**REALISED PRICE** by Coinmetrics.

Realised Cap is value of all coins in circulation at the price they last moved, in other words an approximation of what the entire market paid for their coins. In this chart Realised Cap is mapped to the price domain by dividing by the total coin supply.

**VWAP PRICE** by @icoexplorer.

The volume weight average price, in other words an approximation of what the entire market paid for their coins using market price and on-chain volume.

**NVT PRICE** by Willy Woo

NVT values the network using its on-chain investor volume (monetary velocity). You can think of NVT as a PE Ratio, but instead of company earnings, for Bitcoin, it`s investor volume. To map NVT to price we take the median long range value that NVT oscillates around (2yr moving median), this is the mid value "price multiplier", then multiply the current on-chain volume by this value. This metric uses volume estimates from Coinmetrics Pro under license.

**CVDD (experimental)** by Willy Woo.

CVDD (Cumulative Value Days Destroyed) has historically picked the bottom of the market. When coins pass from old investor to new investor, the transaction carries a USD value and also destroys an amount of HODL time by the previous holder. CVDD is the cumulative sum of this value-time destruction as a ratio to the age of the market and divided by 6 million as a calibration factor.

**DELTA CAP (experimental)** by David Puell.

The Realised Cap minus Average Cap. Market Cap has historically touched Delta Cap at market bottoms.

**BALANCED PRICE (experimental)** by David Puell.

An experimental attempt at capturing Bitcoin`s `fair` valuation by measuring the difference between what was paid (realized price) and what was spent (transferred price). This is the on-chain kindred spirit to Delta Cap.

**TOP CAP (experimental)** by Willy Woo.

The average cap multiplied by 35. Historically has matched market tops.

**AVERAGE CAP**

This is the "forever" moving average of Market Cap. The cumulative sum of daily Market Cap values divided by the age of the market in days.

**INFLOW CAP**

Tracks the total capital inflows into Bitcoin. Inflow Cap is the cumulative value of all coins at the price they were mined.

**FEES CAP**

The cumulative value of all the fees paid on the network.