> For the complete documentation index, see [llms.txt](https://docs.blockhorizon.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.blockhorizon.io/chart-tutorials/price-and-valuation/mvrv-z-score.md).

# MVRV Z-Score

The MVRV Z-Score measures how far Market Cap deviates from Realized Cap, normalized by the historical volatility of Market Cap, to highlight extreme over- or undervaluation.

$$
Z = \frac{\text{Market Cap} - \text{Realized Cap}}{\sigma(\text{Market Cap})}
$$