Mctc
Bitcoin
MCTC is the Market Cap to Thermocap ratio, comparing Bitcoin's valuation to its cumulative security spend.
Why it matters
It judges whether price is cheap or expensive relative to the real capital committed to mining.
How it is built
Market capitalization is divided by Thermocap (cumulative miner revenue).
What to watch
High MCTC marks overvaluation relative to security investment; low MCTC marks historically cheap value zones.
Measured on this chain
Mctc on Bitcoin last read 17.18 on Sep 24, 2026, a change of +5.61% over 30 days, ranging from 12.26 (Jun 30, 2026) to 29.56 (Aug 13, 2025).
- Latest reading
- 17.18
- Sep 24, 2026
- Change
- 1d -0.2%
- 30d +5.61%
- 90d +37.25%
- 1y -34.37%
- Range
- Low 12.26·Jun 30, 2026
- High 29.56·Aug 13, 2025
- Coverage
- Jul 16, 2024 — Sep 24, 2026
- 800 readings
| Date | Value |
|---|---|
| Sep 13, 2026 | 15.73 |
| Sep 14, 2026 | 16 |
| Sep 15, 2026 | 15.47 |
| Sep 16, 2026 | 15.58 |
| Sep 17, 2026 | 15.62 |
| Sep 18, 2026 | 16.53 |
| Sep 19, 2026 | 16.6 |
| Sep 20, 2026 | 16.57 |
| Sep 21, 2026 | 17.68 |
| Sep 22, 2026 | 17.59 |
| Sep 23, 2026 | 17.21 |
| Sep 24, 2026 | 17.18 |
Read from our own stored series, not quoted from a page.