In an article published by Market Watch on Thursday, ARK Invest’s blockchain analyst Chris Burniske explained why the “rally still has room to grow,” the publication wrote. Burniske used a modified price-to-earnings (P/E) ratio method which he helped develop.

“The reason I call it a P/E ratio is because when I think about what a P/E signifies for equities, it is basically the function of market cap and earnings,” he said. “The earnings are the underlying utility—the cash flow of the company.”

On a stock, a P/E ratio of 50 would be pricey. But I don’t know if it should be considered pricey for bitcoin…It looks to be in a comfortable range, it isn’t an outlier and right now the broad takeaway I have is that it doesn’t look like we’re due for a mean revision.

From it, he derived a healthy outlook. “Bitcoin’s ‘P/E ratio’ looks at the digital currency’s network value—the number of outstanding bitcoins multiplied by price,” he calculated. “This figure is currently $44.69 billion—against its daily transaction volume,” the article explained. Burniske’s metric currently gives bitcoin a P/E ratio of roughly 50.