Altcoin
Ethereum On-Chain Metrics Suggest Potential for Altcoin Market Rallies, According to Analytics Firm CryptoQuant
An Ethereum (ET) on-chain suggests the altcoin market may be ripe for a price surge, according to digital asset analytics firm CryptoQuant.
The company He says on social media platform X that Ethereum’s Market Value to Realized Value (MVRV) indicator is rising faster than Bitcoin’s (Bitcoin) MVRV.
“This suggests that the ETH market is overheating. Historically, when Ethereum grows, other alts tend to follow.”
Source: CryptoQuant/X
MVRV is the ratio of a digital asset’s market capitalization to its realized capitalization (the value of all assets at the price they were purchased). It is used to evaluate whether the token is undervalued or overvalued.
At the time of writing, ETH is trading at $3,514. The second-largest crypto asset by market cap has been trading largely sideways this week.
Also CryptoQuant Notes that Bitcoin is trading below the critical support level of $65,800, which the firm says suggests a potential 8%-12% correction towards $60,000.
Source: CryptoQuant/X
BTC is priced at $64,148 at the time of writing. The top-ranked cryptocurrency by market capitalization fell nearly 1.5% in the past 24 hours and more than 3% in the past week.
Julio Moreno, head of research at CryptoQuant, He says on X that the Bitcoin market is currently at its least bullish point since September 2023, according to its bull market cycle indicator.
Source: Julio Moreno/X
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