According to digital asset analytics firm CryptoQuant, on-chain Ethereum metrics suggest that the altcoin market may be preparing for a bull run.
Company said on social media platform X that Market Value to Actual Value (MVRV) indicator Ethereum’s is growing faster than Bitcoin’s MVRV ( BTC).
$ETH MVRV is rising faster than $BTC MVRV.
This suggests that #ETH‘s market is heating up.
Historically, when #Ethereum surges, other alts tend to follow. pic.twitter.com/AXUrmPswGF
— CryptoQuant.com (@cryptoquant_com) June 21, 2024
“This shows that ETH is heating up. Historically, when Ethereum increases in price, other altcoins tend to increase as well.
MVRV is the ratio of a digital asset’s market capitalization to its actual capitalization. This ratio is used to evaluate whether the token is undervalued or overvalued.
ETH is trading at $3,514 at the time of writing. .
CryptoQuant also note that Bitcoin is trading below key support at $65,800, which the firm said suggests a possible 8%-12% correction to $60,000.
#Bitcoin is trading below the critical support level of $65.8K, now below $64K.
Falling under this threshold suggests a potential 8%-12% correction toward $60K. pic.twitter.com/hXwUkC13up
— CryptoQuant.com (@cryptoquant_com) June 21, 2024
Julio Morenohead of research at CryptoQuant, said on
The #Bitcoin market is the least bullish since September 2023. pic.twitter.com/xfBPhp544R
— Julio Moreno (@jjcmoreno) June 21, 2024
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