According to a recent on-chain analysis from CryptoQuant, a key Ethereum (ETH) metric may be indicating imminent growth for the altcoin market. The digital asset analysis company highlighted that Ethereum’s Market Value to Realized Value (MVRV) indicator shows a more accelerated rise than Bitcoin’s (BTC) MVRV.

On social media platform X, a CryptoQuant representative commented: “This suggests the ETH market is heating up. Historically, when Ethereum emerges, other alternatives tend to follow.” MVRV is a tool used to assess whether a digital asset is undervalued or overvalued by comparing the token’s market capitalization with the realized capitalization, which is the total value of the assets at the purchase price.

ETH is currently trading at $3,478.60. Despite predominantly sideways trading during the week, Ethereum remains the second largest crypto asset by market value.

On the other hand, the situation for Bitcoin seems less promising. CryptoQuant noted that BTC is trading below crucial support at $65,800, which could indicate a near-term price correction. “A potential correction of 8% to 12% towards $60,000 is expected,” the company pointed out.

At the time of writing, Bitcoin trades at $64,148, down almost 1.5% in the last 24 hours and more than 3% in the previous week.

Julio Moreno, head of research at CryptoQuant, made additional observations on Platform X, indicating that the Bitcoin market is at its least optimistic point since September 2023, based on the market’s bull cycle indicator.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.

Source: https://portalcripto.com.br/metrica-on-chain-do-ethereum-indica-possivel-crescimento-para-altcoins-revela-analise-da-cryptoquant/



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