Ethereum (ETH) Market Heats Up as MVRV Indicator Surges, Suggesting Altcoin Season Could Be Nigh: CryptoQuant

An Ethereum (ETH) on-chain metric suggests the altcoin market could be primed for a price surge, according to the digital asset analytics firm CryptoQuant.

A key on-chain metric for Ethereum (ETH) is signaling that the altcoin market could be gearing up for a rally, according to digital asset analytics firm CryptoQuant.

On the social media platform X, the firm notes that Ethereum’s Market Value to Realized Value (MVRV) indicator is rising at a faster rate than Bitcoin’s (BTC) MVRV.

“This suggests that ETH's market is heating up. Historically, when Ethereum surges, other alts tend to follow.”

MVRV is a ratio that measures a digital asset’s market capitalization to its realized capitalization (the value of all the assets at the price they were bought). It’s used to gauge whether a token is over or undervalued.

ETH is trading at $3,514 at the time of writing. The second-ranked crypto asset by market cap has been largely flat this week.

CryptoQuant also notes that Bitcoin is trading below a critical support level of $65,800, which the firm says could indicate a potential 8-12% correction toward $60,000.

BTC is priced at $64,148 at the time of writing. The top-ranked crypto asset by market cap is down nearly 1.5% in the past 24 hours and more than 3% in the past week.

Julio Moreno, head of research at CryptoQuant, says on X that the Bitcoin market is at its least bullish point since September 2023, according to the firm’s bull market cycle indicator.

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News source：https://www.kdj.com/cryptocurrencies-news/articles/ethereum-eth-market-heats-mvrv-indicator-surges-suggesting-altcoin-season-nigh-cryptoquant.html

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