Altcoins
Ethereum Indicator Signals Altcoin Season To Start Early, Says Quantitative Analyst Ki Young Ju
CEO of blockchain analytics platform CryptoQuant, Ki Young Ju, updates his outlook on altcoins ahead of possible approval of Ethereum spot (ETH) exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC).
Young Ju tell its 348,500 followers on social media platform
The MVRV indicator, which is used to assess whether a particular crypto asset is undervalued or overvalued, is the ratio of the market capitalization of Ethereum, or any other crypto asset, to its realized capitalization (the value of all ETH at the price they were purchased at).
“We are entering the start of the altcoin season.
ETH MVRV is rising faster than Bitcoin (BTC) MVRV, suggesting that the ETH market is heating up from its on-chain fundamentals.
Given the current ETF situation, this could be an ETH-only season. Historically, when ETH rises, other altcoins tend to follow.
Source: Ki Young Ju/X
Moving on to altcoins, CryptoQuant CEO said This memecoin dominance is in decline after hitting a 15-month high in March. Memecoin dominance is the proportion of the total market capitalization of memecoins to the total market capitalization of altcoins.
“Crypto Twitter would shift from gaming to focusing on fundamentals, like a few years ago.
Pack your bags guys, it’s over.
Source: Ki Young Ju/X
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