Altcoins
Ethereum On-Chain Metric Suggests Potential for Altcoin Market Rally, Says Analytics Firm CryptoQuant
An Ethereum (ETH) on-chain metric suggests the altcoin market could be primed for a price rise, according to digital asset analytics firm CryptoQuant.
The company said on social media platformBTC) MVRV.
“This suggests that the ETH market is heating up. Historically, when Ethereum rises, other alternatives 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 assess whether the token is undervalued or overvalued.
ETH is trading at $3,514 at the time of writing. The second-largest crypto asset by market capitalization has largely traded sideways this week.
CryptoQuant too Remarks 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 crypto asset by market capitalization is down almost 1.5% over the past 24 hours and over 3% over the past week.
Julio Moreno, head of research at CryptoQuant, said on X that the Bitcoin market is currently at its lowest point since September 2023, based on its bull market cycle indicator.
Source: Julio Moreno/X
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