The CEO of blockchain analytics platform CryptoQuant, Ki Young Ju, is updating his outlook on altcoins ahead of a potential approval of spot Ethereum (ETH) exchange-traded funds (ETF) by the U.S. Securities and Exchange Commission (SEC).
Young Ju tells his 348,500 followers on the social media platform X that Ethereum’s Market Value to Realized Value (MVRV) metric is flashing a bullish signal.
The MVRV indicator, which is used to assess whether a particular crypto asset is undervalued or overvalued, is the ratio of market capitalization of Ethereum, or any other crypto asset, relative to its realized capitalization (the value of all ETH at the price they were bought at).
“We’re entering early altcoin season.
ETH MVRV is rising faster than Bitcoin (BTC) MVRV, suggesting ETH market is heating up relative to its on-chain fundamentals.
Given the current ETF situation, this might be an ETH-only season. Historically, when ETH surges, other altcoins tend to follow.”
Turning to altcoins, the CryptoQuant CEO says that memecoin dominance is on the wane after reaching a 15-month high in March. Memecoin dominance is the proportion of the total market capitalization of memecoins relative to the total market capitalization of altcoins.
“Crypto Twitter would be shifting from gambling to focusing on fundamentals, similar to a few years ago.
Pack it up lads, it’s over.”
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