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CEO of blockchain analytics platform CryptoQuant, Ki Young Ju, updates his outlook on altcoins ahead of potential Ethereum spot approval (Ethereum) Exchange-traded funds (ETF) are regulated by the U.S. Securities and Exchange Commission (SEC).
Young Jo Tells His 348,500 followers on social media platform
The MVRV indicator, which is used to evaluate whether a particular crypto asset is undervalued or overvalued, is the ratio of the market cap of Ethereum, or any other crypto asset, compared to its realized capitalization (the value of all ETH at the price it was bought at).
“We are entering early into the altcoin season.
ETH’s MVRV is rising faster than Bitcoin’s (BTC) MVRV, indicating that the ETH market is rising relative to its on-chain fundamentals.
Given the current state of ETFs, this may just be a season for ETH. Historically, when ETH rises, other altcoins tend to follow.”
Turning to altcoins, CEO of CryptoQuant He says Memecoin’s dominance is waning after hitting a 15-month high in March. Memecoin dominance is the ratio of the total market cap of memecoins compared to the total market cap of altcoins.
“Crypto Twitter will shift from gambling to focusing on fundamentals, as was the case a few years ago.
“Pack your bags, guys, it’s over.”
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