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Ethereum (Ethereum) The on-chain metric indicates that the altcoin market could be poised for a price surge, according to digital asset analysis firm CryptoQuant.
a company He says On social media platformBitcoin) Mfrf.
“This indicates that the ETH market is heating up. Historically, when the price of Ethereum rises, other altcoins tend to follow.”
MVRV is the ratio of a digital asset’s market value compared to its realized capitalization (the value of all assets at the price at which they were purchased). It is used to evaluate whether a token is undervalued or overvalued.
ETH is trading at $3,514 at the time of writing. The cryptocurrency asset, which ranks second by market cap, has traded largely sideways this week.
Cryptoquant too Notes Bitcoin is trading below the critical support level of $65,800, which the company says indicates a potential 8%-12% correction towards $60,000.
BTC is priced at $64,148 at the time of writing. The top-ranked crypto assets by market capitalization have fallen approximately 1.5% in the past 24 hours and more than 3% in the past week.
Julio Moreno, Head of Research at CryptoQuant He says On X The Bitcoin market is currently at its lowest bullish point since September 2023, based on the Bull Market Cycle Index.
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