The CEO of blockchain analytics platform CryptoQuant, Ki Younger Ju, is updating his outlook on altcoins forward of a possible approval of spot Ethereum (ETH) exchange-traded funds (ETF) by the U.S. Securities and Trade Fee (SEC).
Younger Ju tells his 348,500 followers on the social media platform X that Ethereum’s Market Worth to Realized Worth (MVRV) metric is flashing a bullish sign.
The MVRV indicator, which is used to evaluate whether or not a specific crypto asset is undervalued or overvalued, is the ratio of market capitalization of Ethereum, or every other crypto asset, relative to its realized capitalization (the worth of all ETH on the worth they had been purchased at).
“We’re getting into early altcoin season.
ETH MVRV is rising sooner than Bitcoin (BTC) MVRV, suggesting ETH market is heating up relative to its on-chain fundamentals.
Given the present ETF scenario, this is perhaps an ETH-only season. Traditionally, when ETH surges, different altcoins are inclined to observe.”
Turning to altcoins, the CryptoQuant CEO says that memecoin dominance is on the wane after reaching a 15-month excessive in March. Memecoin dominance is the proportion of the overall market capitalization of memecoins relative to the overall market capitalization of altcoins.
“Crypto Twitter could be shifting from playing to specializing in fundamentals, related to some years in the past.
Pack it up lads, it’s over.”
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