One Ethereum Indicator Is Signaling Altcoin Season Will Start Early, According to Quant Analyst Ki Young Ju
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.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
The post One Ethereum Indicator Is Signaling Altcoin Season Will Start Early, According to Quant Analyst Ki Young Ju appeared first on The Daily Hodl.
