Altcoins
An Ethereum indicator signals that altcoin season will begin soon, according to quant analyst Ki Young Ju
The CEO of blockchain analytics platform CryptoQuant, Ki Young Ju, is updating his perspective on altcoins ahead of a potential Ethereum spot approval (ET) exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
Young Ju tells from its 348,500 followers on social media platform X that Ethereum’s market value to realized value (MVRV) metric is sending a bullish signal.
The MVRV indicator, which is used to evaluate whether a particular crypto asset is undervalued or overvalued, is the ratio of the market capitalization of Ethereum, or any other crypto asset, to its realized capitalization (the value of all ETH at the price at which they were bought a).
“We are entering the first season of altcoins.
ETH’s MVRV is growing faster than Bitcoin’s (BTC) MVRV, suggesting that the ETH market is overheating relative to its on-chain fundamentals.
Given the current ETF situation, this could be an ETH-only season. Historically, when ETH rises, other altcoins tend to follow.
Source: Ki Young Ju/X
Moving on to altcoins, the CEO of CryptoQuant He says that memecoin dominance is in decline after hitting a 15-month high in March. Memecoin dominance is the proportion of total memecoin market capitalization to total altcoin market capitalization.
“Crypto Twitter would shift from gambling to focusing on fundamentals, similar to a few years ago.
Pack your bags guys, it’s over.
Source: Ki Young Ju/X
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