The market is currently experiencing its least bullish sentiment since September 2023. This decline in bullish sentiment is reflected in the market value to realized value (MVRV) ratios of major cryptocurrencies.
The #Bitcoin market is the least bullish since September 2023. pic.twitter.com/xfBPhp544R
— Julio Moreno (@jjcmoreno) June 21, 2024
Notably, Ethereum’s ($ETH) MVRV ratio is rising faster than Bitcoin’s ($BTC) MVRV ratio. This suggests that Ethereum’s market is heating up, gaining momentum compared to Bitcoin.
Historical Trends and Altcoin Movements
Historically, when surges, other altcoins tend to follow. This pattern indicates potential upcoming bullish movements for various altcoins if Ethereum continues its upward trend.
$ETH MVRV is rising faster than $BTC MVRV.
This suggests that #ETH’s market is heating up.
Historically, when #Ethereum surges, other alts tend to follow. pic.twitter.com/AXUrmPswGF
— CryptoQuant.com (@cryptoquant_com) June 21, 2024
The shift in MVRV ratios and market sentiment highlights the evolving dynamics within the cryptocurrency market. Investors and traders should watch these trends closely to anticipate potential shifts and opportunities in the altcoin space.
