According to Ki Young Ju, CEO of CryptoQuant, the Ethereum Market Value to Realized Value (MVRV) indicator suggests a bullish outlook for altcoins. This indicator measures the ratio of Ethereum’s market cap to its realized cap, indicating whether the asset is undervalued or overvalued.
Ju believes that Ethereum’s MVRV is rising faster than Bitcoin’s, indicating a relative surge in Ethereum’s market. He predicts an “ETH-only season,” where other altcoins may follow Ethereum’s lead.
Memecoin Dominance Wanes
Ju also notes a decline in memecoin dominance, which had reached a 15-month high in March. He attributes this to a shift in focus from gambling to fundamentals in the cryptocurrency market.
