Ethereum’s Market Value
According to CryptoQuant, an analytics firm, Ethereum’s Market Value to Realized Value (MVRV) indicator is rising faster than Bitcoin’s. This suggests that Ethereum’s market is gaining momentum. Historically, when Ethereum surges, other altcoins tend to follow suit.
Bitcoin’s Support Level
CryptoQuant also notes that Bitcoin is trading below the critical support level of $65,800. This could indicate a potential correction of 8%-12% towards $60,000.
Bitcoin’s Bull Market Cycle
Julio Moreno, CryptoQuant’s head of research, states that Bitcoin’s market is currently at its least bullish point since September 2023, based on its bull market cycle indicator.
