CryptoQuant CEO Ki Young Ju pointed out that although the market value to realized value (MVRV) of Ethereum is rapidly increasing, it is also accompanied by an increase in Ethereum network’s transaction volume and active addresses. The rise in ETH MVRV is faster than BTC MVRV, indicating that the Ethereum market is heating up relative to its on-chain fundamentals. However, on-chain activity levels suggest that it may not be overvalued.
According to Santiment’s data, Ethereum’s MVRV has increased by 29.9% to reach 91.43% compared to Bitcoin in the past 30 days, while Bitcoin’s MVRV has shown the opposite trend, falling by 10.8% to reach 127.41%.
MVRV represents the difference between the price users pay for an asset and its current market price, essentially indicating whether the asset is overvalued or undervalued.
Tags:
CryptoQuant
Ethereum
Source link:
https://cointelegraph.com/news/ethereum-ether-price-mvrv-metric-cryptocurrency…
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Original article link:
https://www.bitpush.news/articles/6893520
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