Bitcoin price fell again today and fell below 64 thousand dollars. After this decline, it was noteworthy that altcoins did not fall seriously and reacted limitedly. On-chain analysis platform CryptoQuant CEO Ki Young Ju pointed to the MVRV indicator in Ethereum in his brief analysis on X.

The MVRV, which is seen as a comparison of Ether’s “Market Value” and “Realized Value” (Market Value – Realized Value), briefly gives an idea of whether an asset is over or underpriced.

“Alts tend to follow”

Stating that Ether MVRV is rising much faster than Bitcoin MVRV, Ju said:

“We’re entering early alt season. ETH MVRV is rising faster than BTC MVRV, suggesting ETH market is heating up relative to its on-chain fundamentals. Given the current ETF situation, this might be an ETH-only season. Historically, when ETH surges, other alts tend to follow.”

Yesterday, he also drew attention to memecoins

Ki Young Ju stated in a tweet yesterday that the dominance of memecoins in the market has declined and that this is an indication that the market is shifting from gambling or gaming tokens to coins with a foundation.