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Bitcoin Market Shows Least Bullish Sentiment Since September 2023

Kester Odero by Kester Odero
June 22, 2024 - 12:30 pm
in bitcoin news, Market
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The

  • bitcoinBitcoin$102,572.00
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

  • ethereumEthereum$3,944.70
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.

Tags: BTCETH
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Kester Odero

Kester Odero

Kester is a Kenyan citizen currently based in the country’s capital Nairobi who studied at KCA university, also based in Nairobi, Kenya. His Passion as a writer led him to freelance news writing in his early school years. Kester likes to talk about blockchain and is keen on generating plagiarism-free work. Kester also writes on general world news and other emerging niches and research in the crypto world and the world's economy. Kester is focused on creating high-quality and highly optimized content. In line with this, he has specialized in emerging blockchain news technical analysis and price predictions. Best He is dedicated to giving the best quality services and focused on delivering work during the required time.

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