Bitcoin Market Displays Lowest Bullish Sentiment Since September 2023

The current market is experiencing a decrease in bullish sentiment, reaching its lowest point since September 2023. This decline is evident in the market value to realized value (MVRV) ratios of major cryptocurrencies.
According to a tweet by Julio Moreno on June 21, 2024, the #Bitcoin market is currently at its least bullish since September 2023.
Moreover, the MVRV ratio for Ethereum ($ETH) is increasing at a faster rate than that of Bitcoin ($BTC). This indicates that Ethereum’s market is becoming more active and gaining momentum compared to Bitcoin.
In the past, when Ethereum has seen increases, other alternative coins (altcoins) have tended to follow suit. This pattern suggests potential upcoming bullish movements for various altcoins if Ethereum continues on its upward trend.
As highlighted by a tweet from CryptoQuant.com on June 21, 2024, the MVRV for $ETH is rising faster than that of $BTC, indicating that Ethereum’s market is heating up. Historically, when #Ethereum surges, other altcoins tend to follow.
The change in MVRV ratios and market sentiment emphasizes the shifting dynamics within the cryptocurrency market. Investors and traders should closely monitor these trends to anticipate potential shifts and opportunities in the altcoin space. #BTC #ETH