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Story Highlights
- MVRV shows $ETH is mildly undervalued, while $BTC, $XRP, and Chainlink remain neutral.
- The crypto market is now witnessing an upward trend reversal despite recent bearish trends.
- Buyers show renewed interest in crypto following Nvidia earnings report.
Ethereum ($ETH) is slightly undervalued at -5, with the 30-day Market Value to Realized Value (MVRV) Ratio. One in five is a , or 5%. A neutral -1-point Bitcoin ($BTC), $XRP ($XPR) and Chainlink ($LINK) remain neutral. 4%, ‘-0’. 1% +3 and -1. 3%, and the other three per cent, respectively). Cardano (ADA), on the other hand, is a mildly overrated MVRV ratio of +6 with an average of just under-valued. 8.8 per cent of .
Source: Santiment
Bitcoin and the wider crypto market showcase a bullish trend reversal
The past day has seen an upward trend reversal in the broader cryptocurrency ecosystem, despite recent bearish momentum and sentiment.
A weak bullish momentum reversal has been reversed, with data showing that the average Moving Average Convergence Divergency (MACD) indicator is slightly above its 9-day average.
$BTC – up 77% for . $69,050 78 per cent of the day since $ETH gained 13-years-old to trade at $68,005 in the past. a psychological level of $2,000, and 31 per cent to take back its $3,000 ‘s $4,000 mental. In the meantime, $XRP and $LINK gained +9 from $YRP. 77 per cent and 16 percent. Similarly, 07% of s, respectively. Cardano has had a striking 20-years, unique for his . Up for the trade 07% upsurge to $0. RIP 3115
Source: CoinMarketCap
Events leading up to the recent crypto rally
Nvidia’s tech company recently reported record earnings based on demand in artificial intelligence (AI) that led to the highest number of sales driven by technology companies. The news also boosted the risk appetite of stocks and crypto investors who are investing in new risks because (98%) of crypto is closely related to the S&P 500.
Their recent rallies have been aided by capital rotation from $BTC to altcoins, as investors look for higher returns on riskier assets. Now the 58-60% of Bitcoin dominance is at 34/100, meaning that there is a “mixed market for Bitcoin and Altcoins” in the Alt Coin Season Index.
This week, Bitcoin ETFs saw $257.7M in net inflows, effectively ending a five-week outflow streak.
Near-term market outlook
At press time, the overall crypto market cap totaled $2.38 trillion, having gained 7.50% in the last 24hours.
In a future rally, the crypto market could test the $2 with its current rally. A level of 59T (50% Fibonacci) is , and the levels are. slipping below $22 . 38TS(79 78) 35T (78T). The loss in momentum would be a sign of the decline, as it is validating if bullish theory has been weak, with 6% Fib) being used as ‘the strongest one ever to prove that there was no strong bull.
Thanks for reading Ethereum Undervalued Bitcoin & XRP Remain Neutral Amid Recent Bullish Reversal
