Santiment, a crypto analytics firm, stated that the altcoin’s MVRV-Z score, which is the ratio between market cap and realized cap, and standard deviation of market cap, was now at its highest point since January 2018. This is a bullish signal for Ethereum in the long run.
Ethereum surged by almost 400% since the start of the year, with YTD returns of 441% at press time. The altcoin has hit and breached consecutive ATHs over the past few days. Just a week ago, the ETH had breached the 3000k level, and now the coin’s uptrend has been a little more consistent, something that has encouraged many analysts to boldly project a target for this rally.
A series of events that contributed to the altcoin’s rally. This includes the issuance of EIB’s first-ever ETH bond, ETH’s increasing dominance, and the consistent price rally, and an overall increase in institutional interest.
Many industry experts and analysts have capped a target of $10,000 for the alt’s current rally. Entrepreneur Mark Cuban, in a recent interview, went on to state:
“I think Ethereum has greater long term value [than Bitcoin]. Period. End of story because Ethereum has more utility than Bitcoin does.”
The most popular exchange – Binance also took to Twitter to celebrate the alt’s new ATH:
#Ethereum = $4,000! (yes, our design team are afk) pic.twitter.com/uOot1ra3hm — Binance (@binance) May 10, 2021
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