Ethereum's MVRV and Network Activity Show Positive Growth, Says CryptoQuant CEO

According to Odaily, Ki Young Ju, the CEO of CryptoQuant, has noted that despite the rapid rise of Ethereum's Market Value to Realized Value (MVRV), the transaction volume and active addresses on the Ethereum network are also increasing. This suggests that it may not be overvalued. In an article dated June 19, Ju wrote, 'The rise in ETH MVRV is faster than BTC MVRV, indicating that the ETH market is heating up relative to its on-chain fundamentals.' MVRV represents whether an asset is trading above or below its fair price, essentially the difference between the price users pay for an asset and the current market price. Data from Santiment shows that in the past 30 days, Ethereum's MVRV has risen by 29.9% to 91.43%, while Bitcoin's MVRV has fallen by 10.8% to 127.41% during the same period.