Despite hitting individual turning points, Bitcoin and Ethereum are now locked in a tight peg. So, it could become difficult for optimist expectations to become reality.
The on-chain analytic platform mentioned that there has been an incredible hike in theSource: Santiment
And since the USDT dominance reached 3.01% on 17 April, it implies that investors could be locking profits as the price hits new highs. Therefore, this could lead to a temporary slowdown inAnother notable facet in terms of market sentiment is how optimism had reduced among investors. One metric that justifies this is theAs of this writing, the Bitcoin social volume had dropped to 9078. With Ethereum, it was a minimal slide to 603.
Furthermore, the Market Value to Realized Value ratio showed that BTC might have hit an overvalued point. Same as ETH which saw the 30-day ratio rise to 14.45% on 14 April.is responsible for assessing market profitability and fair value.Although the metric for both assets had decreased, it still did not present a solid opportunity zone for accumulation. To take a cue from Santiment’s insights:
“It does appear that they are a bit overvalued based on the fact that traders have been profiting in them so heavily since markets began to go on a tear in mid-January”have been making impressive moves on the Bitcoin network. And an increase in these large transactions could help stabilize the BTC and ETH returns.
However, the effects of the market sentiment were already in motion as ETH had lost its hold on $21,000. BTC, following in the same route, had dropped below $30,000. But in the long-term, the cause for a sustained rally remains, especially as the Bitcoin 2024 halving approaches.
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