In a recent analysis by Santiment, an on-chain data company, Dogecoin (DOGE) emerged as particularly bullish based on its 30-day Market Value-to-Realized Value (MVRV) metric. The report assessed six of the top 10 cryptocurrencies, including Dogecoin and Shiba Inu, highlighting their short-term price potential. According to Santiment, a lower MVRV suggests a higher likelihood of a price bounce in the near future. Dogecoin stood out with the lowest MVRV at -16.7%, signaling a “very bullish” outlook. Following closely behind in terms of bullish sentiment was ADA at -12.6%. Meanwhile, other cryptocurrencies such as Bitcoin, Ethereum, XRP, and Toncoin were categorized as “neutral” or “mildly bullish” based on their respective MVRV readings.
XRP vs Ethereum: SEC Decision Sparks Controversy
Consensys recently announced the conclusion of the SEC‘s investigation into Ethereum, marking a significant victory for the second-largest cryptocurrency and the broader crypto industry. However, this development has stirred discontent within the XRP community, highlighting longstanding tensions between XRP and ETH. Referred to as “ETHGate,” the controversy revolves around allegations of preferential treatment by the SEC towards Ethereum at the expense of XRP and other cryptocurrencies. Bill Morgan, an attorney and vocal XRP supporter, criticized the SEC’s handling of the situation, arguing that Ethereum has received unjust advantages, contrasting sharply with XRP’s regulatory challenges.
Peter Schiff Criticizes Bitcoin Amid Nvidia’s Market Cap Milestone
Nvidia (NASDAQ: NVDA), renowned for its advanced GPU microchips, recently achieved the status of the world’s largest public company by market capitalization, surpassing Microsoft (NASDAQ: MSFT). Reacting to this news, prominent Bitcoin critic Peter Schiff seized the opportunity to cast doubt on Bitcoin’s utility. Schiff contended on social media that Nvidia’s success is bearish for Bitcoin, emphasizing the latter’s lack of practical use. He pointed out that Nvidia’s GPUs contain gold, which he views as essential for their functionality, unlike Bitcoin, which he claims lacks inherent value. Schiff’s comments reflect ongoing skepticism towards Bitcoin’s role and its relationship with traditional commodities like gold.
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