Ki Young Ju, CEO of crypto analytics firm C, noted that while Ethereum's market value realized (MVRV) is rising rapidly, it is also accompanied by an increase in the Ethereum network's transaction volume and active addresses. ETH MVRV is rising faster than BTC MVRV, indicating that the ETH market is heating up relative to its on-chain fundamentals. But the level of on-chain activity suggests that it may not be overvalued.

According to data, Ethereum's MVRV rose 29.9% to 91.43% compared to Bitcoin over the past 30 days, while Bitcoin's MVRV showed the opposite trend, falling 10.8% to 127.41% over the same period.

MVRV indicates that an asset is trading above or below its fair price, which is essentially the difference between the price a user pays for an asset and the current market price.