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Long-Term Bitcoin, Ethereum Holders Remain Confident, On-Chain Data Shows
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The important long-term holders (LTHs) of both bitcoin (BTC) and ethereum (ETH) are still optimistic about the near-term price moves of the two cryptocurrencies, according to on-chain indicators analyzed by Kraken Intelligence.
Despite hitting all-time highs earlier in November, both BTC and ETH are still far from reaching what has historically been considered “overbought” territory, Kraken’s on-chain digest for November said about the two largest cryptocurrencies.
For ETH specifically, the finding that the asset is not yet overbought was reached by looking at the so-called market value to realized value (MVRV) Z-score.
In this formula, the Z-score is a measurement of the difference between a value and a group’s average, measured in standard
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