Analytics Firm Santiment: Altcoins Show Bullish Trend Following Last Week's Sharp Drop
Santiment's recent market data indicates a potential recovery for altcoins after last week's significant crypto market dip.
Santiment's analysis indicates a significant undervaluation of altcoins following recent market drops. Using the MVRV metric, a tool that evaluates the valuation of a cryptocurrency, it's evident that most altcoins are currently in an underbought state. Over the last week, there's been a notable decline in market caps, causing a divide among traders. Some are optimistic about an imminent market rebound, while others believe this downturn might persist. Regardless, the current average returns on crypto present a historically significant investment opportunity.
After experiencing one of 2023's most drastic price declines, Santiment notes that the crypto landscape remains unsettled. Interestingly, Bitcoin (BTC) activity, especially among whales, remains high. The data platform highlights consistent $1 million+ BTC transactions, implying that these major players are quite active post-drop. Despite the downturn, the number of significant BTC wallets has remained stable.
At the moment, Bitcoin trades at $26,130, marking a slight uptick in the last 24 hours. However, it's down 13% from its weekly high of $29,652.
Aug 20, 2023