Santiment, a market intelligence platform, recently shared on Twitter the current state of Bitcoin (BTC), Ethereum (ETH), and several other altcoins in the market. According to Santiment’s post, BTC and ETH have managed to “stay afloat in their ranges,” while some altcoins continue to struggle. Santiment’s MVRV model also suggests that there may be some buy opportunities for altcoins such as Litecoin (LTC), Serum (SRM), Radicle (RAD), VIDT DAO (VIDT), and Highstreet (HIGH). These cryptos have experienced losses in recent weeks, but Santiment predicts that some buy opportunities may soon emerge as they are close to bottoming out.
CoinMarketCap data shows that BTC and ETH both experienced losses of 1.26% and 0.32%, respectively, over the past 24 hours. As of writing, BTC is trading at $27,643.93, while ETH is worth around $1,847.47. LTC, on the other hand, had a tough 24 hours, with the altcoin’s value dropping more than 3% to $78.78. This has pushed LTC’s weekly performance further into the red at -10.05%.
SRM and RAD also struggled, with both altcoins experiencing losses of more than 10% over the past 24 hours. At the time of writing, SRM was worth $0.08496, while RAD was trading at $2.62. VIDT and HIGH also suffered losses of more than 4% throughout the past day. VIDT underperformed against BTC and ETH by about 3.80% and 4.79%, respectively, while HIGH weakened against BTC by 3.60% and ETH by 4.57%.
Santiment’s MVRV model is a metric that measures the market value of an asset divided by its realized value. The realized value is the value at which each unit of an asset was last moved on the blockchain. The MVRV model is used to identify when an asset is overvalued or undervalued relative to its fair value. Santiment’s prediction of potential buy opportunities for certain altcoins is based on the MVRV model.
It is worth noting that the cryptocurrency market is highly volatile, and investors should always conduct their research and due diligence before making any investment decisions. The views and opinions expressed in this analysis are published in good faith, and readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
In conclusion, BTC and ETH have managed to hold steady in the market, while some altcoins continue to struggle. Santiment’s MVRV model suggests that there may be some buy opportunities for certain altcoins, but investors should always conduct their research and due diligence before making any investment decisions. The cryptocurrency market is highly volatile, and investors should be cautious and consider their risk tolerance before investing.