Altcoin Opportunities: Santiment’s Analysis Suggests Favorable Conditions for Market Recovery
Santiment, an analytics firm, predicts that a significant number of altcoins are poised for a resurgence following a month-long downturn in the crypto market.
The correction prompted many altcoin traders to sell off their holdings, resulting in substantial losses. Santiment’s analysis, based on the market value to realized value (MVRV) of wallets, indicates that over 85% of tracked assets are in a historically opportune zone for potential gains over one-month. Three-month, and six-month cycles. This indicator assesses whether a cryptocurrency is overvalued or undervalued. With the MVRV signaling favorable conditions, Santiment suggests that altcoins are in a “historic position” for potential rallies. Recommending buying during periods of market fear.
Notably, traders are showing more interest in stable altcoins rather than volatile ones like Dogecoin (DOGE). With non-empty Bitcoin wallets increasing despite price fluctuations. At present, DOGE is trading at $0.149, down 34% from its 2024 peak. While Bitcoin is at $64,000, a 13% decline from its high.
Clever Robot News Desk 30th April 2024
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