Altcoins Show Potential for Recovery Following Recent Crypto Market Correction: Santiment Analysis
New data from analytics firm Santiment suggests that altcoins could potentially bounce back from the recent correction in the cryptocurrency market. Last week’s market crash left investors uncertain about the future of altcoins and their chances of recovery.
Santiment utilized the Market Value to Realized Value (MVRV) tool, which assesses the value of a crypto asset, to determine the current status of altcoins. The analysis revealed that a majority of altcoins are currently in the overbought zone, indicating that they may be undervalued.
Market caps have experienced significant drops in the past week, leading to contrasting opinions among traders. While many anticipate a swift recovery, others believe that this is only the beginning of a larger downturn. Nevertheless, it is undeniable that the average returns in the crypto market remain unpredictable.
Santiment notes that the recent crypto market crash was one of the most substantial declines observed this year. Additionally, Bitcoin traders have been making tumultuous moves during this downtrend.
“After the sudden crypto market crash in 2023, we witnessed a surge in Bitcoin transactions exceeding $1 million. This suggests that whales are actively making significant moves during this period. However, the number of large traders in the market has not decreased,” said Santiment.
Currently, Bitcoin is being traded at $26,100, showing a slight increase in the last 24 hours after experiencing a 13% drop to a seven-day high of $29,652.
Source: DailyHodl
New data from analytics firm Santiment indicates that altcoins may recover from last week’s correction in the crypto market.
Santiment Analyzes Altcoins Are Undervalued After Last Week’s Serious Crash This left investors cracking down and there were mixed predictions for the Altcoin market outlook and recovery.
Using the Market Value to Realized Value (MVRV) tool, which measures how high or low a crypto asset is worth, Santiment found that most altcoins are currently at a point. Overbought (The underbought zone)
📊 Market caps have dropped significantly over the past week, and traders are very polarized. Many believe a speedy recovery is on the way, while others see this as just the beginning of the heap. But undeniably, average #crypto the returns are in the historical mathematical chance zone. pic.twitter.com/oVlLQ6ZuB1
— Santiment (@santimentfeed) August 19, 2023
“The Market Cap has dropped significantly over the last week. And traders are looking in different directions. Many people say that recovery comes quickly. While some see this as just the beginning of the disaster. But we cannot deny that average crypto earnings are unpredictable. “
Santiment has said that last week’s crypto market crash was one of the “most pronounced declines” seen this year. And note that Bitcoin dealers are moving wildly in the downtrend.
“Events have calmed down after the crypto market suddenly crashed in 2023, where we saw a large number of Bitcoin transactions worth over $1 million, indicating that whales are making some serious moves during this period. But the number of pockets of big traders has not decreased.”
Bitcoin is currently trading at $26,100 and has increased slightly over the past 24 hours. After falling 13% to a seven-day high of $29,652.
Source: DailyHodl
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