Absence of Correlation Found Among Crypto Prices, According to Data
Blockchain intelligence firm, Sentiment, has reported that there is a lack of correlation between crypto prices this month compared to previous months. The company’s MVRV model suggests that it is a good time to invest in OMG Network, Serum, and VIDT DAO, while Bella Protocol, Injective, and Render Token are currently risky investments.
The model also indicates that assets in the crypto market have split between overbought and underbought after varying price performances over the past seven days. CoinMarketCap reports that the global crypto market cap is down 0.28% over the past 24 hours, with the total market cap estimated to be $1.21 trillion.
Despite this, OMG’s price rose 0.38% to $1.06, and BEL’s price climbed more than 1% to $0.8147. Conversely, SRM and VIDT experienced price drops of 3.14% and 2.10% respectively, while INJ’s price dropped 5.45% and RNDR’s price is down 4.40%.