MVRV Model Indicates Opportunity in Altcoin Market
Santiment, a blockchain analytics firm, has recommended that traders and investors consider buying altcoins at present, despite the recent market downturn.
Santiment’s MVRV model suggests that many altcoins are underbought, although prices may still decrease further. Nonetheless, the firm claims that altcoins are currently in “opportunity zones” that have not been seen since early January of this year.
According to CoinMarketCap, the crypto market’s total market cap has dropped 1.47% over the last 24 hours, and the global market cap stands at $997.44 at press time. With the exception of Binance Coin (BNB) and Ripple (XRP), most of the top 10 cryptocurrencies experienced losses in the past 24 hours.
Ethereum (ETH) and Cardano (ADA) both dropped by 0.97% and 1.70%, respectively, while Dogecoin (DOGE) and Polygon (MATIC) also posted 24-hour losses.
ADA is currently trading at $0.3194, with a negative weekly performance of -10.28%. MATIC is trading at $1.06, with a negative weekly performance of -13.25%, and DOGE’s price has fallen to $0.07195, a 1.43% drop over the last 24 hours.