The cryptocurrency analysis company Santiment has released a list of major altcoins that could see short-term rebounds following last week’s adjustments.
The crypto insights firm indicated on social media platform X that the market value to realized value (MVRV) ratio for seven alternative coins has dropped into negative territory. MVRV represents the ratio of a digital asset’s market value to its realized capital or the value of all coins at prices of purchase. A value below zero indicates that the coin is currently oversold or undervalued.
Santiment stated, “The lower the 30-day MVRV of a coin, the less risk there is of opening or increasing a position in the short term.” According to the company’s analysis, the meme coin Dogecoin (DOGE) leads among prominent altcoin crypto assets with an MVRV value of -19.7%, indicating the least risk. Following closely are the decentralized exchange Uniswap (UNI) and the peer-to-peer payment network Litecoin (LTC) with MVRV values of -16.3% and -15%, respectively.
The leading smart contract platform Ethereum (ETH) ranks fourth with an MVRV score of -13.2%. The decentralized oracle network Chainlink (LINK) sits in fifth place with an MVRV value of -11.1%, followed by XRP at -10.1%. In the seventh spot is Ethereum’s competitor Cardano (ADA) with an MVRV value of -9.9%.
One exception among the major altcoins is the Layer 1 protocol token Toncoin (TON), with an MVRV score of +4.0%. As for Bitcoin (BTC), the king of cryptocurrencies, its MVRV score stands at -9.64%.
Source: Santiment/X
Santiment noted that the only exception among the major altcoins is the Layer 1 protocol Toncoin (TON), which has an MVRV score of +4.0%.
For Bitcoin (BTC), the MVRV score, the king of cryptocurrencies, is -9.64%.
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