7 Altcoins That May See Short-Term Rallies This Week, According to Santiment
- WBOYOriginal
- 2024-07-15 11:06:33712browse
The crypto insights firm says the Market Value to Realized Value (MVRV) metric of seven altcoins has dropped to negative territory.
Crypto analytics giant Santiment is revealing a lineup of seven large-cap altcoins that might be poised for short-term rallies in the wake of last week’s sell-off.
According to a recent post by the crypto insights firm on the social media platform X, the Market Value to Realized Value (MVRV) metric has slipped into the negatives for the seven altcoins.
The MVRV is a technical indicator that measures an asset’s market capitalization against its realized capitalization, which is the total value of all the coins at the price they were bought. When the MVRV drops below zero, it suggests that the asset is currently considered oversold or undervalued.
Santiment notes that the lower a coin’s 30-day MVRV is, the less risk there is in opening or adding on to your position for a shorter-term time frame.
Out of the seven large-cap crypto assets that are highlighted by the analytics firm, top memecoin Dogecoin (DOGE) is said to be presenting the least risk with a 30-day MVRV of -19.7%. Following DOGE is the decentralized exchange Uniswap (UNI) and the peer-to-peer payments network Litecoin (LTC) with 30-day MVRV scores of -16.3% and -15%, respectively.
The flagship smart contract platform Ethereum (ETH) ranks fourth on the list with a 30-day MVRV of -13.2%. The decentralized oracle network Chainlink (LINK) comes in fifth with a 30-day MVRV score of -11.1%, followed by XRP with a score of -10.1%.
Finally, in seventh place is Ethereum rival Cardano (ADA) with a 30-day MVRV of -9.9%.
According to Santiment, the only large-cap altcoin that is an exception to the lineup is the layer-1 protocol Toncoin (TON), which has a 30-day MVRV of +4.0%.
As for Bitcoin (BTC), the apex crypto is showing a 30-day MVRV of -9.64%.
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