Santiment, a popular cryptocurrency analytics firm, has released a list of large-cap altcoins that could see a short-term rally following last week’s correction.
The cryptocurrency insights firm revealed that the Market-to-Realized Value (MVRV) metric for seven altcoins on social media platform X has fallen into negative territory.
MVRV is the ratio of the market capitalization of a digital asset to the realized capitalization or the value of all coins at the purchase price. When the MVRV value falls below 0, it indicates that the coin is currently oversold or undervalued.
Santiment says:
“The lower the 30-day MVRV of a coin, the less risky it is to open or add to a position over a short period of time.”
According to the analytics firm, Dogecoin (DOGE), the top Mimecoin, has the lowest risk among major crypto assets with an MVRV of -19.7%. The Mime token is followed by decentralized exchange Uniswap (UNI) and peer-to-peer payment network Litecoin (LTC), with MVRVs of -16.3% and -15%, respectively.
Ethereum (ETH), the leading smart contract platform, came in fourth with an MVRV score of -13.2%. Chainlink (LINK), a decentralized oracle network, came in fifth with an MVRV value of -11.1%, followed by XRP with a score of -10.1%.
Coming in at number 7 is Ethereum competitor Cardano (ADA) with an MVRV value of -9.9%.
Santiment points out that the only exception among the large altcoins is the layer 1 protocol Toncoin (TON), which has an MVRV score of +4.0%.
In the case of Bitcoin (BTC), the king of cryptocurrencies recorded an MVRV score of -9.64%.
Don’t miss out on the latest news – subscribe to receive email notifications straight to your inbox.
Price check task
Follow us XFacebook and Telegram
Surfing the Daily Hodl Mix
 
Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are your responsibility and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Alina Spiridonova/Natalia Siiatovskaia/Fotomay