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Home»ALTCOIN NEWS»According to Santiment, Ethereum, Dogecoin and 5 additional altcoins are showing short-term bullish signals.
ALTCOIN NEWS

According to Santiment, Ethereum, Dogecoin and 5 additional altcoins are showing short-term bullish signals.

By Crypto FlexsJuly 8, 20242 Mins Read
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According to Santiment, Ethereum, Dogecoin and 5 additional altcoins are showing short-term bullish signals.
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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%.

Source: Santiment/X

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%.

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Featured image: Shutterstock/Alina Spiridonova/Natalia Siiatovskaia/Fotomay

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