Ethereum, Dogecoin and Five Additional Altcoins Flashing Short-Term Bullish Signal, According to Santiment

By The Daily Hodl July 08, 2024 In Dogecoin, Ethereum
Source: Santiment/X

Prominent crypto analytics firm Santiment is unveiling a list of large-cap altcoins that may see short-term rallies following last week’s correction.

The crypto insights firm says on the social media platform X that the Market Value to Realized Value (MVRV) metric of seven altcoins has dropped to negative territory.

The MVRV is the ratio of a digital asset’s market capitalization relative to its realized capitalization or the value of all the coins at the price they were bought. When the MVRV value drops below zero, it indicates that the coin is currently oversold or undervalued.

Says Santiment,


“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.”

According to the analytics firm, top memecoin Dogecoin (DOGE) offers the least risk among notable large-cap crypto assets with an MVRV value of -19.7%. The meme token is followed by the decentralized exchange Uniswap (UNI) and the peer-to-peer payments network Litecoin (LTC) with MVRV values of -16.3% and -15%, respectively.

The leading smart contract platform Ethereum (ETH) sits at number four with an MVRV score of -13.2%. The decentralized oracle network Chainlink (LINK) takes the fifth spot with an MVRV value of -11.1% followed by XRP with a score of -10.1%.

In seventh place is the Ethereum rival Cardano (ADA) with an MVRV value of -9.9%.

Source: Santiment/X

Santiment notes that the only exception among large-cap altcoins is the layer-1 protocol Toncoin (TON) which has an MVRV score of +4.0%.

As for Bitcoin (BTC), the crypto king is flashing an MVRV score of -9.64%.

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

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