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Opportunity Present in the Altcoin Market, Suggests MVRV Model

  • Santiment tweeted that its MVRV model shows that many altcoins are underbought.
  • According to the tweet, the opportune time to purchase altcoins is now.
  • Many of the top 10 cryptos posted 24-hour losses according to CoinMarketCap.

The blockchain analytics firm, Santiment (@santimentfeed), tweeted this morning that traders and investors looking to buy into altcoins may want to do so now. The tweet added that despite the bloodshed in the crypto market, Santiment’s MVRV model indicates that many altcoins are underbought.

The tweet did warn that prices may continue to drop further, but that this is the most that many altcoins have been in “opportunity zones” since early January of this year.

At press time, CoinMarketCap shows that the total market cap of the crypto market has dropped 1.47% over the last 24 hours. As a result, the global market cap stands at $997.44 at press time.

The majority of the top 10 cryptos printed losses over the last 24 hours, except for Binance Coin (BNB) and Ripple (XRP) which printed 0.90% and 2.59% gains respectively.

Meanwhile, the altcoin leader, Ethereum (ETH), experienced a 0.97% drop in price over the same 24-hour period. Joining ETH on  the list of the top 10 cryptos which posted 24-hour losses is Cardano (ADA), Dogecoin (DOGE), and Polygon (MATIC).

Currently, ADA is changing hands at $0.3194 following a 1.70% drop over the last 24 hours. This has added to the Ethereum-killer’s negative weekly performance which currently stands at -10.28%.

MATIC is trading at $1.06 after its price dropped 6.25% over the last 24 hours. This has also pushed MATIC’s negative weekly performance into a double-digit deficit at around -13.25% at press time.

Lastly, DOGE’s 1.43% drop in price over the last 24 hours has pulled its price down to $0.07195 at press time.

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