JAKARTA – In the midst of the decline in the price of Bitcoin which also dragged down the price of altcoins, a leading crypto-analytic institution, Santiment, stated that there are a number of altcoins that are in the ideal buy zone. Santiment mentions the four cryptocurrencies, namely 1 Inch (1INCH), Loopring, (LRC), Ren Protocol (REN), and finally The Sandbox (SAND).
“After a sustained weekend of declines, several altcoins have now reached historical buy territory, according to our MVRV Opportunity & Danger Zone Model. This suggests average trading returns are in the top 10% in a typical bottom area," Santiment said.
Reporting from The Daily Hodl, the market value to realized value (MVRV) metric is the ratio of an asset's market capitalization to its realized capitalization. It shows the average gain/loss for coins in circulation and is a useful metric for hunting crypto deals.
Last month, the market intelligence platform announced an update to its existing MVRV model to provide traders with more accurate and up-to-date data.
“Due to high demand, we have rejected our MVRV Opportunity & Divergence model to update hourly instead of daily using our new Intraday MVRV metrics.”
Santiment said that it would help traders to get the latest information on crypto asset positions.
“This will help you stay up-to-date on how close your favorite asset is to the next zone of opportunity (or danger).
Despite Santiment's call to buy, decentralized exchange platforms Loopring and 1 inch, both fell less than one percent over the past day, as was the metaverse game altcoin The Sandbox. Ren's decentralized finance protocol fared better, up 1.67 percent over the same period.
The English, Chinese, Japanese, Arabic, and French versions are automatically generated by the AI. So there may still be inaccuracies in translating, please always see Indonesian as our main language. (system supported by DigitalSiber.id)
