New data from market intelligence firm Santiment suggests that altcoins may recoup some of their losses from the crypto market\u2019s sharp downturn last week.<\/p>\n
According to the crypto analytics platform, altcoins are \u201coverwhelmingly showing undervaluation\u201d after last week\u2019s bloodbath, leaving investors divided on how quickly the markets can recover.<\/p>\n
Using the market value to realized value (MVRV) metric, which gauges whether a crypto asset is overvalued or undervalued, Santiment finds<\/a> that the majority of altcoins are currently trading in the underbought zone.<\/p>\n \u201cMarket caps have fallen considerably over the past week, and traders are very polarized. Many believe a quick recovery is coming, while others see this as just the beginning of the dump. But undeniably, average crypto returns are in a mathematically historic opportunity zone.\u201d<\/em><\/p>\n Santiment goes on to say<\/a> that last week\u2019s crash was one of the \u201csharpest drops\u201d witnessed this year but notes that Bitcoin (BTC<\/a>) whales have remained extremely active during the downturn.<\/p>\n \u201cThe dust has far from settled after crypto markets had one of its sharpest price drops of 2023. We are seeing a large amount of $1 million+ BTC transactions, indicating whales are very active on this dump. But the amount of large wallets is not falling.\u201d <\/em><\/p>\n Bitcoin is trading for $26,130 at time of writing, a fractional increase during the last 24 hours but a 13% decrease from its seven-day high of $29,652.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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