Altcoins Poised for Rallies as Market Correction Subsides: Santiment Analysis
The crypto market is gearing up for potential rallies as analytics firm Santiment predicts that the majority of altcoins are poised for a comeback after a month-long correction. According to Santiment, the recent marketwide pullback has led to heavy losses for many altcoin traders, with over 85% of assets tracked by the firm currently in a historic opportunity zone.
The market value to realized value (MVRV) indicator, used to assess whether a crypto asset is undervalued or overvalued, is signaling prime buying opportunities for most altcoins across various time frames. This has prompted Santiment to suggest that altcoins may be in a “historic position” to experience significant rallies in the near future.
Despite the potential for a market rebound, traders are starting to shift their focus away from volatile altcoins like Dogecoin (DOGE) towards more stable crypto assets that have weathered the recent choppy conditions. The total number of non-empty Bitcoin wallets is on the rise, while altcoin wallets for assets like Dogecoin have plateaued following their meteoric rises earlier this year.
At the time of writing, DOGE is trading at $0.149, down over 34% from its 2024 high, while Bitcoin is priced at $64,000, a 13% decrease from its peak. As the market prepares for potential rallies, investors are advised to exercise caution and conduct thorough research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets.
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