Altcoins

Large-Cap Altcoin Traders are Uncertain About the Future of Their Investments, Here’s Why

Written by: Sara K

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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Jan 11, 2022

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The bitcoin market has remained down for about two weeks since the start of 2022. Despite the anticipation of an extraordinary cryptocurrency market performance by the end of 2021, no substantial changes or growth have been witnessed to date.

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With the majority of the cryptocurrency market still in the correction phase, traders are worried about the future of the market. Although today the sentiments slightly changed as there was a ‘Greener’ picture in the market with the majority of the coins posing gains. The current global crypto market cap is at around $1.96 Trillion.

Santiment, a crypto intelligence service, is analyzing market participants’ attitudes across large-cap cryptocurrencies to see if the markets are poised to rise.

Intelligence Firm Looks at Sentiment Across Large-Cap Coins

According to the Onchain-analysis platform, traders and investors in popular digital assets such as Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL), and Binance Coin (BNB) are not hopeful about the future of their investments.

According to the audience’s opinion, there is a lot of fear, uncertainty, and doubt (FUD), and bearishness for BTC, ETH, BNB, SOL, and ADA. Negativity is most typically associated with bounces, as shown in this graph.

Santiment states the MVRV (market value to realized value) metric, which divides an asset’s market capitalization by its realized value, is being used to evaluate the top smart contract platform ETH. The MVRV statistic is used by analysts to identify market tops and bottoms.

According to the crypto analytics firm, The MVRV indicator is at a six-month low, signaling lower risk for new market entrants.

“Ethereum bottomed out at $3,118…time to panic? 

According to ETH’s average MVRV, this is the greatest ‘pain’ traders have experienced since July, yet the price has soared +118 percent since then. In addition, the ratio of active addresses to price appears to be fairly positive.

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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