- Bitcoin (BTC) price stays in the $26K range.
- Certain altcoins like XRP, SHIB, and LTC have exhibited gradual positive price momentum.
In the aftermath of last week’s sell-off, the global crypto market has been struggling to regain its footing. Bitcoin, the largest cryptocurrency, plummeted from $29,000 to a two-month low of $25,800 in just one day. Despite its attempt to recover, the value of Bitcoin has remained relatively flat, hovering around the $26,000 mark.
While the bleeding seems to have subsided for many altcoins, the overall recovery of most assets has been dull following the sharp decline on August 17th. Amidst this decline in the larger cryptocurrency market, some altcoins are showing glimmers of positive momentum in their price action. Notably, XRP, SHIB, and LTC have managed to gradually increase by around 2% over the past 24 hours.
The resilience of these select altcoins and their ability to maintain upward momentum could potentially indicate a broader shift in sentiment within the crypto space.
MVRV Divergence Chart (Source: Twitter)
Still, according to market data provider Santiment, the average mid-term returns favoured by traders consistently indicate that a majority of assets are currently experiencing underbought conditions. The divergence between the MVRV opportunity and danger zones is becoming evident. Market Value to Realized Value (MVRV) is a metric comparing a cryptocurrency’s current market cap to its historical average value, helping assess overvaluation or undervaluation.
