{"id":522483,"date":"2023-03-09T16:30:10","date_gmt":"2023-03-09T16:30:10","guid":{"rendered":"https:\/\/uniquehot.com\/?p=522483"},"modified":"2024-06-11T12:40:27","modified_gmt":"2024-06-11T12:40:27","slug":"altcoins-most-underbought-early-jan-santiment","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/altcoins-most-underbought-early-jan-santiment\/","title":{"rendered":"Altcoins At Underbought Levels Not Seen Since Early January: Santiment"},"content":{"rendered":"

On-chain data from Santiment shows altcoins are currently the most underbought that they have been since early January.<\/p>\n

Altcoins Are Currently Underbought According To MVRV<\/h2>\n

As per data from the on-chain analytics firm Santiment<\/a>, altcoins are currently in the opportunity zone. The relevant indicator here is the “Market Value to Realized Value<\/a>” (MVRV) ratio, which measures the ratio between the market cap of any cryptocurrency and its realized cap.<\/p>\n

The “realized cap<\/a>” here is a capitalization model for an asset that aims to provide a “true” value for it. The model works by putting the value of each coin in circulation as the price at which it was last transferred on the chain.<\/p>\n

This is different from the usual market cap, which says all coins are worth the same as the current price of the asset. Since the MVRV compares both of these caps, it can provide hints about whether the given cryptocurrency is underpriced or overpriced right now.<\/p>\n

When this indicator has a value less than 1, it means the market cap is less than the realized cap currently, and thus the asset in question may be underbought right now.<\/p>\n

On the other hand, values of the metric above this threshold imply the price of the coin (the market cap) may be overinflated<\/a> when compared to its actual value (the realized cap). This could be a sign that the asset may be due for a correction.<\/p>\n

Now, to more easily assess the MVRV ratio, what Santiment has done is define an opportunity and a danger zone for the altcoins. As is apparent from their names, these zones can provide buy and sell signals for the assets.<\/p>\n

Related Reading: Altcoins to Buy in 2023: Orbeon Protocol (ORBN), ApeCoin (APE) and Collateral Network (COLT)<\/a><\/div>\n

The below chart shows the divergence of the MVRV from these zones (meaning how far the metric is from them) for different timeframes, for various altcoins in the sector:<\/p>\n

\"Altcoins<\/p>\n

Looks like most of the assets are currently inside the green zone | Source: Santiment on Twitter<\/a><\/pre>\n
As you can see in the above graph, the opportunity zone occurs above 1, while the danger zone is below -1. This is flipped from how the MVRV usually works, and this reversal was intentional when Santiment defined the divergence.<\/p>\n
From the chart, it’s visible that most of the altcoins currently have their MVRV divergence inside the opportunity zone for various timeframes (like 1-day, 7-day, 30-day, and more).<\/p>\n
Related Reading: Bitcoin \u201cSocial Dominance\u201d Surges As Altcoins Struggle<\/a><\/div>\n
Historically, when the MVRV of any asset has shown this pattern, the price has become more likely to rise as during this condition, the coin can be thought to be underbought.<\/p>\n
The reason behind the altcoins becoming underpriced right now is that their prices have taken quite the beating since this month of March kicked off. “Prices can of course still fall further,” notes Santiment. “But this is the most crypto assets have been in opportunity zones since early January.”<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $21,700, down 7% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has declined over the past day | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Art Rachen on Unsplash.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data from Santiment shows altcoins are currently the most underbought that they have been since early January. Altcoins Are Currently Underbought According To MVRV As per data from the on-chain analytics firm Santiment, altcoins are currently in the opportunity zone. The relevant indicator here is the “Market Value to Realized Value” (MVRV) ratio, which measures the ratio between the market cap of any cryptocurrency and its realized cap. The “realized cap” here is a capitalization model for an asset that aims to provide a “true” value for it. The model works by putting the value of each coin in circulation as the price at which it was last transferred on the chain. This is different from the usual market cap, which says all coins are worth the same as the current price of the asset. Since the MVRV compares both of these caps, it can provide hints about whether the given cryptocurrency is underpriced or overpriced right now. When this indicator has a value less than 1, it means the market cap is less than the realized cap currently, and thus the asset in question may be underbought right now. On the other hand, values of the metric above this threshold imply the price of the coin (the market cap) may be overinflated when compared to its actual value (the realized cap). This could be a sign that the asset may be due for a correction. Now, to more easily assess the MVRV ratio, what Santiment has done is define an opportunity and a danger zone for the altcoins. As is apparent from their names, these zones can provide buy and sell signals for the assets. Related Reading: Altcoins to Buy in 2023: Orbeon Protocol (ORBN), ApeCoin (APE) and Collateral Network (COLT) The below chart shows the divergence of the MVRV from these zones (meaning how far the metric is from them) for different timeframes, for various altcoins in the sector: Looks like most of the assets are currently inside the green zone | Source: Santiment on Twitter As you can see in the above graph, the opportunity zone occurs above 1, while the danger zone is below -1. This is flipped from how the MVRV usually works, and this reversal was intentional when Santiment defined the divergence. From the chart, it’s visible that most of the altcoins currently have their MVRV divergence inside the opportunity zone for various timeframes (like 1-day, 7-day, 30-day, and more). Related Reading: Bitcoin \u201cSocial Dominance\u201d Surges As Altcoins Struggle Historically, when the MVRV of any asset has shown this pattern, the price has become more likely to rise as during this condition, the coin can be thought to be underbought. The reason behind the altcoins becoming underpriced right now is that their prices have taken quite the beating since this month of March kicked off. “Prices can of course still fall further,” notes Santiment. “But this is the most crypto assets have been in opportunity zones since early January.” BTC Price At the time of writing, Bitcoin is trading around $21,700, down 7% in the last week. BTC has declined over the past day | Source: BTCUSD on TradingView Featured image from Art Rachen on Unsplash.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":522495,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[87958,142,87960,87959,51066,63219,57231],"class_list":["post-522483","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin-mvrv","tag-altcoins","tag-altcoins-bullish","tag-altcoins-underbought","tag-alts","tag-mvrv","tag-santiment"],"acf":[],"yoast_head":"\nAltcoins At Underbought Levels Not Seen Since Early January: Santiment<\/title>\n<meta name=\"description\" content=\"On-chain data from Santiment shows altcoins are currently the most underbought that they have been since early January. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Altcoins At Underbought Levels Not Seen Since Early January: Santiment","url":"http:\/\/uniquehot.com\/news\/altcoins-most-underbought-early-jan-santiment\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/altcoins-most-underbought-early-jan-santiment\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/art-rachen-yJpjLD3c9bU-unsplash-1-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/art-rachen-yJpjLD3c9bU-unsplash-1-scaled.jpg?fit=1707%2C2560"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoin mvrv","altcoins","altcoins bullish","altcoins underbought","alts","mvrv","santiment"],"dateCreated":"2023-03-09T16:30:10Z","datePublished":"2023-03-09T16:30:10Z","dateModified":"2024-06-11T12:40:27Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Altcoins At Underbought Levels Not Seen Since Early January: Santiment\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/altcoins-most-underbought-early-jan-santiment\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/altcoins-most-underbought-early-jan-santiment\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/art-rachen-yJpjLD3c9bU-unsplash-1-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/art-rachen-yJpjLD3c9bU-unsplash-1-scaled.jpg?fit=1707%2C2560\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoin mvrv\",\"altcoins\",\"altcoins bullish\",\"altcoins underbought\",\"alts\",\"mvrv\",\"santiment\"],\"dateCreated\":\"2023-03-09T16:30:10Z\",\"datePublished\":\"2023-03-09T16:30:10Z\",\"dateModified\":\"2024-06-11T12:40:27Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/art-rachen-yJpjLD3c9bU-unsplash-1-scaled.jpg?fit=1707%2C2560","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/522483","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=522483"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/522483\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/522495"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=522483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=522483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=522483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}