Major altcoins followed the broader market correction for the last 11 weeks since Bitcoin’s all-time peak on November 10, 2020. Havings said that the prospects for long-term profits for the investors have been particularly difficult. But the past week the price movement of the altcoins has posted a mild recovery.
On-chain analytics platform Santiment in its report highlighted four top 150 crypto assets that it claims to have ‘good justification for buys, based on buying low while other traders are feeling the hurt’. Let’s delve into the observation.
First on the list is XRP – Market Cap Rank: 8
The report noted that it is quite unusual to see the 8th largest asset by market cap now -XRP slid after a multi-year stretch of being known as the largest crypto asset not named Bitcoin or Ethereum. ‘It was last in positive territory in mid-December, making it a solid candidate to have a price upswing to bring traders some relief’, the report added.
Second, on the analysis is Loopring [LRC] with a market cap Rank of 31
Loopring as per Santiment has already been in the midst of a nice-sized bounce compared to the rest of the altcoin pack over the past week. It is still in a ‘nice, deep negative average MVRV spot’, although if one saw the figures last week, it would have been at an all-time best opportunity level.
Altcoins -Opportunity and Danger zone
The Graph [GRT] Market Cap Rank of 54
The Graph according to the report is at all-time low MVRV levels now, a stark contrast from where things were looking about a year ago when traders were enjoying some hefty returns. Its average MVRV was last positive in late November.
Uniswap [UNI] – Market Cap Rank: 68
Lastly, Uniswap’s Average MVRV is also at all-time negative MVRV levels, and it seems to go below $10 again after breaking below this threshold last week, for the first time in over a year. With average trading returns already so low, though, the report added there’s a good possibility that there is no revisit.
Further, the report noted that an uptick in the general crypto markets may go very well for a mostly respected altcoin like UNI.