Crypto market steadied in the early hours of Wednesday. The market capitalization of all assets climbed 0.6% to $2.49 trillion, per CoinGecko.
Bitcoin and several altcoins ranking in the top 10 by market capitalization are undervalued, per Santiment data. Analysts predict a short-term bounce based on the Market Value to Realized Value of these assets in the last 30 days. Crypto market broadly steadies, with market capitalization up by 0.6% in the past 24 hours. Analysts at on-chain intelligence tracker Santiment have identified signs of a short-term bounce in the top 10 cryptocurrencies.
As MVRV on a given timeframe turns negative, it implies that the asset is undervalued on average. Analysts note that almost all crypto assets are undervalued when average trader returns are considered. The chart below shows the 30-day MVRV ratio for the assets and the decline in active wallet addresses in assets like DOGE and TON in the same timeframe. The 30-day MVRV for the assets is: Bitcoin -4.0% Ethereum -4.3% XRP: -3.5% Dogecoin: -16.7% Toncoin: -0.6% Cardano: -12.
Cryptocurrencies Ethereum Ripple Dogecoin
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