The cryptocurrency market has been relatively quiet lately, with top assets like Bitcoin, Ethereum, and XRP trading sideways and showing minimal price movement. However, according to recent data from Santiment, many of these digital assets are actually undervalued and could be poised for a rebound.
Santiment’s 30-day Market Value to Realized Value (MVRV) ratio indicates that assets like Dogecoin (DOGE) and Cardano (ADA) are significantly undervalued, with MVRV ratios of -16.7% and -12.6% respectively. This suggests that these coins may be primed for a price recovery in the near future.
Even more interestingly, the meme coin Shiba Inu (SHIB) has the lowest MVRV among large capped tokens, with a ratio of -19.1%. This indicates that SHIB also has strong potential for a bullish rebound.
Despite the lack of volatility in the market, experts believe that Bitcoin’s exchange supply levels and price action suggest that a bullish reversal could be on the horizon. Previous analysis has also shown that Bitcoin is still far from reaching its peak euphoria stage, indicating that there may be more gains to come for the cryptocurrency market as a whole.
Overall, the data suggests that the cryptocurrency market is undervalued and could be gearing up for a significant price recovery in the coming weeks. Investors should keep an eye on assets like Dogecoin, Cardano, and Shiba Inu for potential opportunities to capitalize on this undervaluation.