Market

Is the cryptocurrency market ready for a recovery? Santiment is researching large-cap coins, including ETH

Cryptocurrency analytics platform Santiment is studying sentiment among market participants over large-cap coins to see if the market is ready for a rebound.

In a new tweet, Santiment says investors in leading digital assets like Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL) and Binance Coin (BNB) don’t seem lost.

“The market has sunk so much that there is ‘blood on the streets’? According to mass psychology, BTC, ETH, BNB, SOL and ADA have quite a bit of fear, uncertainty, doubt (FUD) and the downside. As shown in this graph, the market is very negative. “

The source: Mood / Twitter

Taking a closer look at leading smart contract platform ETH, Santiment says it uses the MVRV (Market to Real Value) index to identify market highs and lows.

According to the platform, the MVRV index is at a six-month low, which means this is a low risk time for ETH accumulation.

“Ethereum hit its low at $ 3,118 … is it time to panic? Well, according to MVRV, this is the level at which traders have felt the most “pain” since July, and the price has risen 118% from that pain point. In addition, active addresses look pretty bullish. “

The source: Mood / Twitter

Ethereum is trading at $ 3,124 at press time, down 17.5% from its 7-day high of $ 3,878.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.