The analytical company Santiment has released a fresh overview of the cryptocurrency market, including insights into Bitcoin and various altcoins.
Overall Market Status of Bitcoin
According to the latest Santiment analysis, the increased use of the term "dip" on social media suggests that retail investors are looking for buying opportunities. However, analyst Brian warns against this, noting that markets often move against the expectations of the crowd.
Changes in Ethereum and Other Altcoins
Whale wallets holding more than 10,000 ETH have been actively buying for the past three weeks, adding approximately 0.5% of the total supply. However, the 30-day MVRV for Ethereum is 14%, while the long-term MVRV stands at 36.5%, indicating a potential correction. In the meantime, XRP has seen a rise in risk, with a 30-day MVRV at 8.7% and a 365-day MVRV at 45%.
Activity in Stablecoins
The stablecoin market is experiencing significant activity from Tether (USDT) wallets. The percentage of total Tether supply held in wallets worth $5 million or more has increased from below 50% to over 56.5%. This could indicate that whales are preparing to inject more money into the market.
In conclusion, the current analysis of the cryptocurrency market shows mixed signals. While interest in Bitcoin and the mentioned altcoins is on the rise, the MVRV levels suggest a possible correction, emphasizing the need for a cautious approach from investors.
