According to a recent tweet from Santiment, a leading blockchain analytics firm, now may be the opportune time for traders and investors to consider purchasing altcoins. Despite the current market turmoil, Santiment’s MVRV model suggests that numerous altcoins are undervalued, and this information could be valuable for those seeking to invest in crypto.
The tweet issued a cautionary note regarding the possibility of further price drops, highlighting that numerous altcoins are currently situated in “opportunity zones” not seen since the start of the year.
According to the latest update from CoinMarketCap, the cryptocurrency market has experienced a 1.47% decline in its total market capitalization within the past 24 hours. As a result, the global market cap is now at $997.44.
In the past 24 hours, most of the top 10 cryptocurrencies have experienced losses. However, Binance Coin (BNB) and Ripple (XRP) have defied the trend, with gains of 0.90% and 2.59%, respectively.
During the past 24 hours, Ethereum (ETH), the reigning altcoin leader, witnessed a slight dip of 0.97% in its price. Alongside ETH, other prominent cryptocurrencies such as Cardano (ADA), Dogecoin (DOGE), and Polygon (MATIC) also experienced losses and made it to the list of top 10 cryptos with 24-hour declines.
The market value of ADA stands at $0.3194, reflecting a 1.70% decline in the past 24 hours. This has contributed to the negative weekly performance of the Ethereum competitor, which currently registers at -10.28%.
The current market value of MATIC stands at $1.06, reflecting a 6.25% decline in the past 24 hours. This has resulted in a double-digit deficit of approximately -13.25% in MATIC’s weekly performance.
Finally, the value of DOGE has experienced a 1.43% decline within the past 24 hours, resulting in a current price of $0.07195 at the time of publication.
