Bitrabo Editorial
Recent findings from Santiment, a market intelligence platform, point towards the crypto market entering an undervalued phase. This presents an opportunity to explore three key altcoins that show potential to outperform Bitcoin (BTC), Ethereum (ETH), and XRP in the current market cycle.
Cardano, Shiba Inu, and Dogecoin Stand Out
Santiment highlighted in a recent post that Cardano (ADA), Shiba Inu (SHIB), and Dogecoin (DOGE) are showcasing strong bullish indicators amid the current undervalued market conditions.
The analysis focuses on the significance of a cryptocurrency’s 30-day Market Value to Real Value (MVRV) ratio, where lower values suggest potential for a rebound in the short term. This indicates that severely undervalued cryptocurrencies have a higher likelihood of price appreciation.
Santiment’s data revealed that both Dogecoin and Cardano are currently in the undervalued region based on average trader returns, showcasing declines in the number of active wallets over the past 30 days.
Among these coins, Shiba Inu has the lowest average active wallets, indicating a significant drop. As per the analysis, the undervaluation of these altcoins suggests a favorable environment for a potential market upswing.
Bitcoin, Ethereum, and XRP Display Undervalued Traits
While Cardano, Dogecoin, and Shiba Inu present promising opportunities, Santiment’s analysis also points out notable undervaluation in Bitcoin, Ethereum, and XRP.
The slight undervaluation of these major cryptocurrencies hints at a mild bullish stance. However, another chart shared by analyst Ali Martinez indicates Bitcoin’s MVRV below the 1-year SMA, suggesting a possibility of further downtrends.
Additionally, Santiment included Toncoin in the analysis, noting a slight decrease in the number of active TON wallets over the last 30 days. Toncoin is highlighted as displaying a neutral bullish sentiment, trading close to its realized value.