Leading crypto analytics firm Santiment has shared its comments for various metaverse coins. He states that after the bearish sentiment in the general cryptocurrency market, some coins are in the “opportunity” area. In other words, he thinks that the purchase will be positive at current price levels. Here are the details…
Santiment points to “opportunity” for various metaverse coins
Santiment has outlined how the four altcoins will act after “having bad moments” in the market. The firm says it’s showing signs of an imminent bounce. According to Santiment, the crypto market, along with metaverse altcoins Decentraland (MANA) and The Sandbox (SAND), Chiliz (CHZ) and Ren (REN), are in “zones of opportunity” after suffering huge losses.
Santiment says the market-to-value (MVRV) metric bodes well for the four cryptoassets. MVRV is the ratio of an asset’s market value to its realized market value. It is used to detect overbought or oversold conditions. Santiment used the following statements:
Crypto market caps went down over the weekend and Monday. Bitcoin and Ethereum are showing some resistance, but altcoins have been hit particularly hard. But our model shows that some projects are currently at historical pain points where jumps are occurring.
What is the latest situation in the price of cryptocurrencies?
At the time of writing, Decentraland is changing hands at $0.31, down from the December high of $0.42. The Sandbox fell from its monthly high of $0.63. It is currently changing hands at $0.44. Chiliz is trading down 35 percent from its monthly high at the time of this writing. It changes hands at $0.11. The REN is trading at $0.068, down 32 percent month on month.
The analysis firm also uses MVRV analysis, this time on Bitcoin (BTC) over a 5-year time frame. Santiment says the average investor over the past half-decade has now dropped an historic 34 percent. The firm used the following statements:
The average active five-year trader’s return is -34%. Yields first fell below 0 percent on June 9.
History of metaverse coins
The prices of some native tokens used in a metaverse have skyrocketed in recent years. It has attracted the attention of many investors. The cryptocurrencies and tokens used in the Metaverse are not businesses that generate income and profits. Instead, they are used to make purchases or join a metaverse. Therefore, their value is highly subjective. It is normal to see wild fluctuations in price in a volatile market. However, early releases of the metaverse held a lot of promise, especially for those interested in joining them. Ownership of some cryptos gives the owner a say in a DAO or other virtual project. Artists and other digital creators may have a new outlet for their work.
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