• Underbought signals dominated altcoin MVRV as the bear market persisted
• Total altcoin market cap continued to dip, per YTD stats

On 26 May, Santiment released a comprehensive dataset, revealing the Market Value to Realized Value (MVRV) of various altcoins, and unfortunately, traders have been encountering losses.

The data sheet highlighted the MVRV across different time frames for altcoins like Polygon [MATIC], Ripple [XRP], and Ethereum [ETH]. These cryptocurrencies displayed underbought signals, with only a few other altcoins entering the overbought zone. 

As most MVRVs reside in the underbought region, weak-handed investors began selling their holdings, intensifying selling pressure and pushing the altcoin market further below the zero line. The data encompassed MVRV signals spanning from a seven-day timeframe to a one-year timeframe, providing a comprehensive overview of the market sentiment.

This level of MVRV presented an attractive buying opportunity for traders willing to capitalize on the prevailing selling pressure.

Current altcoin market capitalization

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Author: Suzuki Shillsalot

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