Crypto Markets Ready To Rally? Intelligence Firm Looks at Sentiment Across Large-Cap Coins Including Cardano (ADA)

Crypto information firm Santiment is looking at market participant sentiment across large-cap cryptocurrencies to determine if markets are ready for a bounce.

In a new tweet, Santiment says that traders and investors in major digital assets such as Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL) and Binance Coin (BNB) are not optimistic about the prospects for their holdings.

Have we gone low enough that there is ‘blood in the streets’? “According to crowd sentiment, there is a great deal of fear, uncertainty, doubt (FUD) and bearishness for BTC, ETH, BNB, SOL and ADA. As shown in this chart, negativity is mostly associated with rebounds.”

source: Santiment / Twitter

Taking a closer look at the leading smart contract platform ETH, Santiment says he is looking at the MVRV (Market Realized Value) metric, which divides the market value of an asset by its realized value. Analysts use the MVRV scale to determine the tops and bottoms of the market.

According to crypto Insights, the MVRV metric is at a six-month low, which means less risk for new entrants to the market.

“Ethereum bottomed at $3,118… Time to panic? Well, according to ETH’s MVRV average, this is the ‘pain’ that traders have been feeling the most ‘pain’ since July, with the price jumping +118 % of that pain point. Also, the headlines active against the price look quite bullish.”

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source: Santiment / Twitter

Ethereum is trading at $3,194 at the time of writing, down 17.5% from a seven-day high of $3,878.

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Featured Image: Shutterstock / Tithi Luadthong