The Bitcoin market dominance continued to range around 48 percent with BTC price showing signs of further capitulation in the near future. If Bitcoin bulls do not take charge from current levels, the top digital asset is expected to fall further towards $24k and $25k. As a result, top digital assets including Ethereum and BNB could follow the same path as crypt money flows towards low-cap altcoins.
Santiment Take on Bitcoin and Top Undervalued Altcoins
📊 Several of the largest #altcoins show undervaluation when combining short, mid, and long term realized capitalizations. Market caps are above realized caps for $XRP, $ADA, $DOGE, $MATIC, $SHIB, $UNI, & $LINK, hinting many may make up ground this summer. pic.twitter.com/WMzy4imOO9
— Santiment (@santimentfeed) June 4, 2023
According to the on-chain analytics platform, several of the largest altcoins – including XRP, Dogecoin (DOGE), Cardano (ADA), Polygon (MATIC), Shiba Inu (SHIB), Chainlink (LINK), Uniswap (UNI) – are highly undervalued. Santiment used short, mid, and long-term realized capitalizations to fact-check on the next move for these altcoins.
Notably, all the altcoins mentioned for bullish outlook have accumulated significant positive fundamentals, mostly due to their utility aspects. As a result, Santiments analysts expect these altcoins to rally in the coming months.
The on-chain analysis platform, nevertheless, noted that Bitcoin, Ethereum, and BNB are highly overvalued in regard to the MVRV Z-score.
The crypto altcoin season has been significantly hyped in the past few months, especially with the rise of meme coins like Pepe and WOJAK. The recent hack on non-custodial crypto storage Atomic Wallet and the security risk that undermines hardware storages like Ledger and Trezor have significantly underpinned the risks in the crypto market despite the recent positive regulations from the EU and Hong Kong.
