Analytics platform Santiment claims that some altcoins are cheap, according to its latest data. However, the opposite is true for Binance’s cryptocurrency BNB: Santiment argues that BNB is currently the most expensive coin. Here are the details…
BNB “overpriced”
Santiment says the two largest coins by market cap and seven other cryptoassets currently pose relatively lower risk to investors. Santiment says that based on the Z-score of market cap to real value (MVRV), Dogecoin (DOGE) and Shiba Inu (SHIB) are undervalued and less risky. Currently, the DOGE is trading at $0.86, while the Shiba Inu is changing hands at $0.000012.
https://twitter.com/santimentfeed/status/1616231666581909504
The MVRV Z-score is used to determine whether an asset is undervalued or overvalued. When the MVRV Z-score is in negative territory, it means an asset is undervalued and vice versa. According to Santiment, Shiba Inu’s MVRV Z score is -1.88, while Dogecoin’s is -0.162.
On the other hand, other crypto assets that Santiment says are undervalued are Bitcoin (BTC), Ethereum (ETH), XRP, Cardano (ADA), Polygon (MATIC), Uniswap (UNI), and Chainlink (LINK). On the other hand, Santiment says that Binance Coin (BNB) with its MVRV Z-score of 0.87 is overvalued. According to Santiment’s tweet, “According to the MVRV Z-Score, which identifies overvalued and undervalued assets based on short- and long-term returns,” the coins at the border are as follows:
- Overvalued: BNB
- Low value: BTC, ETH, XRP, ADA, DOGE, MATIC, SHIB, UNI, LINK
Bitcoin optimism at its highest levels
Returning to Bitcoin, Santiment says that the flagship crypto asset’s positive year-to-date returns have caused the optimism levels of the market crowd to rise to a six-month high. According to Santiment, traders see Bitcoin’s signs of life as a sign that a bigger breakout could loom soon. The recovery of more than $21,000 in January caused the community to show the biggest optimism in the markets since July.
According to cryptokoin.com data, Bitcoin is currently at $ 22,900 and is trying to break the big level of $ 23,000. It is unclear whether Bitcoin will break this level, but its rise over the past week is notable.
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