Cardano, other altcoins “underbought” despite market recovery: Santiment
Chain analysis firm Saniment notes that the crypto market appears relatively underbought despite recent increases seen for most altcoins over the past 24 hours.
Bitcoin and other cryptocurrencies advanced on Tuesday, reversing an earlier pullback. Bitcoin reached intraday highs of $44,180 on Feb. 15, Ethereum surpassed the $3,000 barrier and altcoins gained between 3% and 10%.
The on-chain analytics firm notes that several altcoins, Cardano included, have dipped into green “opportunity zone” territory as average returns for traders have declined across the board.
The recent volatility in the crypto market caused trader profits to plummet particularly hard as most tokens fell from 2021 highs.
Cardano still underbought despite its achievements
the gimbal (ADA) has achieved several milestones in recent months, including overtaking Bitcoin and Ethereum in terms of trading volume in the past few days.
According to one top crypto analyst, despite the progress made with network growth, ADA remains undervalued. According to CoinMarketCap data, ADA was trading at $1.09 at the time of publication, up 5.07% in the previous 24 hours.
As U.Today previously reported, Cardano appears to be undervalued at recent price levels, according to Santiment’s Market Value at Realized Value (MVRV) indicator, which was released by crypto analyst Ali Martinez. The cryptoanalyst pointed out in a tweet that the (MVRV) indicator shows that Cardano hasn’t been this undervalued since the March 2020 stock market crash.
