- Altcoin prices have reset after a strong start to 2023.
- Santiment tweeted that now is a good time for investors to reallocate their portfolios.
- APE, MANA, and SAND all experienced 24-hour price drops.
Prices in the crypto market have reset somewhat after the hot start to the year. This is especially true for altcoins. CoinMarketCap shows that the market dominance of altcoins has decreased 0.19% over the last 24 hours. Currently, the market dominance of Bitcoin (BTC) stands at 41.40%.
The blockchain analytics firm, Santiment, tweeted yesterday that investors may find it beneficial to reallocate their portfolios to open positions in altcoins that have a low MVRV. Altcoins with a low MVRV indicate that traders and investors that had previously opened positions in these specific altcoins, and continue to keep these positions open, are “under water”.
In the tweet, Santiment shared that Apecoin (APE), Decentraland (MANA) and The SandBox (SAND) may be good altcoins to keep an eye on. According to the analytics firm, APE’s 1-year MVRV is at +16%. Meanwhile, the 1-year MVRV for MANA and SAND is -60% and -33% respectively.
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