Altcoin prices reset after a strong start to 2023. Santiment has made a list of metaverse coins that investors can buy.
Market dominance of altcoins has decreased
Prices in the crypto market have reset somewhat after a hot start to the year. This is especially true for altcoins. CoinMarketCap shows that the market dominance of altcoins has decreased by 0.19% in the last 24 hours. Currently, the market dominance of Bitcoin (BTC) stands at 41.40%.
Blockchain analytics firm Santiment tweeted yesterday that investors may find it helpful to reallocate their portfolios to open positions in altcoins with low MVRV. Altcoins with low MVRVs indicate that traders and investors who have previously opened positions in these particular altcoins and continue to hold those positions are ‘under water’.
Metaverse coins published by the company
In his tweet, Santiment shared that Apecoin (APE), Decentraland (MANA) and The SandBox (SAND) could be good metaverse coins to follow. According to the analytics firm, APE’s 1-year MVRV is at +16%. Meanwhile, 1-year MVRV for MANA and SAND is -60% and -33%, respectively.
The tweet also included a graph of the potential long-term risks and returns of MANA, APE and SAND. The chart shows that SAND is the least risky long-term investment among the three cryptocurrencies highlighted in the tweet.
MANA, similar to SAND, is the next lowest long-term investment risk altcoin given its MVRV is below 0. Meanwhile, APE is the riskiest long-term investment of the three, given its low but still positive MVRV of +16%.
At press time, the prices of all three altcoins fell. cryptocoin.com As we mentioned, the price of SAND is down 2.66% and is trading at $0.68. APE was up 6.03% to trade at $4.92 while MANA was down 4.77% to trade at $0.62.
ApeCoin entered the top 10
ApeCoin (APE), the cryptocurrency token of the well-known NFT collection Bored Ape Yacht Club, has entered the top 10 by transaction volume among the top 500 Ethereum (ETH) wallets along with Shiba Inu coin (SHIB). Information on the cryptocurrency’s advancement to the leading position on the whale trading leaderboard was tweeted by crypto analytics platform WhaleStats.
In a previous tweet, WhaleStats revealed that in addition to APE, there are a number of other notable crypto assets that are among the top bought.
In addition, APE and SHIB’s climb to the top 10 list is attributed to them being among the top-selling coins. However, USD-backed stablecoins such as USDC, USDT and their derivatives make up roughly half of the coins on this list at the time of this writing.
ApeCoin’s market performance is pretty sluggish despite the many activities of Ethereum whales. Compared to the volatility of other cryptocurrencies, ApeCoin (APE) has seen near-average volatility, according to InvestorObserver.
