These cryptocurrencies displayed underbought signals, with only a few other altcoins entering the overbought zone.As most MVRVs reside in the underbought region, weak-handed investors began selling their holdings, intensifying selling pressure and pushing the altcoin market further below the zero line. The data encompassed MVRV signals spanning from a seven-day timeframe to a one-year timeframe, providing a comprehensive overview of the market sentiment.
This level of MVRV presented an attractive buying opportunity for traders willing to capitalize on the prevailing selling pressure.data on the total cryptocurrency market capitalization revealed a noticeable downward trend in recent times. An examination of the year-to-date market cap indicated that the peak market cap for altcoins was reached in April, surpassing an impressive $690 billion.
However, a subsequent decline took hold, and at the time of writing, the market cap hovered around $596 billion.Taking a broader view of the market cap, it became evident that the decline commenced in 2022, when it dropped from over a trillion dollars. As of this writing, the total crypto market cap, includingLong positions dominate liquidations