Today, Santiment tweeted about the sudden drop in cryptocurrency market capitalizations.
The company also pointed out that the market returns are in a mathematically unprecedented opportunity zone.
Santiment, a blockchain analytics startup, tweeted earlier today that the market capitalizations of various cryptocurrencies had dropped significantly over the previous week. Therefore, the report said, traders are now quite divided; some anticipate additional price drops in the market while others anticipate a swift rebound.
Santiment revealed that returns on cryptocurrencies are in a theoretically historic opportunity zone, even if traders are divided on the market’s direction for the following week. In addition, the company’s numbers showed that, after the recent market decline, cryptocurrencies are significantly undervalued.
At the same time, CoinMarketCap reported that the total value of the cryptocurrency market was $1.05 trillion at the time of publication. The sum had fallen by 1.25 percent on the preceding day. The 24-hour trading volume of cryptocurrencies also fell, by 41.56%, with their reduction in value.
Over the previous 48 hours, the total market worth of all cryptocurrencies has fallen below the key $1.08 trillion support level. As a result, at press time the TOTAL was in danger of dropping below $1 trillion. If this occurs, it is expected to challenge the next major support level, now at $971.78 billion, sometime next week.
Given that TOTAL has printed higher lows during the previous two days of trading, it seems that this optimistic view has begun. It might try to make a comeback towards $1.08 trillion if it sets a higher low today.
However, if TOTAL drops below $1.012 trillion during today’s trade, the bullish thesis will be debunked. If this occurs, the value of the crypto market might fall below the $971.78 billion floor already suggested.
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