Data shows that there is a lack of correlation between crypto prices after CoinEdition

by Arthur · April 29, 2023

Santiment tweeted yesterday that prices in the crypto market are currently uncorrelated.
According to the tweet, Santiment’s MVRV model shows that OMG, SRM and VIDT are good buys.
Meanwhile, the MVRV model shows that BEL, INF and RNDR are currently risky investments.

Santiment, the blockchain intelligence firm, tweeted yesterday that prices in the crypto market have been more scattered and uncorrelated this April than in previous months. In the tweet, Santiment added that their MVRV model suggests that it is a good time to buy OMG Network (OMG), Serum (SRM) and VIDT DAO (VIDT).

Santiment MVRV model (Source: Santiment)

Meanwhile, the model shows that Bella Protocol (BEL), Injective (INJ) and Render Token (RNDR) are risky investments at the moment. The model also shows that assets in the crypto market have split between overbought and underbought following the varying price performances of the last 7 days.

Currently, the global crypto market value is down 0.28% in the last 24 hours according to CoinMarketCap. As a result, the total market cap for crypto is estimated to be $1.21 trillion at press time.

Despite the global market cap falling over the last 24 hours, OMG’s price was able to rise 0.38% and is now trading at $1.06. The altcoin also strengthened against the two market leaders BTC and ETH by 0.86% and 1.20% respectively.

BEL also showed a gain during this time period as its price rose more than 1% in the last 24 hours. This 24-hour gain for the crypto has pushed the price up to $0.8147 at press time.

SRM, on the other hand, was one of the cryptos that experienced a 24-hour price drop. At press time, SRM is trading at $0.1233, which is a 3.14% drop in the altcoin’s price. VIDT experienced the same fate and fell 2.10% to now trade at $0.03542.

Additionally, INJ’s price dropped a hefty 5.45% in the last 24 hours. The altcoin also weakened against BTC and ETH by 4.98% and 4.70% respectively. As a result, the price of INJ is currently $8.32. Finally, RNDR’s price is down 4.40% to $2.44.

Disclaimer: The views and opinions, as well as all information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.

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