January 30, 2023

With bullish momentum beginning to wane across the cryptocurrency market, analysts have mixed views on whether or not the June downtrend brought the bottom.

With the total cryptocurrency market cap tied to $1.064 trillion At the time of writing, only 1% growth has been recorded by all crypto assets this week. On the contrary, the same figure was 6% in the first trading week of July.

at the time of publication, Bitcoin (BTC) It is down 17% over the past week and is spotted at $2,994.74. Since most of the crypto assets share a relationship with the King coin, their prices are mostly influenced by how BTC prices are.

According to data from coding clockmetaverse primary tokens, APICOIN (APE) And the Decentraland (MANA), it shares a positive correlation with BTC. Hence, they also didn’t see much attraction during the week.

Wherever BTC Goes, Follow APE and MANA

Over the past seven days, major stakeholders holding the King’s coin have given up part of their holdings. This class of whales have between 10,000 and 10,000,000 BTC in their portfolios. With a total of 2.95 million BTC held by these addresses, a decrease of 1% was recorded over the aforementioned period.

For APE, addresses with between 10,000 and 10,000,000 APEs contained 941.97 million APE tokens, as of this writing. Seven days ago, that number was 945.09 million – which is a 0.33% decrease in APE whale holdings.

Source: Santiment

After holdings of major shareholders soared to a high of 814.02 million MANA tokens on August 1, this quickly fell by 0.5%. In fact, the price itself is pegged at 810.3 million at press time.

Over the course of 30 days, the price of BTC has increased by 9%. Taking advantage of the price hike, some investors made a profit as the price of the 30-day coin climbed to +2.364%.

Tracking a similar path and posting a slight price increase of 41% in the last 30 days, the 30-day MVRV for APE rose to 10.04%, which indicates that a large number of shareholders took profits.

MANA is no different as its price has increased by 14% in the past 30 days. The 30-day MVRV index is spotted at 8.109%, at the time of writing.

Source: Santiment

Moreover, on the social front, BTC and MANA are recording a likely negative sentiment at press time.

With a figure of -0.52 on August 5, MANA recorded the lowest weighted sentiment it has seen in the past 30 days.

Source: Santiment

On the other hand, APE recorded positive weighted sentiment at 0.921. Additionally, the coin recorded a weighted sentiment of 1.96 on August 2, the highest value the coin has seen in the past three months.

Source: Santiment

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