Bitcoin rebounds to $67K, sparking a broader crypto market recovery.
Santiment identifies UNI, SHIB, MATIC, LINK, ADA, and XRP as top assets for potentially high returns.
However, top performers like Toncoin, Bitcoin, Ethereum, and Dogecoin may carry higher risks for investors
The cryptocurrency market is staging a significant comeback on Friday, with many assets showing promising growth after a brief retracement when Bitcoin dipped back to the $63,000 range the previous day. However, Bitcoin has rebounded strongly, reaching $67,445 before settling slightly lower.
Market intelligence platform Santiment noted now may be the perfect time for crypto enthusiasts to rebalance portfolios and make informed investment decisions.
📊 As crypto markets are showing serious bounce action on a bullish Friday, keep in mind where various assets stand in terms of average trading returns.If you believe markets are about to surge, history says that buying into assets that traders have experienced the most pain in… pic.twitter.com/ReNHwEWb84
— Santiment (@santimentfeed) July 26, 2024
Santiment noted that buying assets that have caused traders the most pain in the past may offer the greatest potential for substantial returns. This assessment is based on the platform’s MVRV Z-Score, which measures the average trading returns of various coins.
According to the analysis, the top coins that have caused traders the most pain and may, therefore, be due for a comeback are Uniswap (UNI), Shiba Inu (SHIB), Polygon (MATIC), Chainlink (LINK), Cardano (ADA), and XRP.
Indeed, these categories of crypto assets have ranked among the underperformers in recent months. For instance, with ADA trading at $0.413, it has lost over 11% in the price it sold for sixty days ago. Zooming out further, Cardano is nursing a substantial year-to-date loss of over 30%. Notably, these percentages have only recently been propped up amid ADA’s recapture of the $0.4 threshold.
Similarly, Shiba Inu has fallen over 31% from its two-month high. XRP had been leading the list of underperformers until ten days ago when it broke through its three-month high of $0.6366.
As the crypto market gradually turns bullish, Santiment’s data highlights XRP, Shiba Inu, ADA, UNI, MATIC, and LINK as potentially favorable buys.
On the other hand, coins that have seen significant gains and may have less potential for explosive growth include Toncoin, Bitcoin, Ethereum, and Dogecoin. These coins have generated profits for the average trader but may now carry higher risks. Santiment’s data suggests that investors should exercise caution when investing in these assets, as they may be due for a pullback.
The post Data-Driven Crypto Picks: Santiment Reveals Potential Winners in the Market appeared first on Coin Edition.
