Data Shows There Is a Lack of Correlation Between Crypto Prices

Santiment, the blockchain intelligence firm, tweeted yesterday that prices in the crypto market have been more scattered and non-correlated 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 presently. The model also shows that assets in the crypto market have split between overbought and underbought after the varying price performances over the past 7 days.

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

Despite the global market cap dropping in the past day, OMG’s price was able to rise 0.38% to currently trade at $1.06. The altcoin also strengthened against the two market leaders BTC and ETH by 0.86% and 1.20% respectively.

BEL also printed a gain during this time period as its price climbed more than 1% over the last 24 hours. This 24-hour gain for the crypto has pushed its 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 dropped 2.10% to now trad at $0.03542.

In addition, INJ’s price dropped a sharp 5.45% over 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 currently stands at $8.32. Lastly, RNDR’s price is down 4.40% and stands at $2.44.

Disclaimer: The views and opinions, as well as all the 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 held liable for any direct or indirect damage or loss.