As the bullish momentum in the cryptocurrency market begins to fade, analysts have differing views on whether or not the bear run bottomed in June.
With the total cryptocurrency market cap that is tethered $1.064 trillion At the time of writing, all crypto assets have seen growth of just 1% this week. On the contrary, in the first week of trading in July, this figure was 6%.
At the time of going to press, Bitcoin (BTC) was down 17% over the past week at $22,994.74. Since most crypto assets have a correlation with the king coin, their prices are mainly influenced by the development of BTC.
According to data from CryptoWatchleading metaverse tokens, Apecoin (APE) and Decentralized (MANA), share a positive correlation with BTC. As such, they haven’t seen much traction over the week either.
Wherever BTC goes, APE & MANA follow
Over the past 7 days, key stakeholders holding the king coin have dumped some of their holdings. This category of whales hold between 10,000 and 10,000,000 BTCs in their portfolios. With a total of 2.95 million BTCs held by these addresses, a 1% drop was recorded over the aforementioned period.
At APE, addresses with between 10,000 and 10,000,000 APEs held 941.97 million APE tokens as of this writing. Seven days ago, that figure was 945.09 million – a 0.33% drop in whale APE stocks.
Source: Santiment
After holdings by key stakeholders surged to a peak of 814.02 million MANA tokens on Aug. 1, it soon fell 0.5%. In fact, the same was priced at 810.3 million at press time.
Over a 30-day window, the price per BTC increased by 9%. Some investors took advantage of the price rally and made a profit as the coin’s 30-day MVRV surged to +2.364%.
Following a similar path, and with the price up 41% over the past 30 days, APE’s 30-day MVRV rose to 10.04%, showing that a significant number of holders have taken profits.
MANA was no different, with its price up 14% over the past 30 days. His 30-day MVRV was positive at 8.109% at press time.
Source: Santiment
Additionally, on the social front, BTC and MANA recorded negatively weighted sentiment at press time.
Reading -0.52 on Aug. 5, MANA recorded the lowest weighted sentiment it has seen in the last 30 days.
Source: Santiment
On the other hand, APE registered positive weighted sentiment at 0.921. Additionally, on Aug. 2, the token recorded a weighted sentiment of 1.96, the highest the token has seen in the past three months.
Source: Santiment
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