October 5, 2022

With the bullish momentum starting to wane across the cryptocurrency market, analysts have mixed opinions on whether June’s rally has bottomed out or not.

With total cryptocurrency market capitalization tied $1.064 trillion at the time of writing, an increase of just 1% was recorded by all crypto assets this week. In contrast, the corresponding figure was 6% in the first trading week of July.

At press time, Bitcoin (BTC) it had fallen 17% last week to $22,994.74. As most crypto-assets share a correlation with the king coin, their prices are mostly influenced by how BTC fares.

According to data from CryptoWatchtop metaverse brands, Apecoin (APE) and Decentraland (MANA), share a positive correlation with BTC. Hence, they also haven’t seen much traction during the week.

Where BTC goes, APE and MANA follow

Over the past 7 days, key stakeholders holding king coin have shed some of their holdings. This class of whales hold anywhere from 10,000 to 10,000,000 BTC in their portfolios. With a total of 2.95 million BTC held by these addresses, a 1% drop was recorded during the aforementioned period.

For APE, addresses holding between 10,000 and 10,000,000 APEs held 941.97 million APE tokens, as of this writing. Seven days ago, this stood at 945.09 million – Representing a 0.33% decrease in APE whale catches.

Source: Santiment

After core holdings peaked at 814.02 million MANA on August 1st, it soon fell by 0.5%. In fact, the same was pegged at 810.3 million at press time.

In a 30-day window, the price per BTC increased by 9%. Taking advantage of the price rally, some investors took profits as the currency’s 30-day MVRV rose to +2.364%.

Following a similar path and rising in price by 41% in the last 30 days, APE’s 30-day MVRV rose to 10.04%, indicating that a significant number of holders took profits.

MANA was no different as its price increased by 14% in the last 30 days. Its 30-day MVRV was spotted at a positive 8.109% at press time.

Source: Santiment

Additionally, on the social front, BTC and MANA recorded negatively weighted sentiment at press time.

At -0.52 on August 5, MANA recorded the lowest weighted sentiment seen in the last 30 days.

Source: Santiment

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

Source: Santiment

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