According to the MVRV Z-Score, which gauges asset valuations based on average trader returns, certain top cryptocurrencies are categorized as overbought or underbought.
The analysis identifies Toncoin, Bitcoin, and Ethereum as overbought, while Uniswap and Shiba Inu are considered underbought.
In a recent tweet, an organization shared a list of the most valuable market assets, detailing the weekly, monthly, annual, and year-to-date returns for the top 10 Bitcoin assets.
The data showed that weekly returns were negative for about six assets, including XRP, Bitcoin, and Shiba Inu. Conversely, Solana, Toncoin, and Tron demonstrated notable gains, emerging as the top performers.
In other news, Coinbase Derivatives has filed certifications with the Commodity Futures Trading Commission (CFTC) to list US-regulated futures for Shiba Inu (SHIB), Chainlink (LINK), Avalanche (AVAX), Stellar (XLM), and Polkadot (DOT).
This move by Coinbase Derivatives signifies bullish behavior and indicates a growing interest in providing more diverse and regulated investment options in the crypto market.
These developments highlight the dynamic nature of the cryptocurrency market, with significant shifts in asset valuations and new opportunities for traders and investors.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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