As bullish momentum in the cryptocurrency market begins to wane, analysts have differing opinions on whether the June bear run bottomed out or not.
With the total cryptocurrency market cap pegged to $1,064 trillion at the time of writing, only 1% growth has been recorded across all crypto assets this week. On the contrary, the figure for the same was 6% in the first trading week of July.
At the time of the press, Bitcoin (BTC) was down 17% in the past week to be seen at $22,994.74. Since most crypto assets share a correlation with the king’s coin, their prices are mainly influenced by how BTC fares.
According to data from CryptoWatchleading metaverse tokens, Apecoin (APE) and Decentralized Country (MANA), share a positive correlation with BTC. That’s why they haven’t seen much traction in the past week either.
Wherever BTC goes, APE & MANA follow
In the past 7 days, key stakeholders who held the king’s coin have relinquished part of their property. This category of whales has between 10,000 and 10,000,000 BTC in their portfolios. With a total of 2.95 million BTCs held at these addresses, a 1% decline was recorded over the above-mentioned period.
For APE, addresses with between 10,000 and 10,000,000 APEs contain 941.97 million APE tokens at the time of writing. Seven days ago, it was 945.09 million, representing a 0.33% decline in whale APE holdings.
After the stake of key stakeholders rose to 814.02 million MANA tokens on August 1, it quickly fell by 0.5%. In fact, the same was pegged at 810.3 million at press time.
Over a 30-day period, the price per BTC increased by 9%. Taking advantage of the price rally, some investors made gains as the currency’s 30-day MVRV rose to +2.364%.
Following a similar path and a price increase of 41% in the past 30 days, APE’s 30-day MVRV rose to 10.04%, showing that a significant number of holders took profits.
MANA was no different, as the price was up 14% in the past 30 days. The 30-day MVRV was spotted at a positive 8.109%, at press time.
In addition, BTC and MANA recorded negatively weighted sentiments at the time of going to press.
With a figure of -0.52 on August 5, MANA registered the lowest weighted sentiment in the past 30 days.
On the downside, APE registered a positive weighted sentiment of 0.921. In addition, on August 2, the token registered a weighted sentiment of 1.96, the highest value the token has seen in the past three months.