The overall crypto market went through a major price correction as the market stood at $1.81T. According to CoinMarketCap, the market is down 4.2%, with Bitcoin and Ethereum down around 5% and 4% respectively. However, one coin below introduced several key points despite the overall decline following a bullish adoption development.
There are signs of… How Binance Coin (BNB) Is Managing To Stay Optimistic
At press time, Binance Coin (BNB) is the fourth-largest cryptocurrency by market capitalization, trading at $403. Not too surprisingly, it has seen a 2.63% drop in the past 24 hours. So the next question to be asked is, what do traders think about this situation?
Well, looking at the 7-day and 30-day MVRV rates, these traders may be more optimistic than one thinks. The 30-day MVRV ratio for the asset recently rose above zero, indicating that most traders have seen profits despite the market’s bloodshed. According to Santiment, this rate stands (for 30 days) at 2.62%.
In the short term, however, sentiment is bullish. MVRV rate in 7 days recorded 18.05%. On the weighted sentiment side, despite trading under the table, it has recovered from -1.42 a day ago to -0.98 at press time. Although, it does not portray a bullish picture but at least highlights some signs of recovery.