Crypto Analytics Firm Revealed ETH, BAT, and MKR Are More Bullish Than BTC

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Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • A cryptocurrency analytics firm Santiment recently indicated that ETH, BAT, and Maker (MKR) look more bullish than Bitcoin (BTC) in the short term.
  • The firm monitored three-days averages of each three assets in three metrics.
  • Besides this, the Santimen evaluated in a basic rating system of 0-10.

A cryptocurrency analytics firm Santiment recently indicated that Ethereum (ETH), Basic Attention Token (BAT), and Maker (MKR) look more bullish. Than Bitcoin (BTC) in the short term.

Evaluation based on three metrics

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The firm monitored three-days averages of each three assets in three metrics. The first comparison was Daily Active Addresses (DAA) vs. Price Divergence that compares the price action of all three assets to the number of unique crypto addresses. That interacts with that particular coin daily.

However, in this comparison considers the price movement to surpass the DAA as a bearish signal.  The second comparison consists of the Network Value to Transactions Ratio (NVT) that compares the value transferred on a particular network. It comprises transaction volume/token circulation to the market capitalization of the network.

Moreover, if there is low transaction volume comparative to the market cap, the asset is considered as overvalued. While if there is a high transaction volume relative to the market cap, the asset is undervalued.

Further, the third metric is a Santiment Volume consumed. That measures the sentiments of market players on the social media platform, Twitter.

Tokens Measured in a Basic Rating System

Besides this, the Santimen evaluated in a basic rating system of 0-10. Where 0 represents the most bearish, and 10 depicts the most bullish situation.

When the Santiment scores were analyzed, it was found that Bitcoin scored three on the first metric. Along with a two on the second metric, and 6.5 on the third metric. The average rating counted as 3.8 that is ‘slightly bearish.’

Moving Further, Ethereum scored a 5 on the first metric, 5.5 on second. A 6 on the third metric for an average rating of 5.5 that is considered neutral.

BAT token, on the other hand, scored 8.5 on the first metric. A 9.5 on second and 6 on the third metric, making it an average of 8.0, that considered Bullish. Maker recorded 9 on the first metric, 10 on the second metric, as well as 5.5 on the third metric while considering an average of 8.2 rating that is bullish.

Furthermore, the santiment notified that the scores of BAT, ETH, MKR, and BTC are not indicative of the firm’s long-term viewpoint on each asset.

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