Many altcoins rose last week, but investors are looking for hard evidence of a market bottom. In the past week, the altcoin market has risen by double digits. According to Coingecko, BTC is up just 1.7%, and ETH is up 5.2% over the past seven days, while these five altcoins are up more than 15%.
BitDAO (BIT): 47.4%
Lido DAO (LDO): 42.3%
Solana (SOL): 35.3%
Ethereum Classic (ETC): 26.4%
Near Protocol (NEAR): 19.3%
A strong rally led by BitDAO and Lido DAO brings hope to the market. The word “bottom” is getting a lot of buzz on social media, according to Santiment, an analytics platform focused on social trends. But here’s an indicator that suggests the Bitcoin bottom is near.
Bitcoin’s price is currently playing inside the green zone based on lookintobitcoin’s MVRV Z-score chart. Buying BTC during these periods has historically generated above-average returns. But there is one more thing to notice about this metric. BTC price bottoms out when the Z-score reaches the lowest part of the green zone. And at the moment, the indicator is almost bottoming out on Bitcoin’s current price action and Z-score.
See Related: Bitcoin Has Reached Its Bottom According To A Top Analysts Indicator
