The cryptocurrency market is showing early signs of a relief rally after a brutal sell-off that pushed Bitcoin below $60,000 for the first time since late 2024. On-chain analytics firm Santiment reports that several major assets have entered historical 'buy zones' based on their 30-day Market Value to Realized Value (MVRV) metrics.
Bitcoin (BTC) saw its MVRV dip to -10%, Ethereum (ETH) to -12%, and XRP to -8% – all falling into what Santiment describes as a 'fair buy' zone. Cardano (ADA) and Chainlink (LINK) recorded even deeper negative readings at -18%, landing them in the 'strong buy' territory. The firm noted that these simultaneous signals have often preceded rebounds in previous market cycles, though it cautioned that 'no indicator guarantees immediate gains.'
After hitting a multi-year low of $59,100 on Friday, BTC rebounded to $63,000 after briefly spiking to $64,200 on Monday following peace talk announcements. Its market dominance stands at 56.1%. Ethereum is trading near $1,700, up roughly 2% but still down 16% for the week after touching a 14-month low. XRP gained 2% to trade above $0.17, with some analysts still targeting up to $27 in the long term. ADA recovered 4% to $0.17 after a steep crash triggered by Charles Hoskinson’s temporary departure.
Santiment says the data suggests that 'weak hands capitulate, and long-term investors begin accumulating' when the average trader’s losses reach these levels. However, trader Merlijn The Trader warned that the current bounce may mimic the 2022 pattern, where a similar recovery preceded a final capitulation leg. He sees BTC possibly rallying to $65,000–$70,000 before a potential drop into a $48,000–$59,000 dollar-cost averaging zone.
The total crypto market cap remains sideways just below $2.56 trillion, with most large-cap assets posting modest daily gains while still deeply negative over weekly and monthly timeframes.
