By: Eva Baxter
Michael Saylor, the leader of MicroStrategy, asserted in an interview that the company has no plans to sell its Bitcoin (BTC) holdings. This adds to the firm's reputation as a strong bitcoin advocate within the cryptocurrency sector. Meanwhile, in other cryptocurrency news, altcoin holders are reportedly reveling in massive profits. Leading blockchain analytics firm Santiment has reported significantly improved performances across numerous cryptocurrencies.
However, amid these gains, Santiment is warning investors of 'overbought' levels in the market. Historically, such circumstances have often led to higher risk for opening new positions. Altcoins that have observed a prolonged rally of more than four months are more susceptible to this heightened risk, according to Santiment's insights.
The analytics firm employs the Market Value to Realized Value (MVRV) metric as an important tool to evaluate risk in the cryptocurrency market. High MVRV ratios can signal overvaluation and a possibility of market correction. On another note, crypto analyst Dan Gambardello has highlighted possibilities for an impending altcoin season, likely to be led by Cardano (ADA) and Ethereum (ETH), contingent on a decline in Bitcoin's dominance.