Analysts at Santiment have identified the cryptocurrencies worth buying in August 2024.
The experts have compiled a list of 10 digital assets by calculating the MVRV Z-Score index, which represents the difference between the formal and realized capitalization levels of a digital asset. The higher this index, the more overvalued the coin, and conversely, the lower it is, the more undervalued the cryptocurrency.
The list of the most profitable and therefore overvalued virtual currencies for regular traders includes:
Toncoin (TON);
Bitcoin (BTC);
Ethereum (ETH);
Dogecoin (DOGE).
The list of the least profitable and therefore low-risk cryptocurrencies includes:
Uniswap (UNI);
Shiba Inu (SHIB);
Polygon (MATIC);
Chainlink (LINK);
Cardano (ADA);
XRP (XRP).
MVRV Z-Score Index of Various Cryptocurrencies
Santiment's logic is that purchasing undervalued cryptocurrencies will yield more profit than buying overvalued assets, because sooner or later, the price of the underdogs will start to pump, while the price of the favorites will either decrease or increase only slightly. Consequently, Santiment specialists recommend investing in the least profitable virtual currencies.
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