The true extent of APE & MANA’s correlation with Bitcoin for investors

With bullish momentum beginning to wane across the cryptocurrency market, analysts have mixed views on whether or not the June bear run bottomed out.

With the total cryptocurrency market capitalization associated with 1.064 trillion dollars at the time of writing, only 1% growth has been recorded by all crypto assets this week. On the contrary, the figure for the same was 6% in July’s first trading week.

At press time, Bitcoin (BTC) had dropped 17% over the past week to be spotted at $22,994.74. With most cryptoassets sharing a correlation with the king coin, their prices are mainly influenced by how BTC performs.

According to data from CryptoWatchleading metaverse tokens, Apecoin (APE) and Decentralized Land (MANA), shares a positive correlation with BTC. Therefore, they have not seen much traction during the week either.

Wherever BTC goes, APE & MANA follows

Over the past 7 days, key stakeholders holding the king coin have shed portions of their holdings. This category of whales have between 10,000 and 10,000,000 BTC in their portfolios. With a total of 2.95 million BTCs held by these addresses, a 1% decrease was recorded over the mentioned period.

For APE, addresses with between 10,000 to 10,000,000 APEs held 941.97 million APE tokens at the time of writing. Seven days ago this was 945.09 million – representing a 0.33% decrease in the whale APE inventory.

Source: Sentiment

After key stakeholder holdings rose to 814.02 million MANA tokens on August 1st, this soon fell by 0.5%. In fact, the same was pegged at 810.3 million at press time.

Over a 30-day window, the price per BTC increased by 9%. Taking advantage of the price rally, some investors profited as the coin’s 30-day MVRV increased to +2.364%.

Following a similar path and registering a price increase of 41% in the last 30 days, APE’s 30-day MVRV rose to 10.04%, showing that a significant number of holders took profits.

MANA was no different as its price rose 14% over the past 30 days. Its 30-day MVRV was spotted at a positive 8.109% at press time.

Source: Sentiment

Furthermore, on the social front, BTC and MANA registered negative weighted sentiment at press time.

With a figure of -0.52 on August 5, MANA recorded the lowest weighted sentiment it has seen in the last 30 days.

Source: Sentiment

On the other hand, APE registered a positive weighted sentiment of 0.921. Additionally, the token recorded a weighted sentiment of 1.96 on August 2nd, the highest value the token has seen in the past three months.

Source: Sentiment