Dogecoin (DOGE) and XRP are presenting potential buying opportunities as their long-term holders carry unrealized losses, according to on-chain analytics platform Santiment. Dogecoin's 365-day Market Value to Realized Value (MVRV) ratio stands at 0.74, while XRP's reading is 0.92 — levels that indicate the average holder of each asset is in the red.

MVRV is a widely used on-chain gauge that divides an asset's market capitalization by its realized capitalization — the aggregate value of all coins measured at the price they last moved on-chain. Readings below 1.0 signal that the average coin's acquisition cost exceeds its current market price.

Meanwhile, the cryptocurrency market capitalization excluding the top 10 assets has rebounded to $226.71 billion, though it remains below the highs reached in September. Technical indicators point to strengthening short-term momentum, but a sustained recovery has yet to be confirmed.

DOGE and XRP Holders Face Unrealized Losses

Santiment reported that Dogecoin's 365-day MVRV near 0.74 shows holders are underwater on average, and XRP's 0.92 reading likewise places its average holders at a loss. The firm described these conditions as historically more favorable than periods in which holders command substantial profits.

Lower MVRV readings can indicate reduced selling pressure as losses accumulate, while higher readings may point to increasing profit-taking risk. By contrast, Bitcoin (BTC), Ethereum (ETH) and Chainlink (LINK) currently display more neutral conditions, with 365-day MVRV readings ranging from 0.97 to 1.04 — suggesting their average holders sit near breakeven. The spread between the two groups illustrates how unevenly holder cost bases are currently distributed across major assets.

Santiment noted that traders can use MVRV alongside price movements to assess market positioning and potential risks, though the metric does not on its own establish whether prices will rise or fall.

Smaller-Cap Crypto Market Rebounds Toward $230B

The cryptocurrency market capitalization excluding the top 10 assets reached $226.71 billion on the four-hour chart dated October 21, 2026. The latest candle recorded a high of $226.93 billion, a low of $225.55 billion and volume of $14.46 billion, per the TradingView chart.

The market climbed toward $255 billion in late September before falling below $240 billion in early October. It then slid to approximately $213 billion to $217 billion during mid-October. A rebound from around $219 billion to $220 billion has since lifted the market capitalization.

Immediate resistance sits at $230 billion, followed by $235 billion and $240 billion. Support lies near $220 billion, while the mid-October low offers a deeper support zone. Those levels provide the reference points against which any confirmation of a sustained recovery would be measured.

Momentum indicators skew positive in the short term. The relative strength index (RSI) is at 57.79, above both its 50.54 signal average and the neutral 50 level. The MACD line at $548.44 million exceeds the signal line at negative $513.64 million, and the histogram remains positive at $1.06 billion, signaling stronger short-term buying momentum — although a sustained recovery remains unconfirmed.