Analytics Firm Says Bitcoin and XRP Flashing Bullish Signals, Predicts Further Downside for One Top-25 Altcoin

Please fol­low and like us:
Pin Share

Cryp­to ana­lyt­ics firm San­ti­ment says both Bit­coin (BTC) and XRP are flash­ing bull­ish sig­nals amid the mar­ket downturn.

Start­ing with Bit­coin, San­ti­ment says that the social dom­i­nance met­ric of the flag­ship cryp­to asset has gone up.

Accord­ing to San­ti­ment, the social dom­i­nance met­ric, which indi­cates the per­cent­age of dis­cus­sions on var­i­ous plat­forms focused on one asset at any giv­en time rel­a­tive to oth­er assets, has his­tor­i­cal­ly act­ed as a reli­able sig­nal for pre­dict­ing the bottom.

“Bitcoin’s price has hit a three-month low. Accord­ing to our sen­ti­ment data, neg­a­tive com­ments surged to month highs. Short­ing on exchanges has at least halt­ed the bleed­ing. BTC social dom­i­nance has also spiked, which is his­tor­i­cal­ly a good bot­tom signal.”

Image
Source: San­ti­ment

Turn­ing to XRP, San­ti­ment says that opti­mism among traders that Rip­ple Labs and the U.S. Secu­ri­ties Exchange will reach a set­tle­ment in the ongo­ing law­suit has con­tributed to a price bump for the sixth-largest cryp­to asset by mar­ket cap.

“XRP Net­work is +17% this past week, while Bit­coin (-5%), Ethereum (-16%), and most of cryp­to has declined. The ongo­ing bat­tles between Rip­ple and the SEC regard­ing increased reg­u­la­tion has main­ly led to increased trad­er opti­mism and high whale movement.”

Image
Source: San­ti­ment

San­ti­ment next turns to Ethereum (ETH) fork and proof of work blockchain, Ethereum Clas­sic (ETC). The cryp­to ana­lyt­ics firm says that the 22nd-biggest cryp­to asset by mar­ket cap is set to fall fur­ther as short inter­est surges.

Accord­ing to San­ti­ment, Ethereum Clas­sic is expe­ri­enc­ing the high­est lev­el of short inter­est on exchanges among 150 cryp­to assets, in con­trast with blockchain inter­op­er­abil­i­ty plat­form Ren (REN) which is wit­ness­ing the high­est lev­el of long interest.

“Ethereum Clas­sic has seen a high lev­el of bets against its price, par­tic­u­lar­ly after last week’s ETH merge. On the oth­er end, there are a lot of longs toward Ren. Over­all, though, the per­pet­u­al con­tract fund­ing rates on exchanges point to traders expect­ing fur­ther downside.”

Image
Source: San­ti­ment

Don’t Miss a Beat – Sub­scribe to get cryp­to email alerts deliv­ered direct­ly to your inbox 

Check Price Action

Fol­low us on Twit­ter, Face­book and Telegram

Surf The Dai­ly Hodl Mix

Check Lat­est News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Fea­tured Image: Shutterstock/Helen Pazyuk/WindAwake



Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published.