Cryptocurrency analytics firm Santiment reports that amid the recent market recovery, social metrics show that the cryptocurrency community is not in the driver's seat.
Cryptocurrency analytics firm Santiment reports that social metrics show that the crypto community is not in the driver's seat amid its recent recovery in the cryptocurrency markets. It also issued a FUD warning for Bitcoin and altcoins.
Santiment reports that despite recent remarkable price spikes for Bitcoin (BTC) and the rest of the cryptocurrency markets (altcoins), sell-side statements on Twitter, Reddit, and Discord have hit two-month highs.
At the time of writing, BTC is trading at $24,453, up over 6% on the diary at the time of writing. The value of the largest cryptocurrency by market value has increased by 6.60% in the last 7 days and by 25% in the last 30 days. On the other hand, the price of the largest altcoin Ethereum rose 11.24 percent, 15.95 percent and 77.65 percent in 24 hours, 7 days and 30 days, respectively. ETH's rise is directly linked to The Merge update scheduled for September 19. The rise in the largest altcoin has had a positive impact on the altcoin markets, with many altcoins rising at quite impressive rates.
Santiment also noted that Bitcoin has been closely tied to the S&P 500 for nearly all of the rest of the year, but has recently lagged behind the stock index's recovery. The analytics company also underlined that the divergence has historically signaled bullishness for BTC.
Additionally, the crypto analytics company noted that the supply of Tether (USDT), the largest stablecoin on cryptocurrency exchanges, increased to 42 percent from 19.7 percent recorded on May 9.
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