Bitcoin price is showing a compressed price action. Meanwhile, while the crypto space was in extreme fear, many altcoins were experiencing a stagnant trend. However, social demand is growing for some altcoin projects. Therefore, a significant impact on the price of the asset can be expected. Here are the details…
Santiment unveils altcoin projects showing positive emotions
Currently, BTC price has climbed slightly above the previous day’s close and is hovering around $21,700. Also, most of the altcoins are set to start a solid recovery phase very soon. Meanwhile, the social sentiment of some altcoins has risen considerably. According to Santiment data, Binancecoin, Pancakeswap, Theta, Tron, and XRPNetwork are currently recording the biggest positive emotions.
https://twitter.com/santimentfeed/status/1562623893134684160
The leader among all other altcoins is Tron, up 309 percent. It is followed by BinanceCoin with 225 percent, Pancakeswap with 201 percent, Theta with 178 percent and XRP with 98 percent. Interestingly, some altcoins lost the focus of traders with a huge dip in sentiment.
For example, Bitcoin Cash topped the list with a 330 percent drop, followed by Cosmos with 122 percent. This level is 88 percent for Dogecoin and 72 percent for Tether. Along with these altcoins, most popular altcoins have also experienced an average of 25 to 35 percent declines. Therefore, rising social sentiments can raise the price significantly. But as the analytics platform warns, the onset of excitement should be watched very closely. The feeling of FOMO often leads to an unfounded massive upswing. Therefore, such rallies tend to fall more than 70 to 80 percent ahead.
Overall market sentiment is negative
Meanwhile, more extensive research has revealed that the bearish trend has returned to the cryptocurrency markets. The price of BTC and ETH fell along with the price of the equity markets after the Fed’s reports were released, which still point to a strictly restrictive monetary policy. These challenging market conditions continued to challenge stablecoins, with problems for HUSD and aUSD. The current price level of BTC and ETH is near monthly lows, and the comforting news about inflation only adds to the pessimism.
According to experts, the overall situation remains quite difficult for the economy due to widespread cost increase and supply problems caused by inflationary pressures. So much so that there are concerns that governments are failing to tackle the factors behind these problems. Experts point out that thanks to a brief recovery at the end of July, the price of Bitcoin reached almost $25,000 in August, giving hope that a wider recovery could be triggered after months of negative performance. Instead, the price later dropped again and failed to hold onto the gains made in the first part of the month.
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