Crypto analytics firm Santiment claims that Bitcoin (BTC) and XRP are sending bullish signals amid the market downturn.
Starting with Bitcoin, Santiment said that the social dominance metric of the flagship crypto asset has increased.
According to Santiment, the social dominance metric, which indicates the percentage of discussions on various platforms focused on an asset at any given time relative to other assets, has historically acted as a reliable signal to predict bottom.
“Bitcoin’s price hit a three-month low. According to our sentiment data, negative feedback hit monthly highs. Shorts on exchanges have at least halted the bleeding. The social dominance of BTC also rose, which is historically a good bottom signal.
Switching to XRP, Santiment said This optimism among traders that Ripple Labs and the US Stock Exchange will reach a settlement in the ongoing lawsuit has contributed to a price rally for the sixth-largest crypto asset by market capitalization.
“The XRP network is +17% in the past week, while Bitcoin (-5%), Ethereum (-16%) and most cryptos have declined. Ongoing battles between Ripple and the SEC over increased regulation have primarily led to increased trader optimism and high whale movement.
Santiment then turns to the Ethereum (ETH) fork and proof-of-work blockchain, Ethereum Classic (ETC). The crypto-analytics firm said that the 22nd-largest crypto asset by market capitalization is likely to decline further as short-term interest rises.
According to Santiment, Ethereum Classic is experiencing the highest level of short-term interest on exchanges among 150 crypto assets, unlike blockchain interoperability platform Ren (REN) which is experiencing the highest level of long-term interest. .
“Ethereum Classic has seen a high level of betting against its price, especially after last week’s ETH merger. On the other side, there is a lot of desire towards Ren. Overall, however, the Funding rates for perpetual contracts on exchanges indicate that traders expect further decline.
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