Analytics Firm Says Bitcoin and XRP Flashing Bullish Signals, Predicts Further Downside for One Top-25 Altcoin
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Crypto analytics firm Santiment says both Bitcoin (BTC) and XRP are flashing bullish signals amid a bearish market.
Starting with Bitcoin, Santiment says that the social dominance gauge of the flagship crypto-asset has risen.
According to Santimenti, the social dominance metric, which indicates the percentage of conversations focused on one property on different platforms at any given time in relation to other items, has historically served as a reliable signal for predicting the base.
“Bitcoin price has reached a three-month low. According to our opinion data, negative comments reached their highest level in a month. The short circuit of the stock exchanges has at least stopped the bleeding. BTC’s social dominance has also increased, which is historically a good base signal.
Moving to XRP, Santiment says that traders’ optimism that Ripple Labs and the US Stock Exchange will reach a settlement in the ongoing lawsuit has contributed to the rise in the price of the sixth largest crypto asset by market capitalization.
“XRP Network is +17% this week, while Bitcoin (-5%), Ethereum (-16%) and most cryptos are down. The ongoing battles between Ripple and the SEC over increased regulation have mainly led to trader optimism and whale movements .”
Santiment will next turn to the Ethereum (ETH) fork and Ethereum Classic (ETC) functionality. A cryptanalytic company says that the 22nd largest crypto asset by market capitalization continues to decline as short interest rates rise.
According to Santiment, Ethereum Classic is experiencing the highest short-term interest on exchanges among 150 cryptoassets, in contrast to blockchain interoperability platform Ren (REN), which is witnessing the highest long-term interest.
“Ethereum Classic has seen a high level of bets for its price, especially after last week’s ETH merger. On the other hand, there are a lot of longs on Ren. Overall, however, funding rates for perpetual contracts on exchanges suggest that traders expect further declines.”
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