Santiment, one of the top crypto analytics firms, seems to have much to say about bitcoin. They have recently stated that the benchmark cryptocurrency’s social dominance has actually gone up.
The social dominance metric harvests real-time data about the percentage of discussions on platforms such as social media focused on any one asset at any particular time. This metric uses the data of one asset relative to others to gauge the sentiment on the former. With this data, the social dominance metric acts as a reliable signal for predicting where the price of an asset might be headed.
Santiment maintains that Bitcoin’s price has hit a three-month low, right after the negative comments about it have surged to monthly highs. They also state that investors shorting bitcoin on exchanges have “halted the bleeding.” According to santiment’s report, Bitcoin’s social dominance has spiked, signaling a good bottom for the cryptocurrency.
XRP to Win SEC Lawsuit
As with XRP, however, santiment holds that the optimism among its bulls and traders that Ripple Labs may come out victorious in the ongoing lawsuit the SEC has against them has contributed to its recent pump. It is also important to note that XRP is the sixth largest cryptocurrency by market cap.
Other Altcoins
In an unexpected turn of events, santiment mentioned Ethereum Classic (ETC), one of the original Ethereum forks that still runs on a proof of work Blockchain.
According to santiment, the short interest in Ethereum classic has surged and may signal a massive dip on its part.
It is also important to note that Ethereum classic is the 22nd largest cryptocurrency by market cap. Santiment maintains that Ethereum classic is now experiencing the highest volume of short interest on exchanges among all 150 top crypto assets.
Ethereum classic’s situation is the exact opposite of the situation with REN, which is experiencing a high level of long interest. Santiment states that Ethereum classic is experiencing a high level of drawbacks against its price, as its bulls are beginning to weaken.
This short interest in Ethereum classic, as santiment highlights, became strongest right after the Ethereum merge earlier this month.
Of course, as we have now established, this is the exact opposite of REN’s situation. While the perpetual funding rates on exchanges point to greater price increases as far as REN is concerned, the exchange funding rates on Ethereum classic are flashing reds. They may mean that Ethereum classic is about to experience a massive dip.
Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)
