Will cryptocurrency finally bounce back? Analytics hints at one major catalyst behind the latest market rally

Analytics firm Santiment says that the cryptocurrency market is essentially a “green sea” as major digital assets begin to rise.

Emotion Says That while Bitcoin (BTC), Ethereum (ETH) and altcoins such as ApeCoin (APE), Fantom (FTM), Ethereum Classic (ETC), and THORChain (RUNE) posted double-digit growth in percentage terms, social media go down.

According to Santiment, low discussion rates for crypto assets on social media forums suggest that fear of FOMO has not captured retail investors, suggesting that markets may not be overheated yet.

“Bitcoin is +12% and has jumped again over $23,000 this week. The bigger story has been Ethereum (+33%), altcoins like ETC (+69%), APE (+39%), FTM (+33%), and RUNE (+31%). As long as the social size remains low, the public will not suffer from FOMO yet.”

Source: Santiment / Twitter

Looking at Ethereum, the analytics company Says The major stakeholder groups for the second largest crypto asset by market capitalization changed their behavior after July 13 when ETH plunged to a low of around $1,000.

Source: santimentfeed / Twitter

According to Santiment, holders of between 1,000 and 10,000 ETH are reducing their balances. The analytics firm says that those who own 10 to 100 ETH are expanding while those who own between 100 and 1,000 ETH add up after initially selling their holdings.

“Especially the 1,000 to 10,000 ETH group, their holdings are decreasing. Of course, we cannot say that it is a real dumping due to a number of liquidity pools and possibly exchanges in this pool. But their balance is certainly decreasing.

10-100 ETH combination is slow but growing.

Small business owners from 0 to 10 ETH don’t know what to do, do nothing and are probably afraid of the latest bottom and are still in their fears.

100-1000 ETH holders initially got some profits and then rose again.

And they were all up and running by the July 13th bottom.”

ETH is trading for $1,559 at the time of writing while BTC is exchanging hands for $22,813.
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Featured Image: Shutterstock/Troyan

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