Is there a crypto bottom inside? Analytics Santiment says one metric flashes historic bullish signal – The Daily Hodl
Leading cryptocurrency analytics firm Santiment says one of the metrics it tracks indicates an upward shift in the market based on historical performance.
According to Santiment, Fear, Uncertainty, and Doubt (FUD) arrives. peak levels As defined by the prevalence of negative crypto terms such as “selling” across various social media platforms.
Using their social dominance methodology, Santiment says that negativity in the cryptocurrency market has reached a level that usually indicates a bottom.
The negativity is largely driven by the FTX implosion and arrest of its infamous founder Sam Bankman-Fried as well as mounting questions about the financial stability of Binance, the world’s largest cryptocurrency exchange, according to the analytics firm.
The Chairman of the Federal Reserve, Jerome Powell, also continues to drive the markets lower with his hawkish policy.
“There is a lot of doom and gloom in cryptocurrency right now. Binance Foods, Jerome Powell hawks, and ongoing [Sam Bankman-Fried] Trial Title – Many Reasons To Spread Surrender Through The Weekend. Historically speaking, this uncertainty is the signal for a bottom.”
santiment too look At three digital currencies, indicating an upward trend with activity from previously passive wallets.
“Many altcoins are seeing a spike in address activity and dormant wallets waking up to move their funds around at the moment. Others are just getting stuck in the mud, and are likely to get left behind.”
Santiment says that the Yearn.Finance (YFI) Yield Automatic Farming protocol is showing impressive network activity “after a short period of depression.”
At the time of writing, YFI is trading at $5,626.
According to Santiment, the decentralized finance project REN (REN) “is not rising strongly due to its complex financial situation.”
At the time of writing, Ren has changed hands at $0.074.
Finally, Santiment says that decentralized cryptocurrency exchange Uniswap (UNI), where non-fungible tokens (NFTs) are traded, is showing strong growth in terms of network activity.
“UNI has seen strong growth before, when the NFT market was announced. But even so, we can see that it is growing strongly, even compared to the pump associated with NFT.”
At the time of writing, UNI is trading at $5.35.
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Featured Image: Shutterstock / Tithi Luadthong / Natalia Siiatovskaia
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