On-chain analytics firm Santiment looks at the sentiment of market participants in Bitcoin and large-cap altcoin projects to determine if markets are ready to take a leap. In this text, cryptocoin.com Let’s take a look at the details of the Santiment report we have compiled.
Santiment says Bitcoin investors are highly suspicious
In a recent tweet, Santiment says that the top cryptocurrencies and their investors, such as Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL), and Binance Coin (BNB), do not seem optimistic about the prospects of the market:
According to crowd sentiment, there is quite a bit of fear, uncertainty and doubt (FUD) and bearish bias for BTC, ETH, BNB, SOL and ADA. As this chart shows, negativity is most commonly associated with jumps.
Taking a closer look at leading smart contract platform ETH, Santiment says it looks at the MVRV (market cap vs realized value) metric, which divides a crypto’s market cap by its realized value. Analysts use the MVRV metric to detect the market’s highs and lows. According to the on-chain analytics firm, the MVRV metric is at a six-month low, meaning less risk for new entrants. Santiment shares the following about Ethereum:
Ethereum bottoms out at $3,118… is it time to panic? According to the average MVRV of ETH, this is the most “pain” traders have felt since July and the price is up 118% from that pain point. Also, active addresses and price seem to be quite bullish.
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