Cryptocurrency analysis company Santiment analysts shared their latest opinions after the latest decline in the cryptocurrency market. Sentiment of large market cap altcoin projects reached extremely optimistic levels over the weekend, especially with the approval of ETFs. Santiment analysts observed a bullish trend among traders, particularly towards Ethereum, which surpassed $2,700 for the first time since May 2022. On the other hand, there were some statements about coins such as AXS coin, BCH, SUI.
Ethereum is enjoying the rise
Analysts state that investors are showing bullish tendencies towards Ethereum and that it has surpassed the $2,700 barrier for the first time since May 2022. This optimism is attributed to the expectation of ETF approvals, which would signal a significant shift in sentiment. Santiment’s data reveals an increase in sentiment and mentions for Ethereum, reaching the highest levels since November 2021.
Santiment analysts detect a clear bullish trend not only for Ethereum but also for Bitcoin and XRP. Traders are showing optimism due to the possibility of ETF approvals for Ethereum and XRP. However, based on Santiment’s observations, Cardano appears to have been overlooked, maintaining a normal level of trader optimism.
Short position alert for AXS coin and BCH
In their latest update, Santiment analysts point out two specific altcoins in the cryptocurrency market: Bitcoin Cash (BCH) and Axie Infinity (AXS). These altcoins stand out due to their notably higher levels of short positions relative to long positions over the weekend, making them exceptions to the overall positive market sentiment. Analysts suggest that high short interest levels in these altcoins could lead to a short liquidation and potentially act as “rocket fuel” for price increases. Santiment predicts that an increase in market value could be imminent for Bitcoin Cash and Axie Infinity if these short positions trigger a liquidation event.
Other coins mentioned by Santiment
Santiment’s latest tweets point to a nuanced market scenario, with Bitcoin experiencing a brief dip below $42,000, causing tension among traders. Despite the spotlight on Bitcoin and Ethereum following spot ETF approvals, other assets such as $XNO, $SUI, $LTC and even $FTT are gaining momentum after recent rallies.
As the cryptocurrency market continues to evolve, Santiment’s timely information provides valuable perspectives on market sentiment, potential trends, and specific altcoin movements. Investors are advised to stay informed in this dynamic and rapidly changing environment and adapt their strategies accordingly.
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