crypto analytics firm centimentshared the current data on the market, stating that there is an overall upward trend with the recovery of major crypto assets.
bitcoin (BTC), Ethereum (ETH) and ApeCoin (APE), Fantom (FTM), Ethereum Classic (ETC) and THORChain (RUNE) have found that even though altcoins have recorded double-digit growth in percentage, their popularity on social media is declining.
According to Santiment, declining mentions on social media platforms indicate that FOMO has yet to catch up and markets are not gaining enough momentum.
“Bitcoin is up 12% and hit over $23,000 this week. The larger rise was on the Ethereum (+33%) and ETC (+69%) front, with APE (+39%), FTM (+33%) and RUNE (+31%) gains. As long as social volume remains low, the crowd is yet to have FOMO fever.”
EthereumTaking a closer look at Santiment, Santiment found that key stakeholder groups in the second-largest crypto-asset by market cap changed their behavior after July 13, when ETH dropped to nearly $1,000.
According to Santiment, whales holding between 1,000 and 10,000 ETH tend to reduce their balance. The analytics firm found that those with 10 to 100 ETH saw an increase.
“Especially the group with 1,000 to 10,000 ETH holdings is reducing their holdings. Of course, we cannot call it a real dumping due to some liquidity pools and maybe exchanges in this group. But of course, their balance is declining. The 10-100 ETH group is growing, albeit slowly.
Small 0-10 ETH holders do not know what to do, do nothing, are probably afraid of the final bottom and still have concerns. Holders of 100-1000 ETH initially took some profits but then rose again. And all of this was triggered after the bottom on July 13.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.