By The Daily Hodl - 7 months ago - Reading Time: 2 minutes
Crypto Hinting at Rallies Amid Unpredictable Market Conditions, According to Santiment
New data from crypto analytics firm Santiment reveals that digital assets are hinting at rallies despite market conditions being rife with uncertainty.
According to Santiment, “bear market” mentions on social media platforms heavily outweigh those of a bull market, causing the spread of fear, uncertainty and doubt (FUD).
However, the market intelligence firm says that periods following increased FUD tend to lead to a bump in prices for crypto assets.
“With crypto markets continuing its unpredictability, we have seen a big uptick in bearish takes by the crowd here in September. Historically, this is a good thing for patient traders. Probability of price bounces rise after FUD becomes the majority.”
Source: Santiment/XLooking at Bitcoin, Santiment says that traders should keep an eye on BTC‘s supply on exchanges, which has seen a notable uptick in the past weeks.
“Bitcoin has enjoyed a slight 2% price jump, returning back to $26,300 for the first time in a week. Keep an eye on the supply of BTC on exchanges, which has increased by 3.1% in two weeks. Traders appear to be motivated to take small profits.”
Source: Santiment/XBitcoin is trading for 25,726 at time of writing, a fractional decrease during the last 24 hours.
Moving on to Synthetix (SNX), the market intelligence platform says that the synthetic asset issuer has had the highest amount of address interactions, social mentions and new address creations since the middle of July.
“Synthetix is showing an impressive level of on-chain and social activity as it has enjoyed a solid rebound month (+21% in September). Addresses are showing increased engagement, network growth is climbing, and the crowd has notably more eyes on SNX.”
Source: Santiment/XSNX is trading for $2.13 at time of writing, a 1.8% decrease during the last day.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Check Latest News Headlines
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Crypto Hinting at Rallies Amid Unpredictable Market Conditions, According to Santiment appeared first on The Daily Hodl.
Original source: The Daily Hodl