Starting with Bitcoin, Santiment says that the social dominance metric of the flagship crypto asset has gone up.
According to Santiment, the social dominance metric, which indicates the percentage of discussions on various platforms focused on one asset at any given time relative to other assets, has historically acted as a reliable signal for predicting the bottom.
“Bitcoin’s price has hit a three-month low. According to our sentiment data, negative comments surged to month highs. Shorting on exchanges has at least halted the bleeding. BTC social dominance has also spiked, which is historically a good bottom signal.”
Turning to XRP, Santiment says that optimism among traders that Ripple Labs and the U.S. Securities Exchange will reach a settlement in the ongoing lawsuit has contributed to a price bump for the sixth-largest crypto asset by market cap.
“XRP Network is +17% this past week, while Bitcoin (-5%), Ethereum (-16%), and most of crypto has declined. The ongoing battles between Ripple and the SEC regarding increased regulation has mainly led to increased trader optimism and high whale movement.”
Santiment next turns to Ethereum (ETH) fork and proof of work blockchain, Ethereum Classic (ETC). The crypto analytics firm says that the 22nd-biggest crypto asset by market cap is set to fall further as short interest surges.
According to Santiment, Ethereum Classic is experiencing the highest level of short interest on exchanges among 150 crypto assets, in contrast with blockchain interoperability platform Ren (REN) which is witnessing the highest level of long interest.
“Ethereum Classic has seen a high level of bets against its price, particularly after last week’s ETH merge. On the other end, there are a lot of longs toward Ren. Overall, though, the perpetual contract funding rates on exchanges point to traders expecting further downside.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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.
Featured Image: Shutterstock/Helen Pazyuk/WindAwake