A prominent analytics firm says crypto traders are not rushing to accumulate the latest Bitcoin (BTC) correction.
Santiment says on the social media platform X the crypto crowd is not opening their wallets to gobble up the marketwide dip.
“With this dip being roughly on par with the one we saw in early July, the same crowd enthusiasm for dip buying isn’t present… at least not yet. Look for $60,000 BTC or $2,900 ETH to be key psychological levels that may be enough for traders to open their wallets.”
At time of writing, Bitcoin is trading for $60,960 while Ethereum (ETH) is worth $2,904.
But according to the analytics firm, the sharp drop in the prices of large-cap crypto assets suggests that a relief rally may be around the corner.
“Crypto markets have retraced across the board, leaving traders calling for sub-$50,000 BTC once again. However, history shows that when we see such low seven-day average trader returns for top caps like BTC, ETH, ADA, XRP, DOGE, and LINK, bounce probabilities rise significantly.”
Santiment says that one bright spot in the crypto markets in July was the XRP Ledger payments network. According to the firm, XRP saw 4,727 transactions worth more than $100,000 between July 17th and July 23rd while 9,482 new XRP wallets were created from July 24th to July 30th.
“XRP Ledger, among one of the best performers in July, has been powered by high on-chain activity. Major whale transaction levels and network growth helped propel the coin’s +35% month, and social dominance is now sky-high as the asset has mildly retraced.”
At time of writing, XRP is trading for $0.555.
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