Crypto Traders Are Not Rushing to Accumulate the Latest Bitcoin (BTC) Correction, Says Santiment
- PHPzOriginal
- 2024-08-05 09:59:36567browse
Santiment says on the social media platform X the crypto crowd is not opening their wallets to gobble up the marketwide dip.
Analytics firm Santiment says that crypto traders are not rushing to accumulate with the latest Bitcoin (BTC) correction, a stark contrast to the buying frenzy that usually accompanies dips in the market.
Santiment notes on social media that the crypto crowd is not opening their wallets to gobble up the market-wide dip.
“Prominent analytics firm Santiment says crypto traders are not rushing to accumulate with the latest Bitcoin (BTC) correction.
“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, BTC is trading for $60,960 and ETH is going for $2,904.
However, the analytics firm says that the sharp drop in the prices of large-cap crypto assets suggests that a relief rally may be on the horizon.
“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 adds that one crypto asset that shone brightly in July was the XRP Ledger payments network. The firm says that XRP saw 4,727 transactions valued at over $100,000 from September 17th to September 23rd, while 9,482 new XRP wallets were created from September 24th to September 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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