As an analyst with over two decades of experience in the financial markets, I have witnessed numerous bull and bear cycles, from the dot-com bubble to the crypto craze of today. The recent surge in altcoin discussions, as highlighted by Santiment’s social sentiment tracker, is a trend that piques my interest.
Despite Bitcoin’s recent dip from record highs, there remains significant interest among traders in various alternative cryptocurrencies, as indicated by Santiment’s social media activity monitor.
On November 26th, the on-chain analytics platform X shared a post stating that although Bitcoin (BTC) dipped below $93,000 on the 25th, traders remain active in the high-temperature altcoins and are engaged in conversations about hidden opportunities.
At present, based on Santiment’s findings, the digital currencies Sandbox (SAND), Stellar (XLM), and Ether (ETH) are dominating altcoin discussions among traders, and a majority of these conversations are optimistic or bullish in tone.
At the forefront is the substance, SAND. According to the analysis tool, this is seeing a surge due to a significant increase in investments linked to the metaverse, accompanied by a rising faith among investors in SAND and its associated tokens.
On their dashboard, Santiment observed that a positive, or “bullish,” outlook persists among investors regarding metaverse tokens, even following periods of decline.
The report also mentions ongoing discussions regarding the causes of this pattern and potential future developments for these digital currencies.
Currently, there’s growing interest from South Korean investors towards XLM due to a recent political development. This has sparked discussions about the cryptocurrency on social media platforms, often linked to price hikes and market analysis.
Among the three hottest topics in the crypto world, Ether stands out. According to Santiment, it’s frequently compared with other digital currencies, particularly in terms of its price dynamics.
On their dashboard’s summary, Santiment highlights discussions focusing on Ethereum’s “past achievements and ecosystem worth, suggesting a curiosity about its potential future developments.
Simultaneously, it was reported by the analytics system that tokens like Pleasure Token (adult content), Tornado (TORN), and Axie Infinity (AXS) saw significant increases in their daily social activity levels.
Regardless of ongoing debates about altcoins, a significant number of market participants experienced forced selling or liquidations over the past day.
In the previous 24 hours, data from CoinGlass indicates that a total of approximately $518.83 million worth of cryptocurrency positions were terminated, or “liquidated.” Of this amount, long positions accounted for around $389.30 million, while short positions accounted for about $129.04 million. The majority of these liquidated positions were in altcoins.
A crypto trader with the X handle Moustache speculated that despite the drop, “Altcoins are just warming up here,” and the “real party” will start soon.
Trader Eugene Ng Ah Sio indicated in a November 26th post on platform X that he will be observing and remaining patient as the market has become difficult to foresee.
He stated that this appears to be the toughest ‘bull market altseason’ I believe I’ve encountered so far.” (Alts in this context refers to alternative cryptocurrencies other than Bitcoin.)
“Capital flow doesn’t make a ton of sense to me and degree of moves are very difficult to predict.”
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2024-11-26 09:14