Recently, the crypto market has witnessed a decline in interest towards Bitcoin and XRP from retail traders, according to analytics company Santiment. The study shows traders are focusing more on Ethereum.
Analysis of Social Mentions
Santiment presented a report on social mentions that demonstrates an imbalance in discussions centered around the three leading cryptocurrencies. Specifically, Ethereum leads the sentiment index with a 2.53 to 1 ratio of bullish to bearish forecasts, reflecting trader optimism. 'Such a high level of optimism is interpreted as evidence of the crowd's FOMO,' the report states.
Current Bitcoin Positions
Despite neutral sentiment, Bitcoin holds steady near the historic high of $123,000. Over the past week, its price fluctuated between $123,120 and $123,471. The absence of significant technical signals creates a situation where traders are waiting for a clear price direction.
XRP Situation
XRP shows the lowest level of social interest among the three tracked assets, with a ratio of 1.11 to 1 for bullish to bearish commentary. Santiment analysts suggest that this low engagement may indicate a possible price recovery, as XRP has previously exhibited growth during times of diminished interest.
Despite the overall decline in interest in Bitcoin and XRP, current conditions may present buying opportunities. The lack of significant positions could forecast changes in price trends in the future.
