- Traders and hodlers of some of the top cap assets are showing signs of skepticism.
- Santiment revealed that the probability of price bounces actually increases in times of doubt.
- BTC is currently trading hands at $22,434.09 after a 0.15% increase in price.
The well known market intelligence platform Santiment shared a Twitter post this morning, containing some interesting insights about the current sentiment in the crypto market, and the effect this will have.
According to the post, Santiment has noticed that traders and hodlers of some of the top cap assets are showing signs of skepticism after the crypto market failed to rally after following the February 21 peak.
Traders and hodlers of top cap assets are showing skepticism after markets have failed to rally following the February 21st peak. As #FUD settles in, according to our metrics, probabilities of price bounces increase during this period of disbelief. https://t.co/Mg365PKjqX pic.twitter.com/ERqpPdkTyH— Santiment (@santimentfeed) March 7, 2023
The intelligence platform reassures people that the increase in FUD is not necessarily a bad sign as their metrics indicate that the probability of price bounces actually increases in times of doubt or disbelief. This is certainly something that traders should take note of.
Data from the crypto market tracking website CoinMarketCap indicates that the global crypto market is currently up by 0.40% and stands at $1.03 trillion. Bitcoin’s dominance is currently 42.26%, which is a decrease of 0.08% over the last day.
It is during times of uncertainty that is being experienced now that many people turn to the crypto market leader, Bitcoin (BTC), to get a better idea about the market conditions. BTC is currently trading hands at $22,434.09 after a 0.15% increase in price over the last 24 hours. BTC also reached a high of $22,584.29 and a low of $22,356.62 over the same time period.
Bitcoin / Tether US 1D (Source: TradingView)
On the other hand,the crypto king is still down by more than 3% over the last week. Its 24 hour trading volume is in the green zone and now stands at $15,672,802,596 after a more than 13% increase since yesterday.
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