HomeNewscoinquora.comETH and Other Altcoins: Could This Be a Buy Signal?

ETH and Other Altcoins: Could This Be a Buy Signal?

- Advertisement -


  • Weighted Social Sentiment indicator was used to analyze ETH and other altcoins.
  • Based on the data, traders are currently exhibiting fear.
  • However, current negative social sentiment does not mean the same buying opportunity as last year.

Recently, markets have experienced a dip, and traders are usually panicking and hoping for the decline to stop. The volatility of the crypto industry is often intense. Still, at times of sideways consolidation, there is more market anxiety as investors speculate. Whereas, a similar sentiment is happening to Ethereum and the rest of the Altcoins.

Ryan Selkis, popular crypto commentator and Messari Founder shared the same view on the market. He tweeted,

With that being said, the Weighted Social Sentiment indicator was brought up to analyze the altcoins. To understand further, this indicator combines the positive/negative commentary, and multiply by the amount of social volume. Generally, prices top out when this gets too high, and bottoms when getting too low.

Based on the data, traders are currently exhibiting fear and there is some caution present in market conditions. Most coins haven’t registered instant recovery, and it has led to the drop of weighted social sentiment.

Historically, such market periods have also been a profitable buying opportunity. While some altcoin traders buy at the current market prices, it might be more reasonable to hold for now. More so, considering Ethereum to be the major flag-bearer of the Altcoins, it shows a negative sentiment as of writing.

Currently, Ethereum and other Altcoins have surged past their previous highs. Cardano registered 10x gain since then, and Polkadot entered the top 10 crypto ranking. Meanwhile, MATIC is on a tear, and Uniswap is leading the DEXs revolution. Buying and Selling volumes are soaring aggressively for these assets. Plus, we have already gone through one major bull cycle.

Therefore, the current negative social sentiment does not mean the same buying opportunity that we experienced last year. It is simply because most Altcoins have higher realized values at the moment.

It might be adventurous to take a chance with Altcoin last year, but traders need to be careful before buying now. The market does not scream bullishness yet, so it is better to wait for now and look for bull confirmations.





Source link

- Advertisement -
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,512FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 62,715.00
ethereum
Ethereum (ETH) $ 4,214.56
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 619.13
litecoin
Litecoin (LTC) $ 193.12
eos
EOS (EOS) $ 4.77
okb
OKB (OKB) $ 24.53
tezos
Tezos (XTZ) $ 7.05
leo-token
LEO Token (LEO) $ 3.36
cardano
Cardano (ADA) $ 2.17
monero
Monero (XMR) $ 287.85
stellar
Stellar (XLM) $ 0.38053
chainlink
Chainlink (LINK) $ 32.01
huobi-token
Huobi Token (HT) $ 10.16
tron
TRON (TRX) $ 0.103219
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 204.29
neo
NEO (NEO) $ 44.61
iota
IOTA (MIOTA) $ 1.41
nem
NEM (XEM) $ 0.177653
zcash
Zcash (ZEC) $ 165.71
maker
Maker (MKR) $ 2,512.65
paxos-standard
Pax Dollar (USDP) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 54.83
vechain
VeChain (VET) $ 0.144349
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 64.91
kucoin-shares
KuCoin Token (KCS) $ 17.21
waves
Waves (WAVES) $ 29.16