JAKARTA – The crypto market which has experienced a decline in the last few months, it is not yet known when the bear market trend will end. However, in recent days the crypto market has started to look fresh again.
Analytics firm Santment states that the crypto community has yet to embrace the latest market rebound based on social metrics. Santiment reports that the frequency with which “sell” is mentioned on Twitter, Reddit and Discord has hit two-month highs despite recent modest price gains for Bitcoin (BTC) and most crypto markets.
“What happens when crypto prices continue to rise even though the crowd doesn't believe the trend can continue? A perfect FUD (fear, uncertainty, doubt) storm that can encourage market capitalization to continue to rebound," wrote Santiment, quoted from DailyHodl.
As of writing, the number one largest cryptocurrency by market cap, Bitcoin, is trading at 23,893 US dollars. The top-ranked crypto asset by market cap is up more than 3% in the last 24 hours and more than 4.5% in the past week.
Santiment also notes that Bitcoin spent much of 2022 closely correlated with the S&P 500 but has recently lagged behind the stock index's recovery. The company says the split is historically bullish for BTC.
Additionally, Santiment notes that the ratio of the top stablecoin Tether (USDT) on the exchange has jumped from 19.7% on May 9 to 42.0% today.
"This can be seen as a signal that traders have taken profits as prices have recovered, as well as a sign of the highest purchasing power in two years," Santiment said.
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