Crypto analytics firm Santiment says both Bitcoin (BTC) and XRP are giving bullish signals amid the market downturn. Santiment states that Bitcoin's social dominance metric is rising.
According to Santiment, the social dominance metric, which shows the percentage of discussions on various platforms focused on one asset relative to other assets at any given time, has historically served as a reliable signal for predicting the bottom. The platform says the following in its statements on this subject:
"Bitcoin's price has hit a three-month low. According to our sentiment data, negative reviews have spiked to monthly highs. Shorts on exchanges have at least stopped the bleeding. BTC social dominance has also increased, which is a historically good bottom signal."
In addition, Santiment also evaluates XRP, saying that optimism among investors that Ripple Labs and the US Stock Exchange will reach a settlement in the ongoing litigation contributed to the price increase for the sixth largest crypto asset by market cap. On the subject, he makes the following statement:
“XRP network activity increased by 17% last week, while Bitcoin, Ethereum and most of the cryptocurrencies fell. The ongoing battles between Ripple and the SEC over increased regulation mainly led to increased investor optimism and high whale activity.”
Santiment is also evaluating the Ethereum (ETH) fork, Ethereum Classic (ETC). The crypto analysis firm says that the 22nd largest crypto asset by market capitalization will fall even further when considering futures. According to Santiment, Ethereum Classic receives the highest level of short interest on exchanges among 150 cryptoassets. It is stated that the cryptocurrency with the highest long interest is Ren (REN).
“Ethereum Classic has seen a drop in its price especially after last week’s ETH merger On the other hand, there is a lot of interest towards Ren. But overall, the sustained contract funding rates on exchanges indicate that investors are expecting further declines.”