Analytical company Santiment stated that as crypto markets struggle to recover, the probability of bullishness for crypto markets is higher, but FOMO is yet to come.
Although altcoins such as Bitcoin (BTC), Ethereum (ETH) and ApeCoin (APE), Fantom (FTM), Ethereum Classic (ETC) and THORChain (RUNE) recorded double-digit growth in percentage, Santiment said that the conversations on social media underlined that he fell.
Santiment shared yesterday's tweet, declining conversations on social media, pointing to declining discussion rates for cryptocurrencies and showing that the "fear of missing out" hasn't caught up with retail investors and the markets haven't warmed up enough yet:
"#Bitcoin is +12% & has jumped back over $23k this week. The bigger story has been #Ethereum (+33%) & #altcoins like $ETC (+69%), $APE (+39%), $ FTM (+33%), & $RUNE (+31%). As long as social volume stays down, the crowd isn't having #FOMO fever just yet."
Rising Expectation from Economist El-Erian
Cryptocurrency markets have been on a downward trend since November 2021, and in this long-running bear market, almost all cryptocurrencies have lost value at record levels, led by Bitcoin. It is wondered when this period, which is also called the “crypto winter” in the crypto money ecosystem, will end. It was the famous economist Mohamed El-Erian. El-Erian claimed that the crypto winter is over and that Bitcoin has risen and exceeded the level of 24 thousand dollars.
Al-Erian explained the recent Bitcoin price spike, citing a popular view that the crypto winter is over. Leading economist and financial expert Mohamed A. El-Erian, answering a question from Squawk Box host Andrew Sorkin, said that he believes Bitcoin's recent surge to the $23,400 region and then $24,000 was due to the crypto winter.
According to the famous economist, the winter period in the market is now over and the markets, led by Bitcoin, have created a good basis for going higher in the future.