Data from blockchain analytics firm Santiment shows that the mass perception of the recent decline is in the top six, including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), as well as popular altcoin projects Solana (SOL) and Cardano (ADA). It shows that the prices of the cryptocurrency are facing a large amount of FUD.
The following was shared from the "Santimentfeed" social media account;
"Have we dipped low enough where there's "blood in the streets?" According to crowd sentiment, there's quite a bit of #FUD & #bearishness for $BTC, $ETH, $BNB, $SOL, & $ADA. As illustrated by this chart, negativity correlates most commonly with bounces."
All these massive cryptocurrencies have suffered significant losses after Bitcoin slumped over 8 percent from the last $46,500 to the $42,000 region.
- Ethereum (ETH) dropped below $3,200, following the leading crypto Bitcoin (BTC). At the time of writing, the leading cryptocurrency is trading at $41,682.
- Binance Coin (BNB) is now positioned in the $454 region, after peaking at $569 on December 27.
- Solana (SOL) hit $203 on Dec. 27 but is now down more than 50 percent to $143.
- As for Cardano (ADA), it has started to rise to $1,380 from $1,287 on Dec. 31 to 2022. The highest price ever in January for ADA was $1,384 on January 2. So far, it's down to 1,248 and has lost almost eight percent at $1,349.
Fear and Greed Index hits lowest level since June 2021
On the other hand, the Bitcoin Fear and Greed Index shows a result of “10” indicating “extreme fear” in the crypto market. According to popular Chinese crypto journalist Colin Wu, this is the lowest level since July 21 last year. However, many see this as a good opportunity to buy dips.