Trader sentiment towards major cryptocurrencies is overwhelmingly negative
- Traders and hodlers of some of the largest-cap assets are showing signs of skepticism.
- Santiment revealed that the probability of price rebounds actually increases in times of doubt.
- BTC is currently trading hands-on at $22,434.09 after a 0.15% rise in price.
The well-known market intelligence platform Santiment shared a post on Twitter this morning, which contains some interesting insights into the current sentiment in the crypto market and the effect this will have.
Per the post, Santiment has noticed that traders and hodlers of some of the larger-cap assets are showing signs of skepticism after the crypto market failed to recover after the Feb. 21 spike.
Traders and top-cap asset hodlers are showing skepticism after markets failed to rally from the February 21 peak. As #FUD establishes, based on our metrics, the odds of price bounces increase during this period of disbelief. https://t.co/Mg365PKjqX pic.twitter.com/ERqpPdkTyH
— Santimento (@santimentfeed) March 7, 2023
The intelligence platform assures people that rising FUD is not necessarily a bad sign, as their metrics indicate that the probability of price bounces actually increases in moments of doubt or disbelief. This is certainly something that traders should take note of.
Data from cryptocurrency market monitoring website CoinMarketCap indicates that the global cryptocurrency market is currently up 0.40% and stands at $1.03 trillion. Bitcoin dominance is currently at 42.26%, which represents a decrease of 0.08% over the past day.
It is during the uncertain times now being experienced that many people turn to the leading crypto market (BTC) to get a better idea of market conditions. BTC is currently trading at $22,434.09 after a 0.15% price increase in the last 24 hours. BTC also reached a high of $22,584.29 and a low of $22,356.62 during the same period.
Bitcoin / US 1D (Source: TradingView)
On the other hand, the king of cryptocurrencies is still down more than 3% over the past week. Its 24-hour trading volume is in the green zone and now sits at $15,672,802,596 after an increase of more than 13% since yesterday.
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