A crypto analytics company, Santiment, has said that XRP and Bitcoin are currently giving bullish signs although the market is presently in a downturn. Sentiment said in its statement that Bitcoin’s social dominance has climbed higher again.
Santiment’s Social Findings
According to the statement, a social dominance indicator shows the rate of discussion on different platforms about a particular asset in comparison to other assets within a timeframe. The dominance indicator has been a reliable way to predict asset bottom over time, Santiment said.
It said further that the price of Bitcoin has dipped to a three-month low. The platform’s sentiment reports showed negative comments about Bitcoin growing to a monthly high. Shorting on crypto exchanges has, however, helped to put the bleeding to a halt.
It said Bitcoin’s dominance on a social level hit a high, and it is usually a good sign it is reaching the bottom.
For XRP, the analytics platform said that the market’s optimism has recently hit the roof. This followed signs that the long-drawn legal tussle between Ripple and the US Security and Exchange Commission will soon con to a conclusion. This added to the asset’s price surge and the market’s sixth-largest token has been raking in new numbers.
More on Ethereum Classic
The statement precisely said that XRP has added more than 17% in the last week as Bitcoin did -5%, and Ethereum did -16% as most of the crypto market saw a decline. The legal battle between the SEC and Ripple with regard to regulations primarily led to higher optimism among traders and encouraged huge whale purchases.
Santiment then gave attention to Ethereum. It addresses the fork, as well as the proof-of-work blockchain, and the Ethereum Classic. The platform said that Ethereum Classic, which is number 22 on the list of cryptocurrencies by their market capitalization, is on its way further fall with the surge of short interest.
According to information made available, Ethereum Classic is going through the highest short interest to be on exchanges among about 150 other digital assets. This is in contrast with what obtains on Ren, which currently sees the highest long interest of them all.
The platform said Ethereum Classic has witnessed high-level bets against its market value especially after the Merge was completed last week. On the other hand, there are lots of long in the direction of Ren. In all, however, the continuous funding that’s available on exchanges shows that traders are expecting more slides.