Crypto Gains Bullish Voices on Social Media: Santiment

AnalysisCrypto Gains Bullish Voices on Social Media: Santiment



Yuri Molchan

People seem to be more excited about cryptocurrencies now across major social media platforms, including Twitter, Reddit, etc.

Contents

Popular Santiment data vendor has tweeted that users of various social media platforms are showing excitement about crypto. Meanwhile, Bitcoin and Ethereum are recovering, while the rest of the market remains in the red.

“Crypto is gaining some bullish voices again”

According to a tweet by Santiment, the word “pump” is currently dominating in public channels across various social media presently—on Reddit, Discord, Twitter and Telegram. Santiment analytics team believes that this FOMO (“fear of missing out”) is not a big concern; however, they cannot see any signals of euphoria so far.

Ethereum transactions in profit surge

As the market has gone from green to mostly red, Santiment has noticed that at the moment, roughly 3.05x ETH transactions are in profit compared to those that are being made at a loss.

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Should this ratio hold at this level, this would be the highest profit taking since October 20—half a year ago—when Ethereum was trading at $4,054. At press time, ETH is demonstrating a mild price drop from the $3,160 zone to $3,102 but it has turned green, going up 0.08% now. Aside from ETH, among the other top 10 cryptos in the green are only BTC, Terra and Cardano.

CMC_top10coins_00hjkjnukm789sgmarket
Image via CoinMarketCap

After touching $40,961 on April 20, today the global flagship cryptocurrency has recovered 2.47%, trading at $41,994 at press time.



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