Bitcoin Price Holds Ground But Will Stronger Interest in ETH and XRP Lead to Price Take Off?
BTC spiked but failed to cross the $17,000 level on Sunday, and it is now trading in a narrow trading range of $16,900 to $17,000. The global crypto market cap is $8 billion at the time of writing, up 0.15% from the previous day. Bitcoin's dominance is 39.57%, down 0.02% in 24 hours.
Santiment, a market intelligence platform, tweeted on January 8 that the market capitalization of all coins in the cryptocurrency market had been "bouncing very much in independent directions."
According to the tweet, traders are currently less interested in Bitcoin (BTC) and Binance Coin (BNB) due to the "euphoric crowd sentiment" for Ripple (XRP), Ethereum (ETH), and Cardano (ADA). The projects with a bearish attitude perform better on average.
According to Sentiment's analysis, the XRP and ETH communities are both expecting strong price growth for their preferred assets in the near future. The market's other side, however, does not appear to be as secure.
As the on-chain data source implies, asset activity on the market is primarily independent, resulting in an imbalance in overall sentiment. Furthermore, when the cryptocurrency market community is shattered, the industry's overall momentum is lost, making an industry-wide revival impossible.
The euphoric crowd feeling about XRP and Ethereum could be attributed to Ethereum's short-term success and several significant strategic collaborations for XRP, which increased investor optimism. However, it is difficult to predict whether the brief appearance of optimistic tendencies among investors will have any long-term consequences.
Bitcoin, BNB, and Cardano are receiving less attention, according to the official Santiment account. The value of the aforementioned assets has historically increased
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