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Home»Analysis»According to analytics firm Santiment, Bitcoin, XRP and two other trends are currently driving the crypto markets
Analysis

According to analytics firm Santiment, Bitcoin, XRP and two other trends are currently driving the crypto markets

2023-10-22No Comments3 Mins Read
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New data from market intelligence firm Santiment suggests that four key trends are currently driving the crypto markets.

In a new blog postAccording to the crypto analytics platform, optimism around Bitcoin (BTC) and XRP drove the sector in October, while developments at Reddit and the Federal Reserve raised concerns.

According to Santiment, the king crypto has hit $30,000 twice in one week and the US Securities and Exchange Commission (SEC) dropping charges against Ripple executives Brad Garlinghouse and Chris Larsen has brought new bullish sentiment to the markets.

“High discussions about the [BTC’s] The $30,000 range will typically be festive, which is why you’ll see it overlap with high FOMO (fear of missing out) sentiment. When Bitcoin’s price tries to break through a resistance level in the long term, we will prefer the public to be less enthusiastic about its achievement. Large peaks will usually be indicative of a top signal due to the crowd’s over-enthusiasm.

The high discussions about the Ripple/XRP lawsuit victory may already be showing a bit of the ‘buy the rumor, sell the news’ aspect. Yesterday, XRP rose +10% when insiders were first informed of this news. And now that the explanation for the jump has reached the mainstream, XRP sees no secondary disconnects from the market (at least not yet).”

Looking at the more bearish developments in the market, Santiment says Reddit users are losing the ability to tip other community members via MOON and DONUT, along with an aggressive stance from the Federal Reserve, which is worrying investors.

See also  Bitcoin price consolidates and signals a potential rise to $40,000

However, the analytics firm notes that the Fed’s position is only relevant if crypto markets start to rejoin the S&P 500, adding that such a scenario is likely.

“High discussions regarding Reddit’s end of token tipping will likely be a mild reflection of the overall crypto market FUD (fear, uncertainty, and doubt), which could have a positive impact on prices. Look for a wave of negative news in the final days leading up to the official removal of the MOON and DONUT tips on November 8.

High discussions regarding Powell and the general US economic concerns expressed by the Fed will only impact crypto if the cryptocurrency sector starts to follow the S&P 500 again. Right now, crypto prices are moving closely with the value of gold, which could be an attribution of the war.

But don’t be surprised if we see the sectors trading together again, which would mean that negative news from the Fed could lead to crypto price tops like we saw in 2022 and early 2023.”

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