As the global cryptocurrency market cap gradually recovers to $2.91 trillion at press time following the recent drop, Ethereum [ETH] is quietly stealing the spotlight.
According to the latest data from Santiment, Ethereum is attracting strong bullish interest, while Bitcoin [BTC] and Ripple [XRP] traders are becoming increasingly cautious.
Ethereum outshines Bitcoin and XRP
The bullish-to-bearish comment chart, which measures how many positive comments an asset receives in comparison to negative ones, shows that Ethereum is currently at 2.05. This means that there are approximately two bullish comments for every bearish comment across X, Reddit, and Telegram for ETH.
At the same time, this also showed growing FOMO (fear of missing out), as traders became optimistic about ETH’s recovery above key support levels, staking demand, and upcoming network improvements.
This further coincided with AMBCrypot’s recent report, wherein Ethereum-led stablecoin market capitalization grew over the past week, adding $243.4 million.
Why are Bitcoin and XRP losing steam against Ethereum?
Bitcoin, meanwhile, has a bullish-to-bearish comment ratio of 0.82, meaning bearish comments outnumbered bullish ones. This might have happened because of repeated failures to break above $87,000, a subsequent decline toward $81,000, liquidations of leveraged long positions, and macroeconomic uncertainty that may have weakened market confidence.
Following a similar pattern to BTC, XRP too was sitting at a ratio of 0.92, indicating slightly more bearish than a bullish outlook. And this might be because of its decline of more than 9% over the past week and difficulty reclaiming the $1.40 level that might have added to the negative sentiment.
Is this a sign of an incoming altcoin season?
On the other hand, Spot Bitcoin and Ethereum are recording net outflows, while XRP continues to attract capital. According to SoSo value data, Bitcoin spot ETFs have seen $278.37 million in net outflows so far in October, following strong inflows of $2.65 billion in September.
Meanwhile, Ethereum spot ETFs have recorded even larger outflows of $695.35 million this month, reversing September’s $832.43 million in net inflows. In contrast, XRP spot ETFs have attracted $12.09 million in net inflows in October, following $121.40 million in September.
This somewhat gives a hint that the altcoin season might be incoming, which was further supported by the CoinGlass Altcoin Season Index, which stood at 64 as of writing.
In other words, the market is leaning toward altcoin season but has not yet entered the official altcoin season threshold, typically set at 75. However, with Bitcoin’s market dominance standing at 60.39%, up 0.04% over the past 24 hours, Bitcoin still has the upper hand.
Final Summary
- The bullish-to-bearish comment of Ethereum was at 2.05, meaning two bullish comments for every bearish ones.
- Meanwhile, Bitcoin was sitting at a ratio of 0.82, and XRP was sitting at a ratio of 0.92.