With cryptocurrency prices skyrocketing in unexpected directions, it’s no surprise that investor sentiment is in turmoil. In fact, even the momentum of regular Bitcoin against altcoins seems unstable as the feeling becomes increasingly fragmentary.
Get your feelings
Keeping in mind the price of Bitcoin, Santiment’s positive/negative sentiment data for BTC, ETH, BNB and ADA more clearly revealed how different traders in different regions handle the recent events.
Source: Sanbase
While Bitcoin sentiment is positive and ETH, BNB, and ADA show negative sentiment, the main takeaway is that sentiment for ETH surged in January 2022.
However, the latest data is relevant around Jan 20, 2022. It remains to be seen how Ether’s 7.79% drop in the last 24 hours will affect investor sentiment.
📊 With so much volatility, perception of top cap assets varies everywhere. #Bitcoin traders believe that a #buythedip the opportunity is approaching, and # Ethereum euphoria is very noticeable. Meanwhile #Cardano and #BinanceCoin traders are showing #FUD. https://t.co/cq1DPa9URH pic.twitter.com/5XvMQWQMQw
– Santiment (@santimentfeed) January 19, 2022
That said, ADA and BNB traders are not feeling comfortable as the sentiment is deep in the negative range. Furthermore, emotions were also recorded ahead of BNB’s 8.36% gain and 8.11% gain in ADA over the past 24 hours.
At press time, Bitcoin has dipped below $40,000 and is trading at $39,066.98. Meanwhile, the market fell into a state of extreme fear.
It was a bit of a surprise, then, that Bitcoin investors were calling for “buy at a discount.” Santiment has previously looked at the social dominance of calls for people planning to buy dips or already. However, the analytics platform found that most made the call long before reaching the lowest score. Now, it’s going to be a while before the data shows whether dip buyers jumped at the right time.
Looking at the exchange line balances for Bitcoin also helps to show what investors might be doing. So far, 2022 has seen a strong increase in cash flow, which could signal people buying a drop. However, at press time, there were signs of capital inflows. Again, more time is needed to confirm whether the most recent sale has brought in a new influx of bearish buyers.
Source: Santiment
More than just a winter break
Cryptocurrency Watchers Aren’t Just Overjoyed When El Salvador’s President Nayib Bukele visited Turkish President Recep Tayyip Erdogan. Although The Wall Street Journal Confirming that cryptocurrencies are not a topic of discussion, many are still hoping that the President of El Salvador, who reportedly bought Bitcoin from his phone, will join Erdogan on the topic. Bukele also introduced his country as “the land of Bitcoin” in Turkish.
ncelikle, #Bitcoin diyarı El Salvador’dan tüm Türkiye’ye selamlar 😊 pic.twitter.com/jnwJeO8NIy
– Nayib Bukele (@nayibbukele) January 19, 2022
That said, it is worth noting that Bukele announced on Twitter that he would not be buying the drop, when Bitcoin price was above $41,000.