Stellar (XLM), Polkadot (DOT) Behind $100,000 BTC Party Delay? Santiment Answers

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As an analyst with over two decades of experience in the crypto space, I find it fascinating to observe the ebb and flow of market sentiments. The recent drop in Bitcoin (BTC) social dominance despite its proximity to $100K is a testament to the unpredictable nature of retail traders.

According to analyst Brian Q from Santiment, a company specializing in on-chain analysis, he recently discussed the debates surrounding retail sentiment over the past week. It appears that Bitcoin (BTC) may not be living up to investor expectations, while older altcoins are experiencing renewed interest once more.

Bitcoin’s (BTC) failure to hit $100K scares retail traders

Bitcoin (BTC) social influence, or the proportion of conversations on social media regarding BTC, reached three-month lows even as the digital currency neared $100,000. This unexpected chart was posted by Brian Q from Santiment in his latest report titled “Crowd Sentiment Trending Back Toward Normal Levels for Top Cryptos?

Bitcoin, Ethereum, Solana, and XRP have all experienced a dip in the intense excitement that has characterized their 2+ month long bull run. It’s not accurate to say that the delay of the $100K BTC party has led to widespread trader despair. Instead, Stellar, Polkadot, Celestia, and other cryptocurrencies are actually…

— Santiment (@santimentfeed) November 25, 2024

On November 5th, there was a single, parabolic surge in the metric, fueled by market excitement following the U.S. presidential election results. After this event, despite Bitcoin (BTC) reaching new all-time highs, social media activity dipped towards its third local trough in the past six months.

This situation could possibly signal market anxiety, if not the disillusionment among traders who had been expecting more positive developments.

This suggests that many traders see Bitcoin’s inability to reach a $100,000 market capitalization as an indication that the markets may soon experience a downturn.

It’s intriguing to note that despite Ethereum (ETH) being significantly left behind in the current market rally, it exhibits a comparable trend. Additionally, its social influence has dipped to levels not seen for several months.

Solana’s (SOL) indicator has broken its previous record and aims to become the third largest cryptocurrency. On the other hand, XRP’s situation seems suspicious according to analysts, as social media activity around it has declined due to skepticism that the rally will persist because owners find it hard to believe.

Stellar (XLM), Polkadot (DOT), Celestia (TIA) social volumes on fire

Currently, there’s a growing buzz on social media platforms towards mid-sized cryptocurrencies known as altcoins. Data reveals this trend. For instance, Stellar (XLM) experienced a surge of 289% in social media activity last week. Similarly, Polkadot (DOT) and Celestia (TIA) both saw an increase of more than 50% in their social media influence or dominance.

According to Brian Q’s explanation, XLM, DOT, and TIA are significantly drawing focus and attention away from the leading cryptocurrencies.

Previously reported by U.Today, Stellar (XLM) ranked among the highest gainers in the cryptocurrency market during the weekend. Remarkably, its market capitalization jumped nearly 60% within a single night.

2024 saw a significant surge for the established cryptocurrency, with a remarkable increase of 463% in November alone. This growth allowed it to exceed Shiba Inu (SHIB), the second-largest altcoin, in terms of total market capitalization.

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2024-11-25 17:18