XRP and Litecoin Experiencing High Levels of FOMO

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As a seasoned crypto investor with a few battle scars to show for it, I can’t help but feel a pang of familiarity when I read about XRP and Litecoin’s current surge in popularity. The fear of missing out (FOMO) that Santiment is warning us about is something I’ve experienced many times before in this wild and unpredictable market.

Based on data from analytics tool Santiment, there is a noticeable increase in FOMO sentiment among investors regarding XRP and Litecoin (LTC) at the moment.

Santiment notes that investing in the mentioned cryptocurrencies carries both significant risks and potential rewards.

The value of these coins may keep climbing, but their popularity among investors could also increase their risk level, offering potential for significant returns in the coming week.

According to data from CoinGecko, XRP and Litecoin have experienced growth of 2.9% and 2.6% respectively within the past 24 hours.

FOMO signifies a unique psychological condition that has garnered significant academic interest since its coinage in 2004. This term made its way into the Oxford Dictionary as recently as 2013.

In the realm of investing, this condition is known as “fear of missing out,” or FOMO for short. It’s a common psychological response where investors experience anxiety that they’re losing out on substantial profits, and that others may be reaping the benefits instead. This feeling stems from a sense of disconnection or lack of belonging to the perceived successful investment group.

Social media has become a prominent channel for users to experience the fear of missing out (FOMO) due to frequent exposure to enticing cryptocurrency investment suggestions from influential figures.

Morgan Housel, a renowned writer and recipient of several awards, including for his book “The Psychology of Money,” emphasized the significance of managing fear of missing out (FOMO) as a crucial financial ability.

Bitcoin‘s stunning recovery 

Recently, Bitcoin, the front-runner among cryptocurrencies, reached a new milestone by breaking the $65,000 mark for the first time in weeks.

The Fear & Greed Index currently registers a score of 65 out of 100, indicating a strong sense of market greed. This represents a notable shift from just a few days ago when the index signaled fear with a lower score.

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2024-07-16 09:43