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Bitcoin (BTC) Sentiment Remains Bearish For More Than Seven Months, Here’s Why

Manoj Nair



Bitcoin Price

The number one crypto asset, Bitcoin (BTC), is still under duress and is changing hands around $19K, which is quickly becoming a crucial support benchmark. Bitcoin’s discussion rate has also tanked to its seven-month low.

Data received from on-chain data provider Santiment reveals that the discussion rates of Bitcoin(BTC) are steadily falling while the altcoins are filling this void and taking up the charge.

Dissecting the data obtained from Santiment reveals that discussion about Bitcoin among the top 100 crypto assets constituted just 12.8% and is the lowest in the last seven months. It is the 10th week in succession. All these indications point out it is a perfect setting for the price to bottom off.

The absence of whale activity has made the Bitcoin relative value action lackluster and dull in the past four months. The lack of whaling activity has removed every trace of volatility in the price of the top cryptocurrency in the world. Whale activity has been at its lowest in the past two years.

The data provider noted: “$BTC transactions valued at $100k+ and $1m+ have fallen to levels last seen in 2020″.

Altcoins Fill The Void Left By Bitcoin (BTC)

The market may be bearish for Bitcoin, but other altcoins have done exceptionally well. Ripple XRP has shown some unbelievable results in the past few weeks. The company is confident it will win the legal suit against SEC. Further, the company is expanding its footprints in Europe and has concluded significant deals with financial entities in France and Sweden. However, the XRP price is facing stiff resistance at $0.50 and has failed to sustain above these levels.

Altcoins like Polygon (MATIC) and Chainlink (LINK) have also entered the green zone. At the same time, in terms of developer activity, Polkadot is leading, and Ethereum and Cardano remain among the top five.

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