Do altcoins look more interesting than Bitcoin right now

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All eyes should have been on Bitcoin as the royal coin surpassed $ 51,000 and marked its highest price since mid-May. Still, the behavioral analysis platform Santiment has shown that Bitcoin’s chat rate has dropped. The reason? Short term traders were busy monitoring alt coin trends.

#Bitcoin closed the weekend with a jump to $ 51,911, its highest price since May 12. Growing interest in more volatile and (mostly) higher #altcoins has allowed $ BTC to grow slowly and steadily as #FOMO short-term traders elsewhere. https://t.co/mnyKU7gjj8 pic.twitter.com/l3yR0Rq9f8

– Santiment (@santimentfeed) September 6, 2021

Solana’s dazzling rally as it broke through $ 100 and continued to rise, fascinated many traders. On the other hand, Bitcoin was struggling to break out and break through the $ 50,000 resistance.

Santiment also noted that Polygon [MATIC] and Cardano [ADA] were at the top of the “rising topics” metric. Matic made a name for himself thanks to his price rise of 31% in four days. Meanwhile, Ada was in the news due to FUD after Cardano’s alleged “failed” testnet.

#Polygon and #Cardano are the two hottest topics on #cryptocurrency Sunday, for very different reasons.

$ MATIC: a sharp rise in prices, up 31% in the last four days $ ADA: crowd #FUD on the ability of its integration with smart contracts https://t.co/lnloXAkAat pic.twitter.com/ rKeMu2zw5J

– Santiment (@santimentfeed) September 5, 2021

Fight against human nature

Fear of Missing Out (FOMO) can lead investors to make dangerous financial choices or fall prey to scammers. In this case, FOMO could have prompted traders to watch alternative coins emerge in space, after the value of Santiment’s Bitcoin weighted sentiment fell below zero.

Another reason for the fresh take on alternative pieces could be influencers like Charles Hoskinson. The founder of Cardano has a strong social media presence and responds vocally to those he calls “FUDsters”. Coming to Matic, Indian film studio Zee Studios launched their first NFT on Polygon. Such events could also have the potential to trigger crypto FOMO and attract short-term traders.

See Bitcoin in perspective

On September 6, analyst Willy Woo tweeted Bitcoin’s growth trajectory and compared it to the growth of gold and stocks. [M2 money]. When represented graphically at the same scale, the effect was amazing.

Here is their growth trajectory on the same scale. pic.twitter.com/PKnTRui5uU

– Willy Woo (@woonomic) September 6, 2021

Woo’s analysis has helped a lot to put Bitcoin’s seemingly sluggish growth into perspective. Another analysis by him, using the supply shock valuation model, put Bitcoin’s current price above $ 55,000. Additionally, Bitcoin’s stock-to-flow creator Plan B has confirmed that his estimate of “$ 100,000 by Christmas” is still valid.

At the time of going to press, the price of Bitcoin was $ 51,838.52. The latest Bitcoin Fear and Greed Index update registered a value of 73, signaling “Creed”.

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