Is the Crypto Bottom there? Analytics Firm Santiment Says Metric Shows Historically Bullish Signal

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Leading crypto analytics firm Santiment says a metric it tracks signals a bullish turn in the market based on historical performance.

According to Santiment, Fear, Uncertainty, and Doubt (FUD) are peaking, determined by the prevalence of negative crypto terms such as “sell” across multiple social media platforms.

Using their social dominance methodology, Santiment claims that negativity in the crypto market is reaching a level that has generally signaled a bottom.

The negativity is largely driven by the implosion of FTX and the arrest of its disgraced founder, Sam Bankman-Fried, as well as growing questions about the financial stability of Binance, the world’s largest crypto exchange, according to the report. analysis company.

Federal Reserve Chairman Jerome Powell also continues to drive markets lower with his hawkish policy.

There is a lot of doom and gloom in crypto right now. Binance FUD, Jerome Powell’s warmongering and lawsuit [Sam Bankman-Fried] title trial of many reasons why the capitulation is widespread at the end of the week. Historically, this uncertainty is a floor signal.

Source: Santiment/Twitter

Santiment is also looking at three altcoins signaling bullish sentiment with activity from formerly dormant wallets.

Several altcoins are seeing big increases in address activity and dormant wallets are waking up to move their funds right now. Others get stuck in the mud and are more likely to fall behind.

According to Santiment, the automatic yield farming protocol Yearn.Finance (YFI) shows impressive network activity after a short period of depression.

Source: Santiment

At the time of writing, YFI is trading at $5,626.

According to Santiment, the REN Decentralized Finance Project (REN) is not recovering so strongly due to its complicated financial situation.

Source: Santiment/Twitter

At the time of writing, Ren is changing hands at $0.074.

Finally, Santiment claims that the decentralized crypto exchange Uniswap (UNI), on which non-fungible tokens (NFTs) are traded, is showing strong growth in terms of network activity.

UNI saw strong growth before, when an NFT Marketplace was announced. But still, we can see that it is increasing sharply, even compared to the NFT-related pump.

Source: Santiment/Twitter

As of this writing, UNI is changing hands at $5.35.

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Feature image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia

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