Analytics company Santiment revealed which social media users of Bitcoin and Ethereum are more optimistic about the moment.
Social media sentiment currently favors Ethereum over Bitcoin
In a new post about X, Santiment discusses the latest trends in “positive/negative sentiment” for Bitcoin and Ethereum. As the name implies, this metric tells us how positive and negative sentiment for a particular asset is currently compared on major social media platforms.
The indicator determines this by placing social media posts/messages/threads in a machine learning model containing unique mentions of Indian currency, which separates between bullish and bearish posts. It calculates each quantity and calculates its ratio.
When the value of the metric is greater than 1.0, this means that there are more posts expressing positive sentiment than negative posts. On the other hand, its threshold indicates that bearish comments are dominant on these platforms.
Now, here is a chart shared by analytics companies that show the latest trends in positive/negative sentiment in the industry’s top two cryptocurrencies: Bitcoin and Ethereum.
Looks like the metric's value has been notably higher for Ethereum | Source: Santiment on X
As shown in the above chart, positive/negative sentiment in Ethereum has recently been observed to increase and hit the 3.0 level. This suggests that the second digital asset has three times the bullish comments than the bearish comments.
For BTC, the metric is also above 1.0, but in the case of the original cryptocurrency, the crowd didn’t try much to lean towards the positivity, as optimistic posts made the terrible posts just over 1.3 times more.
ETH’s attention has come after the price of ETH has sharply exceeded 40% in the past month. In the past, traders were not too optimistic about the coins due to continued underperformance by traders, but now there may be changes.
That is, the cryptocurrency market has historically tended to move towards a direction that violates crowd opinions. Therefore, excessive hype is usually not a good sign of the price. Given this, it remains to be seen how Bitcoin and Ethereum will develop in the next few days.
In some other news, Stablecoins’ total market cap continues to set new all-time highs lately, thanks to agency Defi Solutions provider Sentora (formerly Intotheblock) noting in an X post.
The trend in the market cap of the stablecoins over the years | Source: Sentora on X
Currently, the combined Stablecoin market capitalization is $247.24 billion, indicating a 56% increase in the past year.
BTC price
Bitcoin cannot collect enough steam for sustainable recovery efforts, but since its price is still around $105,900.
The price of the asset appears to have gone down in the past week | Source: BTCUSDT on TradingView
Featured images from dall-e, sentora.com, santiment.net, charts from tradingview.com
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