New data from crypto analytics firm Santiment shows that digital assets are pointing to rallies despite market conditions being fraught with uncertainty.
According to Santiment there is a ‘bear market’ mentions on social media platforms outweigh that of a bull market, causing the spread of fear, uncertainty and doubt (FUD).
However, the market intelligence agency says that periods following higher FUD often lead to a rise in crypto asset prices.
“As the crypto markets continue their unpredictability, we have seen a big increase in the public’s bearish takes here in September. Historically, this has been a good thing for patient traders. The chance of price increases increases after the FUD becomes the majority.”
Looking at Bitcoin, Santiment say that traders should keep an eye on the supply of BTC on the exchanges, which has seen a notable increase in recent weeks.
“Bitcoin has seen a slight price increase of 2%, returning to $26,300 for the first time in a week. Keep an eye on BTC supply on the exchanges, which is up 3.1% in two weeks. Traders seem motivated to take small profits.”
Bitcoin is trading at 25,726 at the time of writing, down fractionally over the past 24 hours.
We continue with Synthetix (SNX), the market information platform say that the synthetic asset issuer has had the highest number of address interactions, social mentions and new address creations since mid-July.
“Synthetix is showing impressive levels of on-chain and social activity as it has had a solid month of recovery (+21% in September). Addresses show greater engagement, network growth is increasing and the audience has noticeably more eyes on SNX.”
SNX is trading at $2.13 at the time of writing, down 1.8% over the last day.
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Generated image: Midjourney