While the crypto space is in extreme fear as the Bitcoin price displays a compressed price movement, many altcoins were undergoing a stagnant trend. However, the social demand for some of the altcoins is rising and hence a significant impact on the asset’s price may be imminent.
Presently, the BTC price has slightly risen above the previous day’s close and hovers around $21,700. Moreover, most of the altcoins are also preparing to begin with a firm recovery phase very soon. In the meantime, the social sentiments of some altcoins have spiked pretty high.
As per the data from Santiment, Binancecoin, Pancakeswap, Theta, Tron & XRPNetwork are recording the largest positive sentiments right now.
The leader among all the other altcoins is Tron with a rise of 309%, followed by BinanceCoin with 225%, Pancakeswap with 201%, Theta with 178% & XRP with 98%. Interestingly, some of the altcoins have lost the trader’s focus with a huge drop in the sentiments.
Bitcoin Cash topped the list with a drop of 330%, followed by Cosmos with 122%, Dogecoin with 88% & Tether with 72%. Along with these altcoins, most of the popular altcoins have also dropped by an average range of 25% to 35%.
Therefore, the rising social sentiments may uplift the price to a notable extent, but as warned by the analytical platform, the beginning of the Euphoria should be monitored very closely. The sense of FOMO will be on the rise which will lead to a huge upswing without any base. Therefore, such rallies tend to drop more than 70% to 80% ahead.