Digital assets are demonstrating potential for price rallies amid increasing market ambiguity, according to new findings from cryptocurrency analytics firm Santiment. The company observed a significant sway towards Fear, Uncertainty, and Doubt (FUD) sentiments on social interaction channels, effectively overtaking the positive sentiments found in bullish markets. Demonstrating an intriguing counterintuitive trend, Santiment identified that heightened FUDs often pave the way for price boosts within the line of cryptocurrencies.
It is worth noting that history bears witness to this intriguing phenomena as was seen around March 8, when the unpegging of USDC and instability of Silicon Valley Bank provoked an intense FUD. As an upshot, Ethereum’s price bloomed impressively by 48% from $1,430 to $2,120 between March and April.
The discussion about Bitcoin (BTC) beckons close supervision of the BTC supply on various exchanges which has seen a substantial rise over the recent weeks. According to the firm’s observation, supply seemed to have bolstered 3.1% over a fortnight, indicating that traders could be anxiously securing minor profits.
Taking a closer lens towards Synthetix (SNX), Santiment revealed a striking upsurge in address interactions, new address formations and social discussions since the middle of July for the synthetic asset issuer. As such, a slight rebound has been reported for Synthetix, marking a 21% rise in value over the course of September.
Market signals also suggest an expectation for positive momentum, with crypto traders placing buy orders totaling around 643,000 ETH, an estimated worth of $584 million. These optimistic anticipatory buy orders overpower the existing sell orders for 431,000 ETH by nearly 50%. As such, a market demand for Ethereum (ETH) exceeding the supply by 211,500 coins is noticeable, providing a solid support bracket for Ethereum at the range of $1,500 to $1,600.
After experiencing a near-two-month downturn, most crypto enthusiasts are currently ventilating bearish sentiments, even amidst this somewhat cloudy market atmosphere. With uncertainty at its peak, the willingness to delve into the unknown with high hopes of securing profits has been visibly stark. Regardless being wrapped in a shroud of doubts, the digital assets market paraphrases a maxim: “Every cloud has a silver lining”.
Source: Cryptonews
