The post Bullish Sentiments for XRP & ADA May Fade Soon-Here’s Why FOMO May Not Work This Bull Run appeared first on Coinpedia Fintech News
After the famous reversal in the first week of November, the crypto markets have embraced the beginning of the next bull run. The Bitcoin price soared close to $100K and the older altcoins, which remained silent for quite a while, became active. This was followed by a huge rise in market sentiments and a massive influx of volume. Now that both appear to have halted for a while, the question arises whether the bulls are about to experience extreme fatigue in the coming days. If so, what’s next for the ongoing bull run?
Apart from many things in common, the current bull run is showing some dissimilarities too. The traders have become more vigilant now as they are extracting profits after a brief rally followed by some relaxation phase. The BTC price is the best example, which is stuck within a range after experiencing a 65% to 70% drop in the trading volume. Currently, popular altcoins like XRP & ADA are attracting huge volume, which has kept the price elevated, but this Santiment data shows the trend could fade soon.
The above chart shows the ratio between the positive and negative sentiments of BTC, ETH, XRP, ADA, & XLM. Soon after Donald Trump’s victory, the ratio of Bitcoin spiked heavily, close to 60%, while the average range was around 20%. Besides, the sentiments of altcoins also surged to some extent but quickly faded out. This suggests the euphoria from a week ago is showing trader fatigue.
Despite the massive growth in XRP, XLM, or ADA prices, the traders have gone quieter a bit after taking profits in late November. The markets now appear to have been moving in the opposite direction of the expectations. Therefore, as per Santiment, the silence towards the top caps should be considered an encouraging sign that FOMO won’t be interfering with any further upswing in the coming days. Hence, the markets may witness a calculated approach for the upcoming bullish action, excluding the euphoric sentiments.