Recent Report Suggests That Crypto Market Is Approaching a Top
Santiment (@santimentfeed) shared their latest crypto market insights in a tweet this morning. In the tweet, Santiment shared their latest insights report for the crypto market, which attempted to identify whether the market is currently in a FOMO stage or is in the early stages of a breakout.
According to the insights report, there have been numerous divergences in the market which have led to a temporary pause in the growth of the altcoin leader, Ethereum (ETH). The report stated that these divergences suggest that the market’s appetite for risk has been relatively low.
Wealthy holders behaviour map (Source: Santiment)
Some in the crypto community are forecasting a drop in ETH’s price, while others in the market are still waiting for ETH to break above $2k and for Bitcoin (BTC) to breach $32k. Santiment’s insights mentioned that a similar pattern was observed in the “wealthy holders behaviour map, ” which showed whales had been reducing their BTC positions until recently.
The report did add, however, that this trend has changed following the break of ETH’s price above $2k as well as the successful implementation of the “Shapella fork”. ETH’s price continues to trade above the $2k mark at press time according to CoinMarketCap.
Currently, ETH’s price stands at $2,096.10 following a 0.52% loss in the last 24 hours. Despite weakening against the U.S. Dollar, ETH was able to gain on BTC in the last 24 hours, and is up 0.79% against the market leader.
According to the report, the recent increase in funding rates, as well as a consensus among video “influencers” that this current relief rally will result in new all-time highs, may be a signal that the market is approaching a top.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
