Bitcoin, XRP, and Two Other Trends Are Driving the Crypto Market Right Now, According to Analysis Firm Santiment
New data from market intelligence firm Santiment shows that four main trends are currently driving the crypto market.
In a new blog post , the crypto analytics platform said that optimism centered on Bitcoin ( BTC ) and XRP boosted the industry in October, while developments with Reddit and the Federal Reserve raised concerns.
According to Santiment, the crypto king hitting $30,000 twice in one week and the US Securities and Exchange Commission (SEC) dropping its charges against Ripple executives Brad Garlinghouse and Chris Larsen have brought a new bullish sentiment to the market.
“High discussion of the [BTC] $30,000 range is usually celebratory, therefore you will see it overlap with high FOMO (fear of missing out) sentiment. When Bitcoin price tries to break through resistance levels for the long term, we would prefer to see people not too enthusiastic about this. A large spike will usually be an indication of a top signal due to excessive crowd enthusiasm.
The heightened discussion regarding Ripple/XRP's lawsuit win may already be showing a bit of a 'buy the rumour, sell the news' aspect. Yesterday, XRP jumped +10% when insiders were first informed of this news. And now that the explanation for the jump has become mainstream, XRP is not seeing any secondary separation from the market (at least not yet).”
Looking at the more bearish market developments, Santiment said that Reddit users losing the ability to tip other community members via MOON and DONUT, along with the hawkish stance expressed by the Federal Reserve is causing concern for investors.
