Bitcoin, Ethereum, XRP, BNB, Solana, Dogecoin: Santiment Analyzes Market Sentiment

Top cryptocurrencies experienced diverging crowd sentiment despite fears of a broader market downturn, a recent report by on-chain analytics platform Santiment reveals.

Here's a summary of crowd sentiment towards major crypto assets over the past three months, based on social media trends:

Bitcoin (BTC) crowd sentiment remained neutral following a Fed-induced price retrace on Dec. 20. Traders are waiting for a significant price move before committing to strong positions.

Ethereum (ETH) momentum cooled after briefly reclaiming the $4,000 level. Traders are wary of a dip below $3,000, which could trigger panic selling and create buying opportunities.

XRP Ledger (XRP) token outperformed peers with an 18% rally in early January, retaining bullish sentiment following its November-December surge.

Binance Coin (BNB) sentiment turned uncertain after a strong rally in November, especially as it dropped below $700. Unless there are significant price movements, social media activity remains subdued.

Solana (SOL) community remained optimistic despite a 25% decline over six weeks. Analysts suggest waiting for sentiment to fade further for better buying opportunities.

Dogecoin (DOGE) dropped 28% since its recent peak, experiencing minimal hype. Contrarian traders may see upside if broader markets turn bullish.

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Relative to recent price peaks, BTC, ETH, ADA, DOGE, and the majority of altcoins are trading at a discount. This is evident by zooming out on the realized price chart.

When MVRV is below 1, the average trading returns are negative, indicating that wallets active in the past 30 days are generally buying high. Conversely, when MVRV is above 1, the average trading returns are positive, suggesting that wallets are mostly buying low on average.

Currently, almost all price ranges for BTC, ETH, ADA, DOGE, and most altcoins are in the negative, indicating potential buying opportunities.