Bitcoin (BTC) Sentiment Remains Negative for Tenth Consecutive Week, Here’s Why

The world’s largest cryptocurrency Bitcoin (BTC) has continued to stay under pressure and is trading close to $19,000 which remains its crucial support. The discussion rate around Bitcoin has dropped to a seven-month low.

On-chain data provider Santiment notes that the discussion rates for Bitcoin have been on a constant decline while other altcoins are taking up the charge. The Santiment report notes:

The percentage of discussions related to #Bitcoin, among top 100 assets, is at just 12.8%. This is the lowest week in 7 months. And for a 10th straight week, the crowd is #bearish toward $BTC. Both are historically favorable of price bottoms occurring.

The data provider further added that Bitcoin’s relative price action has become very much boring over the last four months due to the lack of whale presence. The lack of BTC whale participation has also led to lesser volatility for the world’s largest cryptocurrency. Currently, Bitcoin whale transactions have dropped to a two-year low.

The data provider noted: “$BTC transactions valued at $100k+ and $1m+ have fallen to levels last seen in 2020″.

Altcoins Take Up The Charge

Amid the recent market downturn, some altcoins have been really performing well. Ripple’s XRP has been showing some strong upswing over the past few weeks as the company gains some edge over its legal battle with the SEC. However, the XRP price is facing stiff resistance at $0.50 and has failed to sustain above these levels.

Other altcoins like Polygon (MATIC) and Chainlink (LINK) have also shown good price action in recent weeks. In terms of developer activity, Polkadot is leading, Ethereum and Cardano remain among the top five. As Santiment report notes:

#Polkadot‘s and #Kusama‘s shared #github repository continue to be the most active in regard to notable active development, with 538 submissions recorded per day. #Ethereum, #Cardano, and #Status currently round out the top five.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.