As winter turns into spring, might longer days and blooming flowers have a positive impact on investor sentiment? Here’s what the data had to say.
When winter comes, can spring be far behind?
Early March 13, Santiment released data to show investor sentiment on price expectations. Weighted sentiment for Bitcoin [BTC], BNB and XRP were all positive, but still below 0.1. Still, Santiment theorized that this was a signal that traders had optimistic ambitions for the asset.
By press time, however, Bitcoin’s weighted sentiment had fallen back into negative territory and clocked in at -0.614.
Weighted sentiment for Bitcoin previously fell hard below zero as the asset’s price fell from $44,000, showing that the market uncertainty was not going to end anytime soon. For now, it seems Bitcoin has many more resistance levels to destroy before jaded investors react with euphoria.
📊 A comparison of #cryptoReveal’s top assets by market capitalization #Bitcoin† #XRPNetworkand #BinanceCoin show signs of traders expecting price increases. In the meantime, #Dot is one of the few top caps where trader sentiment is more negative than usual. https://t.co/nlBy5q9oMz pic.twitter.com/9QgSI5oV2E
— Santiment (@santimentfeed) March 13, 2022
Tameless, and fast, and proud
While BNB has been monitoring Bitcoin’s price performance, the weighted sentiment for the asset was above 1.0. A look into the past, however, shows that BNB has been trending towards short euphoric spikes followed by longer periods of negatively weighted sentiment.
As for XRP, the asset rallyed more than 15%, possibly thanks to the judge in the SEC v. Ripple Labs lawsuit that rejected the SEC’s motion to suspend Ripple’s Fair Notice defense. Weighted sentiment for XRP has been in positive territory since about March 7 and was 1.337 at the time of publication.
This is despite the fact that the price of XRP has risen again to a level seen in late February. However, as the euphoria of XRP investors was followed by dramatic price crashes, investors will need to watch both the chain’s activity and updates from the courts.
Meanwhile, as Santiment pointed out, Polkadot [DOT] saw a dip from positive to negative territory despite a price hike and the introduction of some new parachains. However, weighted sentiment for DOT has been largely negative since mid-December.
Trumpet of a prophecy?
Many eyes are on Terra [LUNA], a rising star that is now in the top ten of cryptos. However, euphoric highs of nearly 4 were followed by a price drop leading to a near-vertical drop in sentiment. Still, investors seem unwilling to give up, as weighted sentiment for the asset stood at 0.104 on March 12.
To keep weighted sentiment above zero, LUNA will need to prove that its skyrocketing rallies can be consistent.