- Swing trades have been directed by bullish or bearish sentiments in the market.
- When sentiments in the markets are bearish, prices usually bounce.
- Both BTC and ETH are down more than 5% over the last week.
The market intelligence firm, Santiment, took to Twitter on October 13 to elaborate about statistics regarding market sentiment and swing trades during this month.
Santiment stated that although the long-term crowd sentiment has remained negative, swing trades in October have mostly been directed by how often bullish and bearish calls are happening.
In addition to this, Santiment also revealed that when social platforms indicate that the sentiments in the markets are bearish, the prices of cryptocurrencies usually bounce. On the other hand, when the market sentiment is bullish, the opposite happens and prices drop.
As the rest of the crypto market usually follows in Bitcoin’s (BTC) footsteps, it could help us get an idea about what the sentiment in the crypto markets are when looking at BTC’s price actions over the last few days.
According to the crypto market tracking website CoinMarketCap, BTC is currently trading at $19,090.87 after a 0.08% drop in price over the last 24 hours. The king of crypto is also down more than 5% over the last week.
It could also help looking at the biggest altcoin in the market to get a better understanding of the sentiment in the market. Ethereum (ETH) is currently trading at $1,287.67 after a 0.31% drop in price over the last day. Just like BTC, the altcoin is also down more than 5% over the last seven days. ETH has also weakened against BTC by about 0.22%.
ETH’s 24 hour trading volume, on the other hand, is in the green by just over 3% to now stand at $8,582,070,169.
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.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
