- FUD levels reached a peak this past week according to Santiment.
- This bearish sentiment has historically increased the probability of future price rises.
- ETH and BTC have seen their prices drop over the last week.
Fear, Uncertainty and Doubt (FUD) are at a peak in the crypto markets this week according to the blockchain analytics firm, Santiment. According to a tweet made by Santiment yesterday, “Conversations relating to current market conditions on Twitter, Reddit, Discord and Telegram indicate a major bearish bias.”
The tweet went on to add that this bearish bias “historically increases the probability of future price rises. According to the chart shared by Santiment, sentiment in the crypto market is at its highest bearish level since the middle of June this year.
At press time, CoinMarketCap shows that the trading volume in the crypto market over the last 24 hours is approximately $41.65 billion, which is a 13.60% decrease over the time period.
The prices of the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), have reflected the bearish sentiment over this last week as both coin’s prices slumped over the last 7 days. According to CoinMarketCap, the price of BTC is trading at $16,614.83, which is a 1.09% drop over the last 24 hours and 0.98% over the last 7 days.
Meanwhile, ETH is trading at $1,207.05 following a 0.94% drop over the last 24 hours and 4.42% over the last 7 days. A majority of the rest of the top 10 cryptos by market cap have also seen their prices slump over the last week. It is only Ripple (XRP) and Dogecoin (DOGE) that have had a good week as their prices have risen 2.81% and 3.48% respectively.
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