- Santiment revealed in a tweet today that traders are growing complacent as the market fails to gain traction.
- According to the firm, the ratio of loss transactions to profit taking has reached a 5-month high.
- Meanwhile, ADA, BTC, ETH, LTC, and XRP have all recorded an increase in the number of loss transactions.
According to the blockchain intelligence firm Santiment, the cryptocurrency market may experience a bounce in the coming weeks. In a tweet published this morning, the firm revealed that traders are showing a growing amount of complacency among each digital asset as the market fails to develop any positive traction.
Historically, this high ratio of loss transactions compared to any profit-taking raises the probability of a bounce. Furthermore, Santiment’s data showed that this ratio reached a 5-month high recently. More specifically, Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Cardano (ADA) have all recorded an increase in loss transactions.
Meanwhile, CoinMarketCap indicated that the total cryptocurrency market capitalization dropped 1.36% over the past 24 hours. Consequently, the total was estimated to be around $1.15 trillion at press time. During this period, BTC, ETH, ADA, XRP, and LTC all suffered losses as well.
The market leader was changing hands at $29,156.65 after its price fell 0.62% during the past day of trading. Despite this, BTC’s dominance in the market rose by 0.31% during this period – taking the cryptocurrency’s market dominance to 49.07%. Meanwhile, the prices of ETH and ADA stood at $1,823.36 and $0.2974 following respective 24-hour losses of 0.90% and 3.53%.
The remittance token, XRP, continued its negative weekly performance and experienced a daily drop of 3.91%. This decrease in the altcoin’s price pushed its weekly performance further into the red zone to -5.79%.
The second biggest loser over the past 24 hours was LTC, as its price declined 3.86%. Consequently, the cryptocurrency was trading at $78.62. Despite the drop in price, LTC recorded an impressive 61.66% uptick in its daily trading volume. This meant that LTC’s collective 24-hour trading volume stood at $422,483,637 at press time.
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