Traders still riding on ‘hot altcoins’ despite Bitcoin pullback: Santiment

2024-11-27 09:28:05 Primitive Reading

From cointelegraph by Stephen Katte

While Bitcoin has pulled back from its all-time highs, traders are still hot on several altcoins, according to Santiment’s social sentiment tracker.

In a Nov. 26 post to X, the onchain analytics platform said that while Bitcoin BTC$93,622 fell under $93,000 on Nov. 25, “Traders are still riding the hot altcoins and discussing specific stories surrounding under-the-radar opportunities.”

According to Santiment, metaverse cryptocurrency Sandbox SAND$0.6267, Stellar XLM$0.4541 and Ether ETH$3,388.69 are leading the altcoin trend social discussions among traders at the moment, with most of the conversations bullish in nature.

Sandbox, Stellar and Ether are leading the altcoin trend social discussions among traders at the moment. Source: Santiment

Top of the list is SAND, which the analytics platform said is experiencing an uptick because of a notable resurgence in metaverse-related investments, with “growing confidence among investors in SAND and related tokens.”

In the summary on its dashboard, Santiment noted that there is bullish sentiment in the market about metaverse tokens despite previous downturns.

“Speculation about the reasons behind this trend and the future of these cryptocurrencies is also prevalent,” it noted.

Meanwhile, XLM is receiving “interest from Korean investors following a political event” and is “associated with price surges and market analysis” on social media.

Rounding out the top three most talked about tokens is Ether, which Santiment notes is being discussed in contrast to other cryptocurrencies, especially its price performance.

Users are reportedly “expressing bullish sentiments about Ethereum’s potential to outperform other large caps, especially given favorable market conditions.”Related: Bitcoin analysts call recent $93K dip the ‘last flush’ before the rushAccording to Santiment’s social tracker methodology, the tracker trawls through crypto-specific social media channels such as X and Telegram for the top 10 words that have seen the most significant increase in social media mentions compared to the previous two weeks.

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