The analytics firm Santiment has revealed which of Bitcoin and Ethereum the social media users are more optimistic toward right now.
Social Media Sentiment Currently Favors Ethereum Over Bitcoin
In a new post on X, Santiment has discussed about the latest trend in the “Positive/Negative Sentiment” for Bitcoin and Ethereum. The indicator tells us, as its name suggests, how the positive and negative sentiments toward a given asset currently compare on the major social media platforms.
The metric determines this by putting social media posts/messages/threads containing unique mentions of the cryptocurrency through a machine-learning model that separates between bullish and bearish posts. It counts up the number of each and calculates their ratio.
When the value of the indicator is greater than 1.0, it means there are more posts expressing a positive sentiment than a negative one. On the other hand, it being under the threshold suggests bearish comments are dominant on these platforms.
Now, here is the chart shared by the analytics firm that shows the recent trend in the Positive/Negative Sentiment for the top two cryptocurrencies in the sector: Bitcoin and Ethereum.
Looks like the metric’s value has been notably higher for Ethereum | Source: Santiment on X
As displayed in the above graph, the Positive/Negative Sentiment for Ethereum recently observed an increase and touched the 3.0 level. This suggests the number two digital asset was getting three times as many bullish comments as bearish ones.
The metric has been higher than 1.0 for BTC as well, but in the case of the original cryptocurrency, the crowd hasn’t been leaning too hard toward positivity as optimistic posts have outpaced the fearful ones by a factor of only 1.3.
ETH’s attention has arrived after its price has witnessed a sharp surge of more than 40% during the past month. Previously, traders weren’t too optimistic about the coin due to its continued lackluster performance, but it’s possible a shift has occurred now.
That said, cryptocurrency markets have historically tended to move in the direction that goes contrary to the opinion of the crowd. As such, an excess of hype is usually not a good sign for the prices. Given this, it now remains to be seen how Bitcoin and Ethereum would develop in the coming days.
In some other news, the total market cap of the stablecoins has continued to set new all-time highs recently, as the institutional DeFi solutions provider Sentora (previously IntoTheBlock) has pointed out in an X post.
The trend in the market cap of the stablecoins over the years | Source: Sentora on X
At present, the combined stablecoin market cap stands at $247.24 billion, suggesting growth of 56% over the past year.
BTC Price
Bitcoin hasn’t been able to gather enough steam for a sustainable recovery effort yet as its price is still floating around $105,900.
The price of the asset appears to have gone down in the past week | Source: BTCUSDT on TradingView
Featured image from Dall-E, Sentora.com, Santiment.net, chart from TradingView.com
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