Leading analytics firm Santiment says Ethereum (ETH) stakers have little to cheer about as values drop and crypto interest shifts to Bitcoin (BTC).
“Ethereum 2.0 stakers have seen realized values completely taper off over the past 10 weeks. Additionally, long-term stakers are now down an average of 31%.”
Ethereum is worth $1,539 at time of writing.
Santiment says that based on its social dominance indicator interest in Bitcoin is at its highest since September as altcoin gains in 2023 have largely retraced. The top crypto asset is also now outperforming many altcoins.
“Bitcoin’s price is -6% in March, but still performing better relative to most altcoins. With crypto giving up much of their Jan/Feb gains, attention has returned to BTC. Higher Bitcoin social dominance historically has initiated market rebounding.”
Bitcoin is trading for $21,682 at time of writing.
Santiment also says that investors are showing skepticism about the outlook of top crypto assets. However, the analytics firm says during periods of fear, uncertainty and doubt (FUD) price bounces are expected.
“Traders and hodlers of top cap assets are showing skepticism after markets have failed to rally following the February 21st peak. As FUD settles in, according to our metrics, probabilities of price bounces increase during this period of disbelief.”
Generated Image: Midjourney
Read the full article here