There has been significant headlines and thoughts going around the world right now regarding the bitcoin scenario. Let’s dive deep into this topic to get a better insight into the stock market’s current scenario.
The recent metrics indicated that the social and trading scenario of Bitcoin is pretty low even though the price breaking that occurred a few times ago, which is a whopping $11,000.
According to the on-chain analytics provider Sentiment, this is the lowest that the Bitcoin industry has ever seen since the last two years. This metric considers the aspects of the overall volume of Bitcoin mentions on Twitter. It compares the ratio of the positive and the negative aspects of the commentary occurring on the platform.
Remember the market crash during the mid-march due to the pandemic? The social sentiment had a good surge at that time and had a strong recovery. But during the mid months of May, June, and July, it suddenly started proceeding to a downhill trajectory path. Eventually, it went into negative territory, which was quite unpredictable.
Are the prices rising then?
This is undoubtedly the most popular question on the internet right now due to the statistics. The metrics have also noted that as the sentiment moves towards the low levels, it is clearly evident that the prices might reach extreme heights.
During the year 2020, it reached a maximum of $12,400 during the mid-august. This didn’t break the record of 2019 though that had %13,800. This indicates that in the upcoming years, we are indeed not in an encouragingly buying scenario yet.
Another significant matter that has risen is the Bitcoin fear and Greed Index. This is currently showing a neutral reading of 48 as of now. This metric is stated considering a lot of factors like market momentum, social media interaction, dominance in the market, the volatility and many more.
According to them, the index was in the ‘extreme greed” range with an approximate count of 80. This is because, during that time, bitcoin traded as high as a whopping $11,000. The lowest levels were in the months of March and April, though.
The popular charting platform Tradingview also has its individual sentiment indicators. If they are taken into account, they are clearly indicating signals of buying, whereas things are a bit on the neutral side right now.
The statistics of Bitcoin are pretty related to the scenario of the stock market. During the months of September, it was pretty much a historic week. Why? This is because the prices of cryptocurrency and stock markets have returned, and this could have a significant impact on the social sentiment, as stated by Santiment.
Right now, Bitcoin trading has been pretty much gaining every week at the rate of 8%, which is not something really significant. Thus, according to the reports, the prices might skyrocket at this time due to the ongoing scenario. Thus, it is totally the investors’ call if they would really like to invest at this time or wait till things get a bit stabilized.
