Popular altcoin Ethereum rival Fantom (FTM) is still showing bullish signals on-chain even as it approaches all-time highs, according to crypto intelligence firm Santiment. Details are on Kriptokoin.com.
This altcoin is dazzling
Santiment says Fantom is closely monitoring the funding rate on crypto exchange Binance; this could signal that highly scalable blockchain for enterprises is ready for take off. Santiment’s data says:
Phantom is approaching the all-time high of $3.47 made in late October. One signal to watch closely is FTM’s funding rate on exchanges like Binance. Going negative, showing many shorts, prices tend to skyrocket.
As for Bitcoin (BTC), Santiment looks to a social trend that has historically signaled a reversal for the top crypto asset by market cap. According to the crypto insight firm, when Bitcoin bottomed out in July and eventually doubled in price, the words “inflation” and “fed” were mentioned on social media platforms. The data says:
The increases in interest for both inflation and the fed are significant. Similarly, these promises rose around BTC’s last big bottom in July 2021. The concept of protecting traditional markets with crypto seems to be getting more adoption this week.
Similarly, Santiment observes that when the words “buy the bottom” are spread on social media, the price often continues to drop. Conversely, when the words “buy at the bottom” disappear, the price actually tends to rise. According to the firm, “buy from the bottom” excitement is waning and dips are getting less and less bought, which could be a bullish catalyst for Bitcoin as the crowd gives up.