If the market is at a low for cryptos BTC and XRP, it seems that a company is saying that the tide will come! Crypto Analytics Firm Santiment Says Bullish Signs Have Arrived for these latter ones. To support her statements, she bases herself on a little known fact which is social dominance.
Although it is true that cryptocurrency is not in the best shape, investors are on the alert to try to score some deals. Yes indeed in times of crisis we can buy at the lowest to resell at the highest level. But you still have to bet on the right horse. In this article, we will tell you more about the analysis of the company Crypto Analytics Santiment about BTC and XRP.
Santiment social dominance, what?
Santiment is a company that empowers its users to make the best decisions on crypto investments through deep data. The firm provides both financial analysis, but also focuses on people’s perception of cryptos through social networks. And it is from these that what is called social dominance can be established.
This simply determines the percentage of discussions about crypto on different platforms. This data is based on one asset compared to another at a certain point in time. To evaluate BTC and XRP, Santiment compares them to 100 other most popular cryptocurrencies in the world, including ETH, BNB, etc. It is one of the few companies that offers such a service for cryptocurrencies and is certainly the most reliable in this field. Social dominance is considered reliable in the stock market and is a relevant indicator of asset volatility.
What is Santiment’s analysis of Bitcoin and XRP?
If both cryptos are in the sights of the company, it is for a very specific reason! Bitcoin is the most watched crypto in the world, because it is considered the benchmark value of the crypto world. This was also confirmed recently, during the Bitcoin crash that pulled down other cryptocurrencies almost immediately. At the end, The value of XRP has experienced a remarkable resurgence in the last few days thanks to a strong media event.
What Santiment says about Bitcoin
BTC is at an all-time low and is getting more buzz since falling below $20,000. But for Santiment, this is good news. Here’s what the company has to say about it:
Bitcoin price is lower than 3 months. According to our data, negative reviews have seen monthly increases. At the very least, cuts to the stock exchanges will stop the bleeding. BTC’s social dominance has also increased, which is a historically good background sign.
For them, the negative comments of the previous months matter little. The important thing is that BTC is being talked about on the networks and it seems to be off to a good start. The firm is predicting a possible rise in Bitcoin in the coming days or months!
BTC social dominance curve for August and September with highest negative sentiment peak – Dailyhodl Source from Santiment chart.
What Santiment says about XRP
Regarding XRP, all social indicators are green. Investors are very optimistic about the fifth largest crypto in the world in terms of market. XRP suffered a huge loss in value after the Ripple Labs scandal. But he asked for an express judgment before the end of the year to conclude this case. And we can say that investors are very happy. This, incidentally, has translated into XRP rising 17% over the past week.
The rise of XRP does not seem to be more when you look at social data. Hope appears to be in order for Ripple Labs’ SEC verdict prediction. Many investors are betting that Ripple Labs will win their case.
Should we rely on social dominance to invest in BTC and XRP?
Social dominance is only one indicator among many, however factor into your investments. As to whether the value of XRP or BTC will rise, uncertainty remains high. XRP will likely benefit from its media coverage until the verdict is delivered. If you’re optimistic about this one, you can join the potential “Bull Run” of the second one. Visit our page on the reasons for the increase here.
Regarding Bitcoin, we invite you to learn more about the reasons for the recent decline, to help you in your future choices, click here. If you don’t know how to invest in XRP and BTC, go to known platforms like Binance and Kucoin while following our detailed guide.
Crypto-assets are a risky investment.
