Sentiment analysis indicates that the XRP and ETH communities expect swift price increases for their preferred assets.
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BTC surged but was unable to surpass $17,000 on Sunday, and it is currently trading in a constrained range between $16,900 and $17,000. At the time of writing, the global crypto market capitalization was $8 billion, up 0.15% from the previous day. Bitcoin has a 39.57% market share, down 0.02% in 24 hours.
On January 8, the market intelligence platform Sentiment tweeted that the market capitalization of all cryptocurrencies has been "bouncing very much in independent directions."
The tweet states that traders are currently less interested in Bitcoin (BTC) and Binance Coin (BNB) because of the "euphoric crowd sentiment" for Ripple (XRP), Ethereum (ETH), and Cardano (ADA). On average, projects with a pessimistic outlook work better.
Sentiment analysis indicates that the XRP and ETH communities expect swift price increases for their preferred assets. However, it doesn't seem as safe on the other side of the market.
The market's asset activity is mostly autonomous, as suggested by the on-chain data source, which causes an imbalance in sentiment as a whole. Moreover, when the crypto market community is destroyed, the industry's overall momentum is gone, making a revival of the entire sector unlikely.
Will the price of ETH and XRP skyrocket as interest grows?
The short-term success of Ethereum and various key strategic collaborations for XRP, which enhanced investor optimism, could be responsible for the euphoric sentiment among people regarding XRP and Ethereum. Although optimistic tendencies among investors have briefly surfaced, it is difficult to say whether they will have any long-term effects.
The official Santiment account indicates that Bitcoin, BNB, and Cardano are gaining less attention. In the past, the value of the abovementioned assets has increased along with the industry's overall recovery. Therefore, a quick reversal of the current trend is expected.
It is also challenging to predict the market's future direction in the short term because none of the asset pairs listed above show any indications of major market changes coming. Several investors resume their normal work and traditional schedules once network activity picks back up.
Ethereum is also currently deflationary. It is the second-largest cryptocurrency and can significantly affect the system.
Crypto Market Actions
Over the past 24 hours, prices for XRP and ETH have both dropped. As of this writing, the cost of XRP has decreased by about 1% to $0.3398. ETH is now valued at $1,265—up 25% from yesterday.
BTC, BNB, and ADA are also becoming more valuable. BTC is now up 0.15%, trading at $16,940.78. BNB is currently trading up 0.22% at $261.42. The price of ADA has increased by 4.46% over the last day to $0.2862 as of this writing.
Bitcoin Price
The price of bitcoin is at $16,950, and $8.5 billion worth of transactions have been made in the previous day. Bitcoin will drop to the $16,775 support level if it is unable to overcome the $17,000 psychological resistance level.
A close over $16,775 could spark a pullback because BTC is up on the 4-hour time frame due to an upward channel.
BTC could fall as low as $16,450 if it falls below $16,775 today. Keep an eye on $16,775; if BTC maintains a buying trend above this level, it may rise further.
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