CandleFocus Santiment Reveals the Metric It Claims Determines the “Peak” and “Bottom” in the Cryptocurrency Market
2024-10-17
Author: Content Editor
Crypto analysis company Santiment has identified a correlation between the decrease in the overall cryptocurrency market and the increase in social media mentions of memecoins like Dogecoin and Bonk. Santiment suggests that this shift in attention from layer 1 projects to more speculative assets indicates a correction driven by greed. The mention rate of Tier 1 cryptocurrencies is seen as an indicator of a market bottom, while an increase in memecoin mentions suggests a market peak. Bitcoin has seen a 1.5% drop in the last 24 hours, and the total cryptocurrency market cap stands at $2.29 trillion, with Bitcoin accounting for $1.3 trillion.
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