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Bitcoin, XRP, LTC, DOGE, and Ethereum: Could an increase in this metric be related to price drop?

by Miki 06/30/2021
by Miki 06/30/2021 0 comment

The recent cryptocurrency crashes have wiped out several billion dollars from the entire cryptocurrency market. The total cryptocurrency market cap decreased by 8% in the past week dropped from $1.59 Trillion to $1.46 Trillion based on the tie’s latest report. Nearly all leading assets, Bitcoin and top altcoins like XRP, LTC, DOGE, and ETH have suffered a negative impact on returns.
Long-term sentiment scores have remained positive though on-chain sentiment for several top altcoins was largely negative following the crash. Though sentiment dropped consistently over the past two months, following the May 2021 crash, trade volume has increased, thus volatility remained high across exchanges and markets.

In the case of top meme altcoin DOGE, trade volume increased nearly 200% in the past two months, through the crash and the recovery of the cryptocurrency market. It has become a popular trend that increases in tweet volume on crypto Twitter is correlated with a drop in price.

Tweet till it drops...increasing tweet volume related to drop in price?

Source: TheTie

Let’s consider how far the prices are from their last ATH? And is the drop triggered by negative social sentiment, increasing social mentions on Crypto Twitter, and dropping social engagement and dominance.

Tweet till it drops...increasing tweet volume related to drop in price?

Source: TheTie

Is the storm on Twitter driving the drop in price, among other factors? Other factors that led to a drop in price are investment inflow, dropping demand, and increased selling pressure. The increase in selling pressure comes from the increased trade volume on spot exchanges for altcoins that have high volatility in the short term. This is based on on-chain analytics for DOGE, MATIC, and LINK from coinmarketcap.com.

Does this mean that social sentiment only has a negative impact on price? That is not entirely true since there have been instances of increased social media mentions coinciding with a peak in price and consistent rally in the case of Bitcoin, based on the following chart from Lunarcrush.com.

Tweet till it drops...increasing tweet volume related to drop in price?

Social Volume vs Price for BTC || Source: Lunarcrush.com

The above chart showed that in the case of Bitcoin there are instances when social volume and price can be positively correlated. It is likely that other factors like institutional investment and the negative funding rate, that have increased investment based on our previous article, the price does not rely entirely on social sentiment, though it does suffer an impact in the short run.

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The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

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      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

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      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

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