On-chain analysts from Santiment shared an update, Social Sentiment Charts for the top cryptocurrencies. It looks like the crypto community remains cautious while the painful correction shows signs of ending.
Bitcoin (BTC), Ethereum (ETH), XRP social sentiment metrics are failing to leave the negative zone
Santiment's "Weighted Social Sentiment" metrics display positive/negative commentaries in social networks multiplied by the amount of social volume. Its recent update demonstrates the profound skepticism of crypto enthusiasts about the performance of the major coins.
For instance, Bitcoin (BTC) sentiment reached its peak on the eve of its first price record of 2021, registered on Jan. 8. Then, it nose-dived and failed to recover even at $58,500 ATH. In early March, it entered the negative zone and is sitting there at press time.
For Ethereum (ETH), the chart looks even more surprising: it was negative even when the second crypto broke above $2,000. Only in the last few days did it start to surge again.
For XRP, this metric has remained in the red zone during all of 2021 so far. Only its surprising rally that coincided with the "WSB drama" injected new life into its social sentiment.
Euphoria about Cardano (ADA) loses steam
For Polkadot (DOT) and Chainlink (LINK) tokens, this interesting metric is sitting at a multi-month low. DOT sentiment collapsed recently despite the developing interest in Polkastarter's IDOs and the introduction of "common good" parachains.
Only the performance of ADA sentiment follows a different pattern. In February, amidst an unparalleled price rally, it surged to the "most euphoric" levels unseen for many months.
Even after these impressive gains, ADA social sentiment returned to negative levels.