The crypto market has begun a recovery period in the past two weeks. However, today the market yet again bled as cryptocurrencies started to plunge.
However, major cryptocurrencies like Bitcoin, and Ethereum, among others, are still profitable and trading above their crucial price levels.
On the other hand, the analytic firm, Santiment, claims that although Bitcoin, Ethereum, and other altcoins such as ApeCoin (APE), Fantom (FTM), and Ethereum Classic (ETC) have increased in price, their mentions on social media have reduced.
According to Santiment, the discussions around cryptocurrencies on social media platforms have decreased, which suggests that there is no Fear Of Missing Out (FOMO) among investors and traders.
As per the data, Bitcoin surged more than 12% last week after the asset reclaimed the $23,000 level. Likewise, altcoins like Ethereum have seen a leg up of more than 33%, while ETC, APE & FTM increased by 69%, 39% & 33%, respectively.
When there is no FOMO, discussions reduce as people have nothing to talk about fervently. Could this indicate market stability?
Santiment asserts that after July 13th, when Ethereum’s price dropped to around $1,000, the major stakeholder groups associated with the lead altcoin flipped their stance.
The analytics firm has also noted that there is a decrease in the Ethereum holders’ balances who hold ETH between 1,000 to 10,000.
On the other hand, the firm also says that there is an increase in the balance of 10 to 100 ETH holders while 100 to 1,000 ETH holders are also adding up their balances.
At the time of publication, Ethereum is changing hands at $1,524, with a downfall of 5.77% over the last 24hrs.