Originally published on: November 26, 2024
Despite Bitcoin’s recent pullback from its record highs, traders are still enthusiastic about various altcoins, as per Santiment’s social sentiment tracker.
On November 26, Santiment, an onchain analytics platform, reported that while Bitcoin had dropped below $93,000, traders were still showing interest in trending altcoins and discussing hidden investment potentials.
Leading the social discussions among traders are metaverse token Sandbox (SAND), Stellar (XLM), and Ether (ETH), with the majority of conversations reflecting bullish sentiments towards these coins.
Sandbox, Stellar, and Ether are currently at the forefront of altcoin trends in social discussions. Santiment attributed the surge in SAND’s popularity to the growing investments in the metaverse space and the increased confidence in SAND and related tokens among investors.
According to Santiment’s dashboard summary, the bullish sentiment towards metaverse tokens remains strong despite previous downtrends, with speculations about future prospects also circulating within the community.
XLM has garnered interest from Korean investors following a political event, leading to price surges and increased market analysis on social media. Ether, on the other hand, is being compared to other cryptocurrencies, with users expressing optimism about its potential to outperform other large caps, especially in favorable market conditions.
Santiment’s social tracker methodology analyzes crypto-specific social media channels like X and Telegram to identify the top 10 words experiencing significant increases in mentions compared to the previous two weeks.
While altcoins dominate the social narrative, recent market volatility resulted in mass liquidations, with over $518.8 million of crypto positions being wiped out in the last 24 hours, primarily affecting altcoins.
Despite the market turmoil, one trader, with the handle Moustache, believes that “Altcoins are just warming up here,” hinting at a promising future for these assets. Eugene Ng Ah Sio, another trader, expressed caution, stating that the current market unpredictability is a challenge.
As traders navigate through market fluctuations, the enthusiasm for altcoins, particularly SAND, XLM, and ETH, remains palpable, reflecting a resilient and evolving crypto landscape.