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?
Source: https://coinpedia.org/news/fomo-reduced-in-the-crypto-space-santiment-reports/