The Bull Run May Continue Despite the Negative Mood Surrounding Bitcoin, Here’s Why
Bitcoin is off to a good start this year, presumably shaking off whatever bad sentiments it may have picked up last year and on the cusp of its longest winning streak in almost ten years. The likelihood that the 2023 bull run will continue is rising, according to a top analytics company, as negative sentiment against Bitcoin (BTC) and the crypto markets as a whole is generally increasing
Santiment reported, “Trader skepticism IMPROVES the probability of prices RISING further. Prices generally will move in the direction the crowd deems most unlikely.”
The fundamentals of Bitcoin are strong and according to Santiment, BTC’s current supply has been transitioning towards self-custody. This indicates that traders are still withdrawing good sums of Bitcoin from exchanges and choosing to hold the cryptocurrency privately rather than using exchanges to store it.
“There is now $416.5 billion in BTC sitting away from exchanges, and $29.2 billion in BTC on exchanges. So there is 14.26x the coins off exchanges vs. on.”
Best and worst coin sentiments
The coins with the best and worst sentiment over a three-month period have been identified by new data from SmartBettingGuide.com (Oct 2022-Jan 2023). The analysis identified the coins with the most and least positive online dialogues after analyzing over 840,000 editorial and social media posts.
The coin with the most favorable cryptocurrency sentiment is Uniswap, which leads the list. Uniswap has been created to be easy to use and is fully compatible with all ERC-20 tokens. It also features a user-friendly design that is simple to use. Ethereum is ranked second in the top ten rankings of public support.
Polkadot has the highest negative sentiment and is at the top of the leaderboard. Solana is divisive and ranks second with 8% on both our lists of the top ten positive and negative assets.