- Santiment revealed in a Tweet this morning that traders are growing sour at the fact that the crypto market has been stagnant.
- BTC’s and ETH’s lackluster performances over the past week are partly to blame for investors’ frustration.
- Santiment also pointed out that polarizing assets such as HEX and PEPE have recently suffered losses as well.
The market intelligence platform, Santiment, shared a post on Twitter earlier this morning about the current conditions in the crypto market. According to the post, investors and traders seem to be growing impatient with the fact that markets have been rather stagnant.
Adding to investors’ frustration is the fact that there has been an uptick in social volume for stablecoins. Santiment explained that this could suggest a disinterest in speculative cryptos. In addition, things have not been going great for the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), either.
CoinMarketCap indicated that at press time, BTC was worth about $27,432.60 after a 2.18% price increase over the past 24 hours of trading. Despite this, BTC’s weekly performance is still down by more than 2%.
ETH was also able to print 24-hour gains of about 1.33% and was trading hands at $1,830.38. As with BTC, ETH’s weekly performance still had some work to do to get back into the green zone since the altcoin was down 1.63% over the past seven days.
Santiment’s claim about the market being stagnant was also proven by the fact that various polarizing assets such as Pepe (PEPE) and HEX had experienced large price drops recently.
PEPE was a trending project in the crypto space over the past few weeks after its more than 2000% price increase over the last month. Unfortunately, things have been slowing down for the meme coin as, at press time, PEPE was trading hands at $0.000001729 after a price drop of more than 10% over the past day alone.
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Source: https://coinedition.com/crypto-market-stagnation-continues-btc-and-eth-fail-to-impress/