Traders still riding on ‘hot altcoins’ despite Bitcoin pullback: Santiment

From cointelegraph by Stephen Katte

While Bitcoin has pulled back from its all-time highs, traders are still hot on several altcoins, according to Santiment’s social sentiment tracker. 

In a Nov. 26  post  to X, the onchain analytics platform said that while Bitcoin  BTC$93,622  fell under $93,000 on Nov. 25, “Traders are still riding the  hot altcoins  and discussing specific stories surrounding under-the-radar opportunities.”

According to Santiment, metaverse cryptocurrency Sandbox  SAND$0.6267 , Stellar  XLM$0.4541  and Ether  ETH$3,388.69  are leading the altcoin trend social discussions among traders at the moment, with most of the conversations bullish in nature. 

Sandbox, Stellar and Ether are leading the altcoin trend social discussions among traders at the moment. Source: Santiment

Top of the list is SAND, which the analytics platform said is experiencing an uptick because of a notable resurgence in metaverse-related investments, with “growing confidence among investors in SAND and related tokens.”

In the summary on its  dashboard , Santiment noted that there is bullish sentiment in the market about  metaverse tokens  despite previous downturns.

“Speculation about the reasons behind this trend and the future of these cryptocurrencies is also prevalent,” it noted.

Meanwhile, XLM is receiving “interest from Korean investors following a political event” and is “associated with price surges and market analysis” on social media.

Rounding out the top three most talked about tokens is Ether, which Santiment notes is being  discussed in contrast to other cryptocurrencies , especially its price performance.

Users are reportedly “expressing bullish sentiments about Ethereum’s potential to outperform other large caps, especially given favorable market conditions.”Related:  Bitcoin analysts call recent $93K dip the ‘last flush’ before the rush According to Santiment’s social tracker  methodology , the tracker trawls through crypto-specific social media channels such as X and Telegram for the top 10 words that have seen the most significant increase in social media mentions compared to the previous two weeks.

In the summary on its dashboard, Santiment notes conversations emphasize Ether’s “historical performance and ecosystem value, indicating an interest in its future prospects.”

At the same time, the analytics platform shared that several coins, including Pleasure Token (NSFW), Tornado (TORN) and Axie Infinity  AXS$7.30  have experienced “the highest 24-hour rises in social volume.”

Despite the discussion around altcoins,  the wider market was hit with mass liquidations  in the last 24 hours. 

CoinGlass  data  shows over $518.8 million of crypto positions were liquidated in the last 24 hours, with long liquidations accounting for $389.3 million and short positions for $129 million. Altcoins made up the vast majority of wiped positions.

A crypto trader with the X handle Moustache speculated that despite the drop, “Altcoins are just warming up here,” and the “real party” will start soon.

  Source: Moustache 

Another trader, Eugene Ng Ah Sio, said in a Nov. 26  post  on X that they would be “watching & waiting” for now because the market was becoming too hard to predict.

“This has been the most challenging bull market altseason I think I’ve experienced,” he said, adding:

“Capital flow doesn’t make a ton of sense to me and degree of moves are very difficult to predict.”