Bitcoin remains constant at $12,800 while Ethereum rises to $2,700 as social media activity surges to the day’s highest volume since August 4th.
Ethereum open interest of trading is at $6.18 billion, highest in 7 weeks, which means high investment and fluctuation.
People have begun to show increased interest in Ethereum as per the social mentions anticipating signs that the market may begin to turn bullish.
ETH has risen to $2700, which is a new high for
Ethereum
as leading cryptocurrencies continue their upward trend. The latest price hike coincides with an increase in social media posts and volumes of trading. This shows signs of revived investors’ interest in the second largest digital currency by market capitalization.
Over the past several weeks, the social media buzz for Ethereum has gone through the roof. The data suggest that Ethereum is mentioned more frequently in social media posts than at any time since August 4 at least in respect to 9.1% of illustrative online discussions related to cryptocurrencies. This heightened social interest is still a positive sign that there is increasing awareness of the asset within social networks – and this just as often incites a speculative frenzy.
️ Ethereum’s market value has rebounded as high as $2,700 as crypto continues to extend its rally. There is renewed interest toward the #2 market cap asset on social media, and margin/leverage exchange ETH wallets have spiked as well. Both are enjoying 7-week highs.
pic.twitter.com/3dagDLoGQK
— Santiment (@santimentfeed)
September 23, 2024
The trend of social media sentiments shows that the general public narrative is gradually shifting more focus towards Ethereum. This is because more and more people started using the cryptocurrency again. Experts argue that Ethereum remains at the epicenter of
DeFi
and NFTs, which remains important for attracting attention to the platform.
This is in combination with the increasing social media chatter and the shown open interest on exchanges.
Volatility
in ETH has been rising as well, with the margin and leverage trading for Ethereum’s wallets at their highest level since the start of August. This was up from $5.99 billion and such a move in the Hash rate often signifies that more speculators and investors are active in the market.
The sharp increase of the open interest implies that perhaps we are destined for a period of high volatility in the short-run considering that many traders leverage on. This has the effect of potentially increasing the positive swings – the gains that can be made when everything is going well – it also increases the potential for the negative swings – the losses that one can sustain when the market is unfavorable, such as in shorting cryptocurrency.
Ethereum surged recently, and this moved accompanied an overall positive outlook in the crypto space. However, the possible augmentation of social and trading activity could provide some indication that there is a high possibility that a starting signal of an above-mentioned volatile period has occurred.
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