According to the crypto analytics company Santiment, one indicator points to a probable Bitcoin (BTC) surge shortly.
Following the Federal Open Market Committee’s (FOMC) 0.25 percent rate increase earlier this week, according to Santiment, Bitcoin is eclipsing other cryptocurrencies in debates on social media.
The company claims that because Bitcoin is so dominant in society, there is “fear” about what might happen to its price.
“The ratio of discussions related to Bitcoin vs. other top 100 assets has surged following the FOMC hiking rates, and BTC teasing $30,000 once again. Generally, this high social dominance is a sign of fear, increasing the likelihood of a price rise.”
Source: Santiment/Twitter
Santiment reports that the amount of Bitcoin available on exchanges has decreased to a 55-month low, a promising development for the leading cryptocurrency asset.
“Bitcoin’s supply on exchanges continues to move into self custody, and the drop below $30,000 last week hasn’t triggered severe reactions that would indicate fear, uncertainty and doubt (FUD) or more upcoming sell-offs. The 1.17 million BTC on exchanges is the least amount since November of 2018.”
Source: Santiment/Twitter
At the time of writing, the price of one btc is $29,218.
According to Santiment, whales are actively acquiring the 22nd-largest cryptocurrency asset by market cap, according to blockchain oracle Chainlink (LINK).
“Chainlink has jumped ahead of the altcoin pack Thursday. And prices appear to be powered by heavy whale accumulation, with the highest amount of transactions valued at $1 million+ this year. Wallets holding 100,000 – 10 million LINK are accumulating rapidly as well.”
