Ethereum stakers feel maximum pain as attention shifts to Bitcoin, says Crypto Analytics firm
Leading research firm Santiment says Ethereum (ETH) players have little to cheer about as values fall and crypto interest shifts to Bitcoin (BTC).
Sentiment says the outlook is bleak for ETH players as recent gains have been pulled back and long-term stakers are down more than an average of 30%.
“Ethereum 2.0 players have seen realized values decline completely over the past 10 weeks. In addition, long-term stakers are now down an average of 31%.”
Ethereum is worth $1,539 at the time of writing.
Santiment says that based on its social dominance indicator, interest in Bitcoin is at its highest since September, as the altcoin’s gains in 2023 have largely reversed. The top crypto asset is now also outperforming many altcoins.
“Bitcoin’s price is -6% in March, but still outperforming most altcoins. With crypto giving up much of its January/February gains, attention has turned back to BTC. Higher Bitcoin social dominance has historically set in times the market’s rebounding.”
Bitcoin is trading at $21,682 at the time of writing.
Sentiment too says that investors show skepticism about the prospects of the best crypto assets. However, the research firm says in periods of fear, uncertainty and doubt (FUD) price jumps are expected.
“Traders and hodlers of top cap assets are showing skepticism after markets have failed to rally after the February 21 peak. As R&D settles in, according to our calculations, the likelihood of price jumps increases during this period of disbelief.”
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