Recent report suggests that the crypto market is nearing a peak after CoinEdition

• Santiment recently tweeted its latest report on crypto market insights.
• The report suggests that the crypto market may be nearing a peak.
• At press time, the price of ETH had fallen slightly over the past 24 hours.

Santiment (@santimentfeed) shared his latest crypto market insight in a tweet this morning. In the tweet, Santiment shared its latest crypto market insight report, which sought to identify whether the market is currently in a FOMO stage or is in the early stages of a breakout.

According to the insights report, there have been many anomalies in the market that have led to a temporary pause in the growth of the altcoin leader, Ethereum (ETH). The report stated that these deviations indicate that the market’s risk appetite has been relatively low.

Behavior map for wealthy owners (Source: Santiment)

Some in the crypto community are predicting a drop in ETH’s price, while others in the market are still waiting for ETH to break above $2k and for Bitcoin (BTC) to break $32k. Santiment’s insight mentioned that a similar pattern was observed in the “wealthy holder behavior map”, which showed that whales had reduced their BTC positions until recently.

However, the report added that this trend has changed following the breach of ETH’s price above $2k, as well as the successful implementation of the “Shapella fork”. ETH’s price continues to trade above the $2k mark at press time according to CoinMarketCap.

Currently, ETH’s price stands at $2,096.10 after a loss of 0.52% in the last 24 hours. Despite weakening against the US dollar, ETH was able to gain on BTC in the last 24 hours, and is up 0.79% against the market leader.

According to the report, the recent increase in funding rates, as well as a consensus among video “influencers” that this current relief rally will result in new all-time highs, could be a signal that the market is nearing a top.

Disclaimer: The views and opinions, as well as all information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.

The post Recent Report Suggests Crypto Market Is Nearing A Top appeared first on Coin Edition.

See the original at CoinEdition

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