The crypto industry has seen a spectacular race in Octoberlike some cryptocurrencies like Bitcoin and Solana recorded new annual highs. However, the overall market appears to be take a break after this busy October which saw Bitcoin, XRP and Shiba Inu lead impressive rallies.
On-chain data, particularly from crypto analytics platform Santiment, showed that October ended on a somewhat bearish note. But the history of this particular measure suggests the rally may not be over.
The XRP and Shiba Inu rally is not over
The first days of November seem devoid of significant crypto price movement, with the exception of occasional whale transfers. At the time of writing, XRP and SHIB are down 1% and 2% respectively over a 24-hour period. Bitcoin and Ethereum are also down by 2.51% and 1.93% respectively. Some crypto experts attribute this drop to traders taking profits, while others believe the crypto market has returned to its normalcy of bearish sentiment.
Popular crypto analysis platform Santiment predicted this sentiment a few days ago. According to Santiment, the bullish vs. bearish sentiment keyword shifted to a bearish ratio in late October. The metric, which tracks various mentions of keywords such as “buy”, “sell”, “buy”, “sell”, “up” and “down” on social media, spent most of the month October at the bullish end of its range.
The company was quick to point out that previous instances of higher bearish keyword ratios preceded gains in the market caps of popular cryptocurrencies. Besides Bitcoin, on-chain metrics and fundamental analysis indicate a continued rally for XRP and SHIB. These two cryptocurrencies, in particular, have dominated social mentions in recent months, according to this metric.
😒 After the trading public remained mostly neutral throughout the weekend, @santimentfeed data indicates current sentiment has changed #bearish once again. In previous cases of higher ratios of negative keywords, #Bitcoin & other market capitalizations increased. 📈https://t.co/2p2uVitBkX pic.twitter.com/0vn3HGC7Gr
–Santiment (@santimentfeed) October 31, 2023
Altcoins Still Poised for Growth
On a fundamental level, XRP is doing extremely well, especially since trade has resumed on various crypto exchanges. XRP is up 32% year to date, and various analysts have pointed to another price rise.
A review of XRP price action shows a series of higher low formations since October 30, indicating a decrease in bear pressure. XRP is now trading at $0.6036, and the bulls could make another attempt to breach the latest high of $0.62 if the price remains above $0.60.
SHIB has also followed a similar path, with updates to its ecosystem like Shibarium contributing to various price spikes. SHIB’s price momentum has slowed at the time of writing, but planned updates to the Shina Inu ecosystem could soon lead to further price growth.
At the same time, on-chain signals indicate more bullish than bearish. SHIB whales have resumption of large transfers to private wallets, as data from Whale Alerts shows. SHIB is trading at $0.000007788 at the time of writing.
Although the total market cap declined by 2.24% over the past day, data from Coinmarketcap indicates greed on the fear and greed index.
SHIB holding steady above $0.000007 | Source: SHIBUSD on Tradingview.com
Featured image from Medium, chart from Tradingview.com