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With the ongoing tension in the Middle East and increasing concerns that the FED may keep policy rates at higher levels for longer than expected, there were sharp declines in Bitcoin and other cryptocurrencies.
At this point, while BTC fell to the level of $ 60,000 during these declines, major declines were also seen in altcoins, including Ethereum.
Although the interest in BTC and the crypto market in general decreased after the decline, Santiment stated that the situation was different for the two altcoins.
Santiment pointed out that although there is a decrease in crypto interest and prices in general, there is an increase in interest for Ethereum and BEAM.
Accordingly, Santiment pointed out that Ethereum is one of the most discussed topics in the cryptocurrency industry, and stated that although short positions in ETH increased, the launch of ETH ETFs, especially Hong Kong-focused, was effective in this situation.
Santiment also emphasized that the interest in the altcoin called BEAM, apart from Ethereum, has also increased and said:
“While cryptocurrency prices are falling, the largest altcoin Ethereum is seeing the fastest increase in its discussion rate.
New ETH ETFs in Hong Kong have led to greater interest in the No. Apart from Ethereum, interest in Beam is also increasing.”
🗣️ As #crypto prices have been on the decline, #Ethereum is seeing the fastest rise in discussion rate. The new #ETF has caused more interest in the #2 market cap asset, even though #shorts are rising rapidly. Also, keep an eye on #Beam’s rise in interest. https://t.co/0bfF7HR4lw pic.twitter.com/j6zyJqpiMT
— Santiment (@santimentfeed) April 16, 2024
*This is not investment advice.
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