In a recent analysis, cryptocurrency research firm Santiment highlighted several altcoins currently facing elevated levels of fear, uncertainty, and doubt (FUD).
They noted that the cryptocurrency market has experienced a correction, similar to trends observed in US stocks, leading traders to speculate that the bullish trend may have ended.
This shift has resulted in increased FUD among altcoins with market capitalizations over $500 million, as investor sentiment moves from optimism to skepticism.
Santiment identified Chainlink (LINK) with a decline of 371%, Bitcoin (BTC) down 226%, and Goatseus Maximus (GOAT) falling 118%.
Other affected coins include Dogecoin (DOGE) at -157%, XRP at -186%, and Pepe (PEPE) experiencing a staggering decline of 574%. Filecoin (FIL) saw a drop of 380%, while Shiba Inu (SHIB) plunged 719%. EigenLayer (EIGEN) showed a slight increase of 20%, and Beam (BEAM) fell by 425%.
The firm emphasized that even the most established projects in the cryptocurrency market are still highly speculative. Analysts pointed out that market movements frequently contradict prevailing sentiment, suggesting that the current bearish outlook on these cryptocurrencies could reverse over time.
Coinbase is making moves to expand its crypto derivatives offerings by filing with the US Commodity Futures Trading Commission (CFTC) to introduce futures contracts for XRP.
Retail investors are increasingly favoring XRP over Bitcoin, as Glassnode data shows a dramatic 490% increase in XRP’s daily active addresses, compared to just 10% for Bitcoin since the 2022 market low.
Fidelity Investments has moved forward with plans to launch a spot Solana Exchange-Traded Fund (ETF), with the U.S. Securities and Exchange Commission (SEC) formally acknowledging the filing.
Cryptocurrency analyst Ali Martinez has raised concerns about Ethereum’s future performance against Bitcoin, suggesting a significant decline could be on the horizon.