- As Bitcoin faces selling pressure in the current macro environment, some altcoins have garnered higher social interest.
- Ripple’s XRP rallies as traders expect a positive settlement between Rupple and the US SEC.
Over the past week, the broader crypto market has come under selling pressure amid monetary tightening by the Federal Reserve. As this happens, the attention of crypto traders has shifted to altcoins such as Ethereum (ETH), Cardano (ADA), XRP, Polygon (MATIC), and Shiba Inu (SHIB).
The chart below from Santiment shows how social interest has shifted away from bitcoin and into altcoins. As on-chain data provider Santiment notes:
#Crypto Markets have obviously taken a hit over the past week, but it’s interesting to see where social interests have shifted. $ETH, $XRP, $ADA, $MATICand $SHIB have increased in discussions, while most other assets are much less discussed.
ETH versus XRP
After the Merge event last week, Ether (ETH) came under heavy selling pressure as the classic “sell the news” story unfolds. ETH price has corrected over 20% since the meltdown fell below crucial support levels. At press time, ETH is trading down 5% at a price of $1,274 with a market cap of $158 billion.
Since the Merge event, the largest Ethereum addresses have significantly reduced their supply. Some market experts also believe that ETH may once again hit its June 2022 lows of $1,000. Santiment On-Chain Data Provider Explain:
The #Ethereum #merge 9/15 brought about a change in the behavior of large addresses. In the last 6 days since switching to #proofofstakeaddresses containing 1k to 10k $ETH lost 2.24% of their cumulative holdings. Addresses from 100 to 1,000 addresses fell 1.41%.
Along with Ethereum (ETH), other altcoins were also sold off, except for XRP. Despite recent turmoil in the crypto market, Ripple’s XRP outperforms. The price of XRP has jumped over 32% over the past week and is currently trading at $0.44.
The recent rally in the price of XRP comes as traders are optimistic about a settlement between Ripple and SEC after a very long legal battle. Saniment Explain:
#XRPNetwork is +17% last week, while #Bitcoins (-5%), #Ethereum (-16%), and most #crypto declined. The ongoing battles between #Ripple & the #SECOND regarding increased regulation has mainly led to increased optimism among traders and high movement of whales.
What does Bitcoin do?
The world’s largest cryptocurrency Bitcoin is also facing heavy selling pressure amid global macro developments. As the Fed turns hawkish with its rate hike, BTC is likely to remain under selling pressure for some time.
At press time, Bitcoin is trading near $19,000, showing a higher correlation with the S&P 500. If the US stock market continues to decline from here, experts believe the price of BTC could likely slip below $15,000 and even as high as $12,000.