Recently released analysis report shows some of the top ten cryptocurrencies are facing strong bearish sentiment and FUD
According to the analytics data provider Santiment, recent crowd sentiment shows that prices of the top six cryptocurrencies, among which are Bitcoin, Ethereum, BNB, as well as trendy SOL and ADA, are facing a large amount of FUD (fear, uncertainty, doubt) and bearishness at the moment.
All of these leading cryptocurrencies have suffered significant losses, following Bitcoin’s recent drop of more than eight percent from the $ 46,500 level to $ 42,000. Ethereum followed BTC, dropping below $ 3,200.
As of this writing, the flagship crypto is changing hands at $41,983, Ethereum is sitting at $3,230. After the $569 high reached by BNB on December 27, now this coin is trading at $457. SOL reached $203 on December 27 but by now have declined over fifty percent to the $146 mark.
As for Cardano’s ADA, it started in 2022, dropping from $ 1,287 to a December 31 low of $ 1,380. reached on January 5.
Meanwhile, Bitcoin Fear and Greed Index shows 10, indicating “extreme fear” in the crypto market. According to the popular Chinese crypto journalist Colin Wu, this is the lowest since July 21 last year.
However, many see this as a good opportunity to buy the downside.
U.Today reminds the crypto community that they should do their own research in the crypto space. Crypto prices can show extreme volatility, so one must not spend on them more than one can afford to lose.
