Bullish vs. Bearish Sentiment for Crypto's Top 10 Assets!

Have you been looking for a quantifiable way to check out the overall bullish/bearish commentary toward crypto's top caps? There are many ways to look at this, such as:

  • Weighted Sentiment ratio - Measures the positive/negative commentary ratio of an asset and multiplies by overall social volume
  • Top Trending Coins Dashboard - Provides insights into which tokens are seeing the highest rising rate of discussions compared to their norms, as well as whether the crowd is leaning bullish or bearish toward them
  • Funding Rate - Shows what the perpetual contract funding rates look like on exchanges for open interest positions, which gives insight into how bullish or bearish the crowd is
  • Social Volume - The raw amount of overall mentions of any given token, which tends to signal price reversals when discussions rise while the price is on an obvious uptrend or downtrend

But this article is going to be focusing on the raw level of positive comments vs. negative comments, according to Santiment's massive data scraping and algorithms that attribute whether each comment veers more bullish vs. bearish. You can read more about how we track them here!

Remember that the higher the ratio between positive and negative comments, the more likely we are about to see a sentiment-driven price top. And on the other end, a low ratio can cause a sentiment-driven bottom. You can use this template to check the weekly bullish vs. bearish sentiment trend at any given time for any asset on Santiment's platform!

So without further adieu, let's take a look at how the top 10 non-stablecoins are being talked about in terms of this bullish vs. bearish ratio (where 1.0 is a completely even amount of positive and negative comments), as well as the social dominance as an extra wrinkle (which measures the percentage of discussions related to that asset compared to the top 100 assets at any given time).


Bitcoin ($BTC): 1.59:1 Positive/Negative Ratio

All eyes have been on Bitcoin since its April 19th halving, and as is usually the case anyways. Interestingly, the comments around the March 14th all-time high were at one of the most neutral levels, as many of the non-believers ended up being somewhat correct. But in mid-May, we began to see a huge spike in positivity, which predictably signaled a top for crypto markets.

Ethereum ($ETH): 2.16:1 Positive/Negative Ratio

With Ethereum's ETF's recently being approved by the SEC, it's no shock to see traders making mainly very positive comments about the #2 market cap asset. Especially after the huge price spike that nearly saw ETH make it back above $4,000 for the first time since the March top. This has to be a caution signal, considering how positive most commentary continues to be toward Vitalik Buterin's precious coin.

Binance Coin ($BNB): 2.94:1 Positive/Negative Ratio

Binance Coin has actually started the week on a minor price run of its own. Somewhat quietly, it crawled its way back above $630 for the first time in 3 months. But despite this, the coin has mostly not been turning too many heads. Yes, it's seeing nearly 3 positive comments for every 1 negative one. But this is more just a reflection of the coin not being talked about much at all unless traders have something nice to say about Binance's native token. This token has historically been more of a reflection of how the crowd views Binance, as opposed to how they specifically view BNB.

Solana ($SOL): 3.03:1 Positive/Negative Ratio

Solana's price performance has been a bit disappointing to traders as of late, with its direct competitor, Ethereum, stealing quite a bit of its shine in the month of May. But in spite of this, the sentiment toward Solana has been "through the roof" with over a 3 to 1 ratio of bullish vs. bearish comments. It appears that there are still tons of believers that SOL will go on another run similar to its staggering Q3 2021 rally.

XRP Ledger ($XRP): 1.62:1 Positive/Negative Ratio

XRP Ledger has been perhaps the most disappointing performing top 10 coin these past couple months, right next to Cardano. And the ratio being only lukewarm bullish is a sign that people have grown a bit impatient. Yes, this ratio was far lower this year... particularly around its mid-March top, interestingly. But this ratio has to be taken with a grain of salt considering it has been talked about less and less as the weeks have gone on.

Dogecoin ($DOGE): 2.06:1 Positive/Negative Ratio

Dogecoin, as usual, has been on a bit of a rollercoaster. The largest meme coin by market cap had its share of huge positivity about 4 weeks ago, but only minor price climbs. Often times, the sentiment toward DOGE can often be more of a reflection of how traders are perceiving meme coins in general, rather than this specific asset. Use this as a rule of thumb when analyzing the constantly shifting narrative surrounding it and all of the memes associated with crypto.

Cardano ($ADA): 3.42:1 Positive/Negative Ratio

Cardano, like XRP Network, has not been a very fun coin to own in 2024. But despite lagging behind other altcoins and dropping to the #9 largest market cap asset, trader sentiment has a whopping 3.42 bullish comments for every 1 bearish comment. Perhaps a bit of false optimism? You be the decider.

Toncoin ($TON): 0.56:1 Positive/Negative Ratio

On the other end of the spectrum to Cardano, Toncoin has been one of the darlings of 2024, more than tripling its market cap in the past 3 months alone. Interestingly, trader fatigue may be setting in or the crowd may be sensing a profit take opportunity. With the lowest positive/negative ratio score by far on this countdown, don't be surprised if the rally extends a bit longer while traders exhibit FUD.

Shiba Inu ($SHIB): 2.09:1 Positive/Negative Ratio

The second largest meme coin behind Dogecoin, Shiba Inu has been seeing some fairly high positive sentiment ratios for about 7 straight weeks now. This is a bit odd, considering the price really hasn't come close to any sustained rebound since its huge price top at the beginning of March. Perhaps some of the boosted positive commentary is misleading, considering the beloved real-life shiba inu that the coin is dedicated to, just passed away at the end of May. RIP, little guy.

Avalanche ($AVAX): 2.22:1 Positive/Negative Ratio

Avalanche has been another mild disappointment, trailing most top altcoins significantly after failed rallies have left traders having their patience tested. But with well over double the amount of positive vs. negative comments, it doesn't look like traders are planning on going anywhere just yet.


Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.

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