Top Social Gainers for Sunday, May 12th, 2019
One look at our Top Social Gainers for today and it’s clear that everyone and their crypto-leaning mother are talking about Bitcoin’s latest rally:
The King coin had itself a week, launching a strong upward movement after breaking the $5,800 mark and sprinting through several key resistance and psychological levels on its way to an 8-month high $7,503.87. It has since consolidated slightly and is currently trading in the $7,000 range, for the first time since September 5th last year.
As per usual, Bitcoin’s ascendance prompted a market-wide altcoin run, spearheaded by BCH, LTC and EOS’ double-digit gains, with the likes of ADA, ETH and BNB not that far behind. The initial spur painted most of the top 100 assets green, and though a few coins are still maintaining an uptrend, others have relapsed since.
Either way the early reviews are in, and while Bitcoin’s monster run was a welcome surprise for many in crypto, t’was a surprise nonetheless. As you might expect, the community has been decisively split on the causes, legitimacy and sustainability of BTC’s upswing.
Our Top Social Gainers list clearly shows two familiar schools of thought emerging out of the rally. Both ‘Buy’ and ‘Sell’ are in the top 10 emerging words for the day, as are both ‘Bull’ and ‘Correction’, ‘Fomo’ and ‘Back’.
Let’s start with what the crowd thinks caused the rally. There were several theories floating around on crypto’s biggest subreddits and daily price discussion threads. Some believe the action was spurred by the recent announcement that Fidelity, one of the world’s largest investment firms, is expected to launch a cryptocurrency trading platform “within weeks”:
Others found the cause in worsening trade talks between US and China, forcing Wall Street money into crypto:
To others still, it’s the halving:
Finally, some believe the pump is due to a compounding effect of various news and market trends accumulating over the past weeks:
That’s at least as far as legitimate pump theories are concerned. Many also believe that something fishy is going on here, including fake trading volumes:
Or just a general unease about the whole thing:
As such, there’s been a lot of talk about an impending correction. And while some are feeling increasingly bearish:
...or urging people to leave while there’s still time:
...there are also those that feel that, while the correction is imminent, it will only serve to springboard the market even higher up:
On average, I’d say the general sentiment seems to skew negative or fairly skeptical at best. That is not to say the moon crowd is not out in full force though:
Meanwhile, those that were too slow on the trigger this time around are back to doing what they do best, making dank memes:
Among the Top Social Gainers are also LTC and BCH, both coins that have benefited greatly from Bitcoin’s recent price action. Currently the 5th largest cryptocurrency, Litecoin spiked over 21% yesterday, riding the green wave to a 40-day high $94.54. While most attributed LTC’s gains to market-wide movement, some also feel bullish about the coin’s upcoming halving:
Others still have jumped to rebuke the ‘halving effect’ based on Litecoin’s historical action:
Mirroring Litecoin’s rally, Bitcoin Cash improved over 31% yesterday to balloon to a 6-month high $377.01. Other than the price action, part of the ongoing BCH discussion on social media is centered on the hard fork’s upcoming hard fork.
Scheduled for May 15th, the BCH fork will replace “the Elliptic Curve Digital Signature Algorithm (ECDSA) with a new signature protocol, the Schnorr Signatures that introduce privacy while making the network faster, secure and scalable.”
And as always, nested somewhere between the price talk and fork chatter is an eternal r/btc discussion on why BCH > BTC:
As the dust begins to settle on another roller-coaster weekend, most of the top 20 coins are starting to turn red, with only BCH remaining defiant:
One final note: not trying to say that we called it, but just the other day our CTO Valentin Mihov published an analysis in which he talked about one of our custom-built indicators called 'MVRV Long/Short difference' (showing the difference between 365-day and 60-day BTC MVRV ratios), and how it has now improved from a negative value to almost 0%, which has in the past indicated the end of a bear cycle.
That was on Monday. Today, the MVRV Long/Short difference is at 6.46%:
You can check out the MVRV Long/Short difference and a bunch of other custom metrics in our SANgraphs. And as always, head over to our Social Trends page for the latest list of Top Social Gainers, updated 3x/day.