Top Social Gainers for Tuesday, April 23rd, 2019
Here are today's biggest developing stories in crypto based on Santiment's data:
BTC/alts/bull/golden/cross (7763+ new mentions in last 24 hours)
After what felt like a never-ending crypto winter, BTC may finally be showing signs of a trend reversal. Behold, the first golden cross confirmed in over 3 years (The last was seen in October 2015).
The Golden cross is a technical indicator that's formed when an asset's 50-day moving average price goes above the 200-day moving average price, which for analysts signals a typical bullish outlook ahead.
But why the significance?
The last time a Golden cross was seen, BTC kicked off the bulltrend, going from $246 in October 2015 to almost $20,000 in December 2017. It's no wonder many are getting excited.
However, it is important to note that in 2015, there was also another a Golden cross that happened in July but was invalidated by a 27% downward movement. Bearing that in mind, could the same happen again?
Let's bring in another indicator, the MVRV ratio. Basically, if the MVRV ratio is below 1, the asset is considered undervalued and conversely the higher the ratio, the more overvalued it is.
2015 was a significant year for Bitcoin, as we observed in the chart above, not only did the Golden cross happened, BTC actually bottomed out prior the the 1st Golden cross on 14th January 2015. The MVRV ratio then was 0.633.
The other time we would see the MVRV ratio hit levels so close to 2015's bottom was on 15th December 2018 where the MVRV ratio was 0.715. Since then, BTC price has bounced and have seen its 1st Golden cross recently. Now, history may not repeat itself but it often rhythms. Whichever the case, we now have strong indicators showing that
- BTC probably bottomed out in late 2018
- Trend reversal is upon is, just a matter of time for confirmation.
So buckle up and enjoy the ride, wherever this goes. Now that the king has spoken, everyone shall bow. Most alts took a real good hit across the board, sending BTC dominance from 50%+ back up to 54%, once again showing who's the real boss in town.
That being said, alts may eventually see some relieve (hopefully) as BTC's golden cross may be preceded by consolidation or a pullback according to analysts. The next few weeks/months will certainly be interesting to watch so keep an eye out!
BNB (2156+ new mentions in last 48 hours)
As BNB continues to make new ATHs closer to its mainnnet public access and token swap, we can observe that the crowd sentiment continues to inch towards over-the-top optimism.
People are starting to believe that BNB's marketcap will surpass ETH's within the next few months, with some calling BNB to be $500 - $5,000 in the future. Hopium much?
The crowd especially in the Binance telegram group is currently having the "BNB price can only go up" mentality, like it's a sure win bet if anyone is looking to put some money into crypto.
Some of the reasons behind the crowd's rational that BNB can't fail include:
- BNB outperformed most/if not all cryptos during the bear market
- More IEOs ahead
- It is still undervalued
- Binance Chain and how projects will be migrating to it
So far, Binance has proven itself that it's able to drive demand-side use cases and continues to do so. Hats off to that.
BNB notable events so far this year :
28th Jan - Bittorrent token sale on Launchpad
25th Feb - Fetch.ai token sale on Launchpad
19th March - Celer token sale on Launchpad
24th Mar - Update of Launchpad format to lottery system
18th Apr - Binance Chain main net goes live
23rd Apr - Binance Chain public access and token swap
But the really question remains, will it defy the post main net/ token swap dump effect that is observed for most coins? Or will Binance have more up its sleeves to keep the crowd excited and continue its price discovery?
Sngls (98+ new mentions in last 48 hours)
SNGLS' price saw a spike following news of a token burn & main net rehearsal that's going to happen on 30th April, along with rumours of them migrating to Binance Chain. This eventually sent the crowd looking for further details about the alleged events.
But this all turns out to be a well-coordinated P&D attempt by someone/group.
It appears that the source of fake news first originated from SNGLS' old twitter account. Somehow it was hijacked from 22nd April 2019 and posted a series of fake announcements over 2 days. This then spirals unto Telegram and other social channels (including calendar sites) as the crowd continues to blindly share the content. Most of the fake news content have since been deleted.
Can't blame the crowd though, people unfamiliar with the project may not know that SingularDTV rebranded to Breaker since Feb 2019.
For timeline of the fake news, you can refer to screenshots below:
As always, visit SANbase to explore these and other trends in more detail!