30s Summary

Despite Bitcoin’s recent dip, altcoins are garnering interest, particularly Sandbox (SAND), Stellar (XLM), and Ether (ETH), according to blockchain analytics platform Santiment. SAND has seen increased attention due to the rise in metaverse-themed investments, while XLM benefits from Korean interest after a local political event. ETH, on the other hand, is frequently compared to other cryptocurrencies on price performance. In contrast to this optimism, over $518.83 million in crypto positions were liquidated in the past 24 hours, mostly in altcoins, CoinGlass data shows. Despite this, some traders believe the “real party” for altcoins will begin soon.

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Even though Bitcoin has seen a dip from its record peaks, folks are still super interested in several altcoins, states Santiment’s social sentiment tracker.

On November 26th, the blockchain analytics platform Santiment announced that despite Bitcoin dropping below $93,000 the previous day, traders are still psyched about altcoins. There’s plenty of chatter about these alternative coins and the opportunities they offer that might not yet be on everyone’s radar.

According to Santiment, the metaverse cryptocurrency Sandbox (SAND), Stellar (XLM), and Ether (ETH) are the hot altcoin topics among traders right now, with the majority of chats being pretty optimistic.

Top dog on the list is SAND, with Santiment reporting a surge in interest due to an increase in metaverse-themed investments, with investors showing growing confidence in SAND and similar tokens.

In its online dashboard, Santiment mentioned that traders are feeling bullish about metaverse tokens, despite some previous setbacks. There’s lots of talk flying around about the reasons behind this trend and where these cryptocurrencies might be heading in the future.

Stellar (XLM) is also enjoying plenty of attention, particularly from Korean investors following a local political event. Traders are closely watching its price fluctuations and sharing their analysis on social media.

Completing the trio of hot altcoins is Ether (ETH). According to Santiment, people are comparing it a lot with other cryptocurrencies, especially in terms of price performance, and have high hopes for Ether’s potential, especially in favorable market conditions.

Santiment’s social tracker methodology involves pulling data from crypto-focused social media platforms to find the top 10 words seeing the most significant increase in social media mentions compared to the previous two weeks.

On its dashboard, Santiment points out that the chats about Ether often focus on its past performance and the value in its ecosystem, indicating an interest in its future potential.

Santiment also noted that several coins, such as Pleasure Token (NSFW), Tornado (TORN), and Axie Infinity (AXS), saw the biggest spikes in social volume over the last 24 hours.

Despite all the buzz around altcoins, the wider market took a hit with widespread liquidations in the past 24 hours. Data from CoinGlass shows that over $518.83 million in crypto positions were liquidated during this period – the majority of which were altcoins!

On Twitter, a crypto trader known as Moustache speculated that despite the drop, “Altcoins are just warming up here,” and the “real party” will start soon.

Another trader, Eugene Ng Ah Sio, tweeted on November 26th that he would be “watching & waiting” as the volatile market was becoming hard to read. He tweeted, “This has been the most challenging bull market altseason I think I’ve experienced,” and noted that the flow of capital and predictability of movements were both puzzling elements in this space.