Leading analytics firm Santiment says Ethereum (ETH) stakers have little to cheer about as values fall and cryptocurrency interest shifts to Bitcoin (BTC).
Sanitation say the outlook is bleak for ETH stakers as recent gains have receded and long-term stakers are down more than 30% on average.
“Ethereum 2.0 stakers have seen realized values decline completely over the past 10 weeks. In addition, long-term commitments are now down an average of 31%.”
Ethereum is worth $1,539 at the time of writing.
Santiment says that based on its social dominance indicator, interest in Bitcoin is at its highest since September, as altcoin gains have largely receded in 2023. The top crypto asset is also now outperforming many altcoins.
“Bitcoin price is -6% in March, but still outperforming most altcoins. With crypto giving up much of their January/February gains, the focus has returned to BTC. Bitcoin’s higher social dominance has historically led to market recovery.
Bitcoin is trading at $21,682 at the time of writing.
Sanitation too say that investors are skeptical about the prospects of the best crypto assets. However, the analytics firm says that price jumps are expected during periods of fear, uncertainty, and doubt (FUD).
“Traders and hodlers of top-cap assets are showing skepticism after markets failed to recover from the February 21 peak. As FUD settles in, according to our statistics, the chances of price jumps increase during this period of disbelief.
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