Data from Santiment indicates a shift in market sentiment, with bearish comments now outnumbering bullish ones for Bitcoin, Ethereum, and XRP. The sentiment ratio for Bitcoin currently sits at 0.82, while Ethereum and XRP have reached 0.88 and 0.49 respectively. A reading below 1.0 signifies that negative posts dominate social platforms.
The decline in sentiment began with altcoins in early October. By October 2, Ethereum sentiment dropped to 0.89 and XRP to 0.67, while Bitcoin remained positive at 1.37. The trend accelerated following the Binance hack in late October. By November 3, Bitcoin sentiment had fallen to 0.69, though Ethereum briefly maintained a level of 1.14.
Bitcoin price volatility has accompanied these shifts. After reaching above $80,800 on November 4, the price fell toward $75,500 on November 5. On November 8, Bitcoin touched $73,708, its lowest level since August. The asset slipped below $73,000 on November 10 and currently trades at $73,665.
Santiment analysts suggest that extreme fear alone does not signal a market bottom. The firm emphasizes that price stabilization is a necessary component for a stronger recovery signal. Traders are currently monitoring whether Bitcoin can maintain its position above the November 10 low of $73,000 to confirm potential stabilization.
