David – Cryptocurrency Expert
What's required for a cryptocurrency market comeback may be seen in a recent tweet from Santiment
The latest FTX collapse may have long-lasting repercussions for the crypto market investment
Santiment, a blockchain analytics company, posted a chart recently that illustrates what the cryptocurrency market has to do to come around following the most recent turmoil involving FTX and other cryptocurrency exchange platforms.
The tweet claims that cryptocurrency often prospers when exchanges are not the main focus. The FTX collapse is one of the most significant exchange crashes in history, hence its shockwaves may have "long-lasting shockwaves." The tweet also stated that the critical turning point for the cryptocurrency industry will come when attention returns to Bitcoin, the market leader, and away from exchange tokens.
The graphic Santiment posted on Twitter recently shows that historically, the price of Bitcoin has fallen as the social dominance of exchange tokens increases.
Santiment gives us a thought that it's crucial to remember that in 2015, a second Golden cross occurred in July, but it was invalidated by a 27% downward drop. Considering that, is it possible that it will occur once more?
It’s important to remember that history repeats itself, with no expectations of the crypto markets. Will it happen tomorrow, after a month or a year? No one knows, that’s the difficult part to predict the highs and lows.
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