Bitcoin tumbles, altcoins bleed, but investors don’t shrink

Ethereum, the second-largest cryptocurrency, is facing its own set of challenges as it struggles to keep pace with Bitcoin’s impressive performance this year. The future of Ether largely depends on the SEC’s decision regarding the approval of spot Ether ETFs, with the first ruling expected on May 23.

Meanwhile, Bitcoin’s current price correction is attributed to profit-taking by long-term holders, according to Bitfinex analysts. Despite this healthy market adjustment, experts maintain a positive outlook, with some predicting Bitcoin to reach $80,000 by the end of the year.

• Bitcoin tumbles, altcoins bleed, but investors don’t shrink: Santiment
• Ether fettered by fate of spot ETF proposals
• Bitcoin correction is tied to profit-taking by long-term holders, says Bitfinex analysts

Data powered by CoinGecko.

Bitcoin tumbles, altcoins bleed, but investors don’t shrink: Santiment

Despite the recent decline in Bitcoin and altcoin prices, investor confidence remains strong, with many anticipating a swift market recovery.

Santiment, a crypto analytics platform, has noted the prevalence of bullish terms like “#buy,” “#buying,” and “#bullish” in social media discussions, suggesting that investors are not deterred by the current dip. In fact, these bullish hashtags are being used twice as frequently as bearish ones, indicating a dominant sentiment of greed among investors, as reflected in the Alternative platform’s Bitcoin Fear & Greed Index, which currently stands at 70.

Crypto analysts and experts maintain a positive long-term outlook for Bitcoin, with Bitwise CIO Matt Hougan predicting an influx of around $1 trillion into Bitcoin via ETFs from institutional investors over the next…