Traders still showing interest in altcoins after Bitcoin dips far from all-time high

• The summary section on the dashboard of the platform notes that there is bullish sentiment in the market related to metaverse tokens regardless of the declination faced in the past.
• A cryptocurrency futures market app, CoinGlass records that more than $518.8 million of crypto positions were liquidated in the past 24 hours.
• Investors from Korea are mostly interested in Stellar (XLM) and the reason could be the political event and is linked with the increase in price and market analysis hovering over social media.  

Traders are still interested in various altcoins despite knowing that Bitcoin is now far away from its all-time high, as per Santiment, the on-chain analytics platform. On November 26, Santiment took to social media platform, X and posted that, “Traders are still proceeding with hot altcoins and talking about stories revolving around under-the-radar opportunities at the time when Bitcoin went down under $93,000.”

As per the data from the on-chain analytics platform, the cryptocurrencies that are on the top of the altcoin trend are Sandbox, Stellar, and Ether. Traders are mostly discussing these cryptocurrencies and the majority of the conversations are positive in nature. 

The bullish sentiment in the market 

Among these, SAND takes the first position, and as per

Santiment, it is on a boost due to a remarkable comeback in metaverse-related investments, with increasing optimism among investors in SAND and related tokens. 

The summary section on the dashboard of the platform notes that there is bullish sentiment in the market related to metaverse tokens regardless of the declination faced in the past. It further went on to note that, the reason behind this trend is speculated that the future of these cryptocurrencies is also conventional. 

At the same time, investors from Korea are mostly interested in Stellar (XLM) and the reason could be the political event and is linked with the increase in price and market analysis hovering over social media.  

As per the social tracker methodology of Santiment, the tracker goes through some social media channels like X and Telegram which are mainly dedicated to crypto, for the top 10 words that have unexpectedly grown in social media mentions as compared to the last two weeks. 

Altcoins are just warming up 

The summary on the dashboard of the platform further mentions that the conversations highlight the historical performance of Ether and ecosystem value, showing an interest in its future likeliness.”

Meanwhile, Santiment also noted that various coins such as Pleasure Token (NSFW), Tornado (TORN), and Axie Infinity have faced the largest 24-hour increase in social volume. Regardless of the debate revolving around altcoins, the market got hit with mass liquidations in the past 24 hours. 

A cryptocurrency futures market app, CoinGlass records that more than $518.8 million of crypto positions were liquidated in the past 24 hours. The long liquidations accounted for $389.3 million and short positions stood at $129 million. 

A crypto trader took to the social media platform, X and posted that regardless of the drop, “Altcoins are just warming up here,” and the real party is yet to be started soon.