- “Polkadot (DOT) and Kusama (KSM) are developing faster than other projects,” says Santiment.
- Santiment tracks crypto trends by leveraging the “buy the dip” frequency.
Santiment, a popular crypto analytic firm, noted that Polkadot (DOT) and Kusama (KSM) received the most significant developmental activities in the crypto market. Over the past few months, the two Ethereum challengers have dominated the market’s developmental sector. The crypto firm disclosed that the two projects had recorded more non-spam GitHub submissions than their nearest competitor, Cardano (ADA). These projects have occupied the first three positions on the released metrics pushing Ethereum to fourth place.
Santiment highlights Polkadot and Kusama as leaders
Analyzing the positions of Polkadot and Kusama in terms of development activity, Santiment wrote on Twitter:
If you base your portfolio around assets that receive solid development activity on GitHub, then Polkadot & Kusama are worth looking into. Over the past 30 days, the assets have 14.3% more non-spam submissions than the next largest asset, Cardano.
Currently, Polkadot sits at the 11th position according to rankings by Coinmarketcap. DOT trades at $6.46 and has gained over a 2 percent increase in the last 24 hours. On the other hand, Kusama is the 92nd-ranked crypto asset by market cap. The KSM coin trades at $43.35 and has gained over 3.5 percent in the past 24 hours.
Lately, the two interoperability projects have gained more developmental activities. Polkadot and Kusama now tie at 531.53 percent ahead of Cardano’s 464.87 percent, as shown by Santiment’s screener app.
Santiment tracks crypto trends using a powerful social media tool
Santiment uses a website-embedded social media tool to track crypto trends easily. The tool is capable of tracking basic words like buy, bought, dip, dips, bottom, and sell on social media. The “buy the dip” sentiment indicator is one of the most considered trends by the firm. The frequency of the mention indicates the beginning of a downtrend as the market approaches the bottom. The mechanism leverages the increasing disbelief, lack of confidence, and impatience of market traders. At the peak of the chaos, the market might reverse. The analytic firm explained:
Ideally [these]sort of calls happen quite often in the beginning of downtrend, slowly fading to market bottom. This could be explained by increasing crowd disbelief. Less confidence, less patience. At the point of maximal disbelief, a reversal might happen.
With the help of the tracking tool, the “buy the dip” callers’ dominance can be easily tracked. The dominance could be decreasing or increasing. The firm has confirmed that the dominance is declining speedily, but there are few voices left. Whenever the callers are absent, the bottom becomes imminent, signifying a possible reversal. An in-depth study of the overall social activity has revealed that the market is still wallowing in dips.
Credit: Source link
