Santiment, a market intelligence platform with on-chain and social metrics for cryptocurrency, reports that amid recent market fluctuations, the cryptocurrency market is now witnessing a renewed surge.
The development challenges the earlier bearish sentiment that emerged during the recent downturn.
Back on the uptrend
According to Santiment’s post on X, bullish sentiment became high as airdrop news was coming in, and the fear of missing out was at its maximum level.
This was followed by bearish sentiment that became apparent as markets corrected, leading to what the platform identified as crowd selling at the top.
Now that markets are back on the uptrend, CoinMarketCap reports that altcoins are continuing to rally, with Osmosis (OSMO), KuCoin Token (KCS) and Cosmos (ATOM) reporting double-digit gains on Dec. 12.
This unforeseen shift was reported on Dec. 11, surprising investors who believed the ongoing bull run was unstoppable.
The sudden downturn interrupted eight consecutive weeks of bullish trends, causing the total crypto market cap to sharply decline from $1.64 trillion on Dec. 10 to slightly under $1.56 trillion within 24 hours. However, the market has since seen a return to the positives.