If there’s one thing to learn from today’s crypto social trends, it’s that the crowd is ready for the bear market to be over and done with.
For the second day in a row, most of the chatter is focused squarely on potential breakout coins, with a few noteworthy events from Russia to New Zealand capturing what’s left of community’s fleeting attention.
Here’s our breakdown of top trending words in crypto for January 16th, 2019:
(FYI, you can always check the top trending words on SANbase. For the latest, up-to-date trends, staking 1000 SANs is required)
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Is Putin bullish on Bitcoin?
A Russian university lecturer with ties to the government recently said he believes that US sanctions will force the Kremlin to diversify its cash reserves into Bitcoin.
According to some, Russia could buy as much as $10 Billion in BTC as part of its de-dollarisation efforts.
Is there some merit to this news? We doubt it. Governments are notorious late adopters, and tend to buy at the end of the trend.
Perhaps even more importantly, do we even want this news to be true? Based on their track record, Russia’s investment strategy is a bona fide bearish indicator. They dumped USD right before it mooned. The bought billions of CNY right before it crashed. So if Russia was indeed considering a purchase of 10bn BTC, it’s unlikely it would fair well for the crypto market.
Tierion’s surge over the last 24 hours caught everyone by surprise - even their own community. Within a day, the coin skyrocketed from ~336 SATs to ~615 SATs, marking almost a 100% increase.
Here’s TNT’s 2-week price action:
It didn’t take long for people to start suspecting foul play. Wilhelm took a closer look at TNT’s on-chain data for the past week, and noticed a few interesting patterns emerging. Check out his analysis in the thread comments!
The New Zealand-based crypto exchange suffered a security breach on Monday, resulting in ‘significant losses’, according to the company release.
While no official numbers have been released yet, estimates range anywhere between $2.5 and $3.5 million.
The site has been in maintenance mode since, and Cryptopia says it is cooperating with the NZ Police and High Tech Crimes Unit to try and identify the culprits.
It’s really hard not to talk about coins jumping more than 100% during a bear market.
DLT’s ongoing bull run propped the coin into top 10 trending words on crypto social media for a 2nd day in a row. Agrello’s coin leaped from 1767 sats on Jan 14th to a daily high of 4060 sat yesterday, but seems to have cooled off since.
As of this writing, DLT has recorded 24hr losses of ~23.37%, which coincides with its ongoing drop on our top 10 list, from #1 to #3:
Another noteworthy bull run, qlc went from 670 SAT on Jan 14th to 954 SAT yesterday. As with DLT, the correction followed soon thereafter, and the coin’s now -19% in the last 24hrs.
You can clearly see the price action’s impact on QLC’s position on our top 10 list over time. As soon as the ball dropped, the crowd was ready to move on:
Another breakout coin, VIBE recorded impressive 24hr gains of ~73% yesterday. Unfortunately Wednesday hasn’t been as kind to the VR technology marketplace.
After starting the day relatively low, the coin managed to bounce back to a daily high of ~$0.052, but has been in freefall since. It’s currently down 23.84%.
Quarkchain’s coin appeared on our top 10 list yesterday as well, correlating to its Tuesday bull run.
As with most other coins on today’s list, however, the last 24hrs have been less than pretty. The coin’s down 6.09% for the day:
Finally, Ethlend is the last breakout coin discussed on the interwebs today. Compared to other tickers on our list, Lend actually managed to hold - and even progress from its Tuesday’s closing price.
Following some choppy day action and a lower high, Lend is now down 1.57% for the day:
As always, visit SANbase to explore these and other trends in more detail!