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Bitcoin and Ethereum sentiment remains ‘slightly bullish’ despite a mild August dip, data shows

After leading the market to rally over the past month, Bitcoin (BTC) and Ethereum (ETH) have experienced mild price dips, with investors keen on the cryptocurrencies’ next price movement. However, despite the slowdown in momentum, crypto traders are expressing bullishness in the two large-cap assets. 

In particular, Bitcoin was trading at $22,927 recorded a weighted sentiment of 0.25 while Ethereum, with a value of $1,587, registered a weighted sentiment of 0.32, data published on August 2 by crypto analytics platform Santiment indicates.

Bitcoin and Ethereum weighted sentiment. Source: Santiment

The data has emerged after both assets recorded an impressive July, surging by an average of 18%. Based on the market sentiment, it can be interpreted that Bitcoin and Ethereum have not experienced fear, uncertainty and doubt, with investors opting to buy in the dip.

Ethereum’s Merge upgrade drives bullishness 

Notably, Ethereum’s bullishness has emerged amid the latest update on the Merge upgrade that will see the blockchain transition from the Proof-of-Work (PoW) protocol to Proof-of-Stake (PoS). The update is viewed as bullish for the second-ranked crypto. 

In general, since the update, the Ethereum network development has achieved various milestones. As reported by Finbold, Ethereum’s open interest flipped Bitcoin’s for the first time ever on August 1. 

Interestingly, the high gas fees on the Ethereum network have been a significant pain point for users on the platform. However, the latest data by crypto analysis platform Glassnode indicates that Ethereum Gas dropped to 17.5 Gwei, the lowest level since May 2020, while the asset’s burning rate of EIP1559 has hit an all-time low.

Ethereum gas fees chart. Source: Glassnode

Bitcoin rallies amid Fed policy 

Elsewhere, Bitcoin rallied in July after the Federal Reserve increased its interest rate by 75 basis points. Bitcoin is considered to have reacted well to the Fed’s latest policy since the asset has been trading in a high inflationary environment.

With the possibility of increasing rates in the future, it appears investors are betting on the asset to continue rallying. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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