XRP and Litecoin (LTC) Are Currently Experiencing Elevated Levels of Fear of Missing Out (FOMO)

Santiment has added that the two aforementioned cryptocurrencies are emerging as "high-risk high-reward investments".

Analytics platform Santiment reports that XRP and Litecoin (LTC) are currently experiencing high levels of fear of missing out (FOMO), emerging as "high-risk high-reward investments" this week.

"These coins can continue to rise, but the crowd's euphoria toward these assets could make them high-risk, high-reward invs this week," Santiment noted.

According to CoinGecko data, XRP and LTC are up 2.9% and 2.6%, respectively, over the last 24 hours.

FOMO is a unique psychological phenomenon that has garnered some scholarly attention over the last two decades. First used in 2004, the term made its way into the Oxford Dictionary by 2013.

In the context of investor behavior, it refers to the feeling of missing out on potentially large gains. The psychological phenomenon is characterized by a pervasive fear that someone else is experiencing great success in their investments, highlighting an unmet relatedness aspect.

Social media platforms have become a prominent source of FOMO, with influencers constantly bombarding users with hot investment opportunities in cryptocurrencies.

Award-winning author of the popular "The Psychology of Money" book, Morgan Housel, recently highlighted the significance of controlling FOMO, describing it as one of the most critical financial skills.

Bitcoin sees a strong recovery

Meanwhile, Bitcoin, the leading cryptocurrency by market capitalization, recently managed to climb above the $65,000 level for the first time in weeks.

The Fear & Greed Index now shows "greed" at 65 out of 100 points, indicating a significant improvement in market sentiment. Just days ago, the index was still in "fear" territory.

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