Social Dominance Rate Of Bitcoin Marks An All-Time High in 2022
13 Juli 2022 - 4:30PM
NEWSBTC
With the recent trend in the crypto market, the world-leading
digital asset seems to be getting attention. From the general price
fall for all crypto tokens, Bitcoin is one of the assets that has
seen a drastic cut in its value. BTC has plunged by over half of
its value as of November 2021. As a result, many participants in
the industry have shown considerable concern and focus on the trend
of BTC. Such attention to Bitcoin had invariably pushed the token
to have a spike in its social dominance metric. Data from Santiment
revealed a rise in the yearly high for the BTC Social Dominance
metric. The firm noted an increase in people’s interests and
discussions concerning the most significant global crypto asset by
market cap. It maintained that since June 2021, the Bitcoin vs.
other crypto discussion ratio has skyrocketed on social media.
Suggested Reading | Ethereum (ETH) Continues To Lose Luster,
Drops Below $1,100 Support The rise is mainly linked to the drastic
price dip as BTC recently hovers around the $20K level. This spike
in social dominance is recorded historically as a positive
indication for BTC and the broader crypto market. Also, the crypto
bulls would benefit immensely from the rising trend. Altcoins Have
Different Sentiments Most of the altcoins have different stories to
tell. However, for Dogecoin and Shiba Inu, there are progressive
strengths seen in their prices. This robust stance is due to the
backing the tokens enjoy through increased whales’ transactions and
new developmental additions. But there is no significant price
flows for some tokens like Ethereum, Cardano, Ripple, and Solana.
Such dormancy has a solid link to the issues of insolvency and
bankruptcy filing by some firms like Voyager Digital and Three
Arrows Capital. With the date for the U.S. CPI at hand, different
folks have diverse opinions on the potential flow of
cryptocurrency. Bitcoin and Ethereum record an increase in their
discussion rates as reports expect price drops beyond support
levels. A survey by MLIV Pulse indicated only 40% of Wall Streets
investors believe BTC’s price hitting the $30K level. The remaining
60% anticipate a drop up to $10,000 per BTC token. Bitcoin Price
And Sentiment Report Through the little spike in sentiments,
cryptocurrency prices significantly improved last week. As of July
8, Bitcoin prices hover through the $22,000 region. The volatility
of crypto tokens is getting pronounced as the CPI date is quite
close. Suggested Reading | Tezos (XTZ) Nears 3-Week High – Can
Bulls Barrel Towards $1.80? The current prices for BTC and ETH are
respectively above $19,000 and $1,068. They indicate a significant
drop on the daily chart. July 13 is the scheduled date for the U.S.
June CPI data. The press secretary, Karine Jean-Pierre, anticipates
increased inflation data since there was a rise in food prices and
gasoline. But July’s experience of a drop in energy costs signifies
a positive shift for the coming months. Featured image from Pexels,
chart from TradingView.com
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