Social Trends Sway in Favor of Bitcoin and Ethereum As Altcoins Take Back Seat: Crypto Analytics Firm Santiment
Crypto analytics firm Santiment says social media mentions of the two largest crypto assets by market cap have soared amid price volatility.
The analytics firm says Bitcoin (BTC) and Ethereum (ETH) are enjoying increased popularity as topics of discussion ahead of the release of the Consumer Price Index (CPI) data.
“Toward the end of the work week last week, things were looking up for crypto as recoveries happened across the sector. However, prices are volatile and retracing as the July 13th CPI approaches. BTC and ETH are both seeing surges in discussion rates.”
The CPI tracks the US inflation rate.
According to Santiment, Bitcoin’s dominance on social media platforms as a topic of discussion is at a 12-month high.
“The ratio of discussions related to Bitcoin versus all crypto topics has risen swiftly on social media. BTC’s social dominance is now at its highest point since June 2021. Historically, focus coming back to BTC is a good sign for crypto bulls.”
In the case of Bitcoin, the analytics firm says the flagship crypto asset is experiencing relatively high optimism levels on social media platforms this week.
“Bitcoin’s social sentiment is seeing an unprecedented level of optimism this week as we head into the second half of July and the Federal Reserve Bank’s next [interest rate] decision. An ideal setup would be the crowd remaining skeptical as prices climb with little resistance.”
On altcoins, Santiment says they have experienced a “serious drop” in interest as topics of discussion amid falling crypto prices.
“As crypto has remained stagnant and prices have begun to dip again since the weekend, we can see that participants and overall discussions related to the markets continue to decline. Altcoins, in particular, are showing a serious drop in crowd interest.”
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