Social Trends Tilt In Favor Of Bitcoin And Ethereum As Altcoins Take A Backseat: Crypto Analytics Firm Santiment
Crypto analytics firm Santiment says social media mentions of the two largest crypto assets by market cap have spiked amid price volatility.
the analytics company He says Bitcoin (BTC) and Ethereum (ETH) are enjoying increased popularity as topics of discussion ahead of the release of Consumer Price Index (CPI) data.
“Towards the end of the business week last week, things were looking up for cryptocurrencies as rallies occurred across the sector. However, prices are volatile and pull back as the July 13 CPI approaches. BTC and ETH are experiencing surges in discussion rates.”
Source: SantimentFeed/Twitter
The CPI tracks the US inflation rate.
According to Santiment, the dominance of Bitcoin on social media platforms like theme of discussion is at a maximum of 12 months.
“The proportion of discussions related to Bitcoin versus all crypto topics has been increasing rapidly on social media. BTC social dominance is now at its highest point since June 2021. Historically, the focus returning to BTC bodes well for crypto bulls.”
In the case of Bitcoin, the analysis firm He says the flagship crypto asset is experiencing relatively high levels of optimism on social media platforms this week.
“Bitcoin social sentiment is experiencing an unprecedented level of optimism this week as we head into the second half of July and the upcoming Federal Reserve Bank meeting. [interest rate] decision. An ideal setup would be for the crowd to remain skeptical while prices rally with little resistance.”
In altcoins, Santiment He says have seen a “serious drop” in interest as topics of discussion amid falling cryptocurrency prices.
“As cryptocurrencies have remained stagnant and prices have started to fall again since the weekend, we can see participants and overall market-related discussions continue to decline. Altcoins, in particular, are showing a sharp drop in crowd interest.”
Check price action
Follow us Twitter, Facebook Y Telegram
Surf The Daily Hodl Mix
See the latest news headlines
 
Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.
Featured Image: Shutterstock/zeber/Sensvector
source: dailyhodl.com