Cryptocurrency News

Social Dominance Rate Of Bitcoin Marks An All-Time High in 2022

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.

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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.

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The current prices for BTC and ETH are respectively above $19,000 and $1,068. They indicate a significant drop on the daily chart.

BTC loses its foot ground, falls below $20,000 | Source: BTCUSD on TradingView.com

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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