Social interest in Bitcoin hits 2-month high as BTC soars above $19,000
As the cryptocurrency market’s flagship digital asset – Bitcoin (BTC) – finally breaks above the $19,000 mark, its social dominance also registers increases, becoming the topic of over a quarter of all discussions related to crypto’s top 100 assets.
In fact, interest in Bitcoin on social media platforms over the weekend of 24-25 September recorded a significant increase, rising to the highest level in two months as interest returns to the first digital asset, chain and social metrics platforms. Sentiment said in one chirping on September 26.
Bitcoin social dominance positive for the sector
According to the chart posted by the platform, Bitcoin reached a social dominance level of 26.27% on September 25 – the level last measured in mid-July 2022.
In other words, “among crypto’s top 100 assets, BTC is the topic of 26% of discussions for the first time since mid-July,” as the platform stated, adding that:
“Our backtesting shows that 20%+ dedicated to Bitcoin is positive for the sector.”
Moreover, the chart also points out that “BTC-weighted social sentiment shows an extreme level of FUD, which usually leads to rises.”
The platform referred to the commonly used jargon in the crypto industry, which stands for “fear, uncertainty, doubt” – usually referring to market participants’ pessimism regarding an asset’s near future.
Declining interest in selling Bitcoin and ATM installations
At the same time, Google’s search interest in selling Bitcoin has plunged to a yearly low, while Ethereum (ETH) and XRP recorded smaller gains over the same period, Finbold reported.
On top of that, the growth of Bitcoin ATMs installed around the world has stalled for the first time in history, as the number of installations of the machines where users can deposit and withdraw their crypto has not made any significant progress in two months.
Bitcoin price analysis
Meanwhile, at press time, Bitcoin is seeing small gains both on the day and throughout the week, rising 0.01% over the previous 24 hours, as well as 1.79% over the past seven days, currently standing at 19,082 dollars.
The market capitalization of the largest cryptocurrency according to this indicator is currently $366.42 billion, according to data obtained from CoinMarketCap.
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