The social dominance rate for Bitcoin is a record high in 2022
With the latest trend in the crypto market, it seems that the world-leading digital resource is getting attention. From the general fall in prices for all crypto tokens, Bitcoin is one of the assets that has seen a drastic cut in value. BTC has plunged by more than half of the value from 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 always pushed the token to have a peak in social dominance.
Data from Santiment revealed an increase in the annual height of the BTC Social Dominance calculation. The company noted an increase in people’s interests and discussions about the most important global cryptocurrency by market value. It claimed that since June 2021, Bitcoin vs. other crypto discussion issues shot up on social media.
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The rise is mainly due to the drastic price drop as BTC recently hovers around the $ 20K level. This increase in social dominance has been recorded historically as a positive indication for BTC and the broader crypto market. In addition, cryptocurrencies would benefit greatly from the rising trend.
Altcoins have different emotions
Most of the altcoins have different stories to tell. But for Dogecoin and Shiba Inu, there are progressive strengths seen in their prices. This robust attitude is due to the support the tokens benefit from through increased whale transactions and new development grants.
But there are no significant price streams for any tokens like Ethereum, Cardano, Ripple and Solana. Such a hibernation has a solid link to the issues of insolvency and bankruptcy filing from some companies such as Voyager Digital and Three Arrows Capital.
With the date of the US CPI at hand, different people have different opinions about the potential flow of cryptocurrency. Bitcoin and Ethereum are recording an increase in their discussion rates as reports expect price declines beyond support levels.
A survey by MLIV Pulse indicated that only 40% of Wall Street investors believe that BTC’s price hits the $ 30K level. The remaining 60% expect a drop of up to $ 10,000 per BTC token.
Bitcoin price and sentiment report
Through the little spike in feelings, cryptocurrency prices improved significantly last week. From July 8, Bitcoin prices will hover through the $ 22,000 region. The volatility of cryptocurrencies is pronounced as the CPI date is quite close.
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The current prices for BTC and ETH are above $ 19,000 and $ 1,068, respectively. They indicate a significant drop in the daily chart.
July 13 is the planned date for US KPI data for June. Press Secretary Karine Jean-Pierre expects increased inflation data since there was an increase in food prices and petrol. But July’s experience of a fall in energy costs means a positive shift for the coming months.
Featured image from Pexels, chart from TradingView.com
